2021 Indio State of Insurance Renewals report finds renewal process decreases productivity
2021 Indio State of Insurance Renewals Report Finds that Current Renewal Process Decreases Productivity, Weakens Customer Experiences
Annual survey indicates that independent brokerages should embrace technology to alleviate the time and effort expended by the inefficient application and renewal process
SAN FRANCISCO – May 27, 2021 – Indio today announced the findings of its annual State of Insurance Renewals survey, establishing benchmark data on agent time and effort spent in the application and renewal process. The 2021 State of Insurance Renewals findings show that the entire application and renewal process remains inefficient and time-consuming, validating the opportunity for agents and brokers to adopt digital technology to automate data collection from insureds.
To establish benchmark data, Indio surveyed more than 791 independent insurance brokers on their entire renewal process – from delivering renewal submission packets to their clients to receiving signed and completed applications ready to go to market.
A few of the key findings of the report include:
- Most brokerages, regardless of size, spend up to half an hour looking for the correct carrier application per submission packet. This is detrimental to a broker’s productivity. For example, if a brokerage who focuses on small commercial accounts has 100 customers and averages 15 minutes per customer finding supplemental forms, the brokerage wastes 25 hours per renewal period.
- Almost half of brokerages that have a large volume of mid-market and enterprise accounts are waiting 1-2 weeks for submission packets to be completed and signed from their insureds. Even worse, a third of brokerages that service larger clients are waiting 2-4 weeks, elongating the time to go to market and the time that the customer is uninsured.
- For brokerages that service mostly commercial lines, only 9% of their clients’ applications and submission packets are coming back completed and ready for market. Further, over 90% of all clients require additional, manual back and forth to get applications ready for market, taking more time away from servicing and selling to customers.
“The results of the 2021 State of Insurance Renewals report show that brokers are spending too much time with manual, administrative work, like finding and pre-filling forms and chasing clients,” said Adam Bratt, chief technology officer, Indio. “Brokers who embrace technology to automate these processes and drive more digital connectivity to customers will gain not only more time to focus on customers, but will win more new and renewal business by meeting expectations for digital experiences.”
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Indio, a division of Applied Systems, provides insurance application and renewal software to automate the commercial lines submission process among agencies, brokerages, insurers and the insured. The application provides a fully digital client risk capture and application experience by automating the data population across each individual, unique insurer application. In simplifying and accelerating the submission and renewal process, Indio enables agencies, brokerages, and insurers to create greater efficiencies and value while providing their insureds a digital customer experience.