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The big challenge for insurance service right now is simple: to speed things up!
Every part of the market we research is seen as slow and not particularly responsive and our data also shows that service hasn’t recovered to pre-pandemic levels in either claims or underwriting. A bit of a perfect storm has hit with a talent shortage being perhaps the biggest issue exacerbated by rate rises, coverage restrictions, hybrid working, cost of living crisis and patchy support technology. The data indicates that the two solutions, talent attraction and tech enablement are vital but talent may be a longer term societal challenge and tech can be slow to be set up in large insurance institutions with legacy systems, albeit that various new tech solutions using low code and/or API’s could speed this up.
Broker quote: “We need better response times and flexibility to support customers in a massively competitive market where service standards are paramount.”
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