By Jacob Pettit*, (For guest writers refer Terms ) The insurance industry is slowly emerging from a recession, and as a result it still fa...
By Jacob Pettit*, (For guest writers refer Terms)
The insurance industry is slowly emerging from a recession, and as a result it still facing a lot of challenges at the time. Prices are increasing and seeing competition from all sides, as well as margins hitting turmoil from revenue streams that have lowered from insurance holdings that have gone down the sink. There are also problems with new competitors that make forays into the insurance industry such as banks and financial advisors. This only means that customers are moving online more to markets that emerge in gain revenue in this sector. The insurance industry needs to focus on growing its product base and providing customers with innovative tools, while bringing in new ones with the same tools used to satisfy the current customer base.
This is what is critical when doing so: technology. In the face of adversity through a recession, there are many technologies that bring out the competition between insurers right now. The Internet has opened complete new avenues to create and market services to customers who want more efficient ways of their services products delivered. It is also growing many new business models that are leveling the playing field for IT growth strategy.
Right now, the recession is intensifying the competition for prices, meaning that the overall forecast for the market is depressing streams of revenue from insurance holdings that would otherwise be plentiful. New competition is on the horizon because of joint ventures between banks and financial planners, taking away business from traditional insurers who traditionally assume that role. With insurers want to survive in the coming years, an IT growth strategy would need to be established that can change the way information is distributed to customers, as well as gauge how they respond to it.
Not only is customer satisfaction paramount in keeping new sales coming in, but IT must be budgeted strategically in many different categories, such as operating costs. A business must be able to measure how much is coming back in returns for each dollar spent in IT specifically, while figuring out ways to cut costs where needed in budget. Any company that is wise is only thinking about how customers and agents can improve service delivery without compromising on service or customer satisfaction. This is the only way that a company can prove data retention, create new avenues for revenue, and maintain a reputation for a great IT growth strategy plan.
Technology should not be the only thing a company relies on to cut costs; the company should always have it ethics present whenever dealing with a customer or serving a client in the insurance field. Too many times emphasis is given to the transaction of cash and assets, rather than to how the customer is treated and needs are met. If a company can heed to what doesn't change in businesses that have been around for hundreds of years, they can gain a better understanding of how to keep afloat no matter what is going on in the rest of the working world.
About our guest writer: Jacob Pettit is a tech blogger that tries to stay on top of all the latest improvements in technology. He often works for IT Consulting Sydney company, and claims that computer support Sydney offers is one of the best you can get.