Today’s insurance companies are in a difficult spot.
The rash of catastrophe incidents seemingly every year so far in the new millennium has forced carriers to revise CAT savings budgets upwards, putting new pressure on cost management.
For property and casualty carriers, the e-commerce success of a number of direct writers upended the traditional independent and captive agent channels alike, pushing large and storied organizations to either compete for smaller markets or make significant, difficult business changes to chase profitability.
Meanwhile, health insurance organizations in the US have been tasked with responding to the new business climate created by the Affordable Care Act — not least of which has meant monitoring every last legal battle for each and every change to what is or is not supported.
As a whole, the agency channel as a demographic continues to age — making continuity a concern and opening the door to a new wave of agency networks and consolidators rapidly reshaping the face of the insurance agency business.
And all that is on top of an already exceptionally complex, often arcane system of regulatory bodies, legal precedent, and governmental oversight.
The insurance industry provides a product that is absolutely essential to helping people recover in the event of an injury or loss. But thanks in part to all that oversight, all those requirements, and the massive cost of change at scale, rare is the individual who considers their insurance policy an engaging read.
Costs rising. Workforce aging. Brands muddled by political red tape. In the face of all that, insurance carriers need a tool they can use to gain an edge — to create an advantage in a market designed to make it hard to set one’s self apart.
And for a growing number of insurers, video is that tool. In our latest white paper, 9 Ways Insurance Carriers Are Driving Down Combined Ratios — with Video, we’ll take a deeper look into some of today’s most common video strategies that insurance carriers are leveraging to scale training and communications, preserve the knowledge of retiring experts, and better engage both their customers and their channel partners in order to create a stronger competitive advantage.