North American Insurance Industry Focuses on Small and Medium Enterprise Segment
The insurance industry continues to evolve , requiring insurance organizations worldwide to adapt new ways of operating. As a trusted partner to insurers, Xceedance is in-tune with the unique dynamics of insurance markets across the globe and well-positioned to help clients address the challenges and opportunities of industry evolution.
Below, Lauren FitzHarris from the Xceedance solutioning team highlights a specific industry trend in North America – the focus on small and medium-sized enterprises.
The North American insurance industry has increased its focus on the Small and Medium Enterprise (SME) market in the past year. Both new businesses and the existing SMEs that survived the pandemic to date need to re-evaluate their insurance coverages to ensure they are adequately protected for their new business realities. This demand is putting insurers under pressure to deliver positive customer experiences while simultaneously facing increased demand on internal resources.
Building value for the SME segment through technology is key. Solutions for insurance organizations to address this market can include building policy systems for seamless transactions with digital offerings, automating processing for underwriting and claims, developing mobile app interfaces for on-demand insurance transactions, integrating new products for carriers, and more. The results of insurance process optimization strategies will help SMEs by delivering competitive pricing, greater accessibility on digital platforms and customized products for a better customer experience. Additionally, insurers will have more capacity to write new lines of business and increase policies in force, as they look to serve and grow in the SME market.
To achieve growth, insurance organizations require solutions such as mobile application design and implementation, rating engines, and underwriting services, to meet customer expectations. Simultaneously, managing project scope and avoiding the need to hire, train, and manage full time or contracted employees can be a challenge. Insurers are also looking to focus internal resources to capitalize on the opportunity to improve policyholder services and compete for additional sales and market share. Professional services companies, like Xceedance, can help insurance organizations adopt new and proven technologies, improve speed to market by automating the underwriting process, and streamline policy and claims management. Insurance organizations can source a holistic program or utilize just the individual components that meet their needs. Turning to a trusted service provider can help re/insurers, agents, and brokers better target the SME market.
Lauren FitzHarris is an assistant vice president, solutioning at Xceedance