Dating back as far as 2013, industry research, by the likes of PWC, Deloitte, Mckinsey, and Accenture, has been essentially begging the small commercial insurance industry to innovate. Report after report, year after year showing a digital sales problem.
Commercial Insurance and the Digital Sales Problem
E-commerce, social media, and a new digitally based economy changed the game. Consumers began to desire quick, seamless online experiences and self-service. It was, and is still, a monumental change for insurance providers involved in the small commercial insurance market.
In fact, monumental might be putting it lightly. Independent insurance agents dominate small commercial insurance sales, handling 76% of commercial insurance transactions in the United States. The vast majority of these agents operate without transactional web or mobile sales capabilities. Over the last several years, estimates show that online sales account for as little as 1% of commercial policy transactions. world went digital. Therefore, the entire small commercial insurance industry, insurance providers and agents alike, felt the pressure of obsolescence at their backs.
With the pressure of failure comes the instinct to survive. Simply put, fight or flight mode kicks in. We knew there were insurance providers out there that would choose…fight. So, we went out and found them. Together, we work the digital sales problem; how to offer quick, seamless online experiences and self-service to small businesses.
Our current solution is a digital only experience with online accounts, chatbot technology, real time bind capabilities and coverage options in minutes. And yes, we mean current. When the next small commercial insurance digital sales problem comes up, we’ll work that too. Here at Gild Insurance, we choose fight and so should you.
To read more, check out the next post in this business insurance series, Work The Problem Chapter 2: Commercial Insurance And The Small Business Problem.