New Insurance Industry Study Examines the Impact of the Pandemic on Customer Relationships

AchieveNEXT report reveals significant challenges for underwriters seeking new business

AchieveNEXT, a leading provider of Peer Advisory Networks and Solutions for emerging and mid-market leaders and their enterprises, has released a special report examining how the pandemic has shaped customer relationships within the insurance industry. 

The study found that sales teams have managed to maintain similar levels of relationship with existing clients despite the lack of face-to-face meetings. Underwriters, however, have seen a significant impact on their ability to develop new relationships. 

From February through April 2021, AchieveNEXT surveyed sales leaders and brokers from insurance firms across North America. The survey asked how well brokers and carriers are managing relationships with existing and new clients in an environment where face-to-face meetings are limited, marketing and sales channels are evolving, and clients themselves are trying to navigate through a changed landscape filled with new risks. 

The report was co-written by AchieveNEXT Chief Knowledge Officer Tom Stewart and Amerisure Vice President of Agency Services Jennifer DeMello-Johnson.

“This is a challenge that brings together technology, processes, and relationships. It needs to be addressed at the ecosystem level, not just piecemeal,” Stewart said.

The report outlined four root causes for the decline in confidence in new relationships: inefficient or non-existent processes; insufficient or under-exploited technology; disconnects in compensation plans; and a lack of attention to relationship-building in a hybrid environment.

“We are recommending that our agency partners adopt a 50/50 balance between one-on-one and virtual for the balance of 2021,” DeMello-Johnson said. 

View and download the full report at achievenext.com.

About AchieveNEXT

AchieveNEXT is a vibrant learning and development ecosystem. We combine the power of Peer Advisory Networks with proven Talent Development and Performance Solutions to empower individuals, teams, and enterprises to solve the most challenging issues of the day and to perform better, faster and smarter.  

We enable people to build professional networks and benchmark with trusted peers; exchange practical insights and best practices; and access peer-vetted performance solutions — all to strengthen relationships and to empower growth. Learn more at www.achievenext.com.

Source: AchieveNEXT