Technology Strategies and the Battle for Producer Mindshare

by Craig Weber, December 31, 2007

Abstract

Boston, MA, USA December 31, 2007

Competition among insurance carriers for producer mindshare is fierce. Generating loyalty from independent producers requires sound strategies and disciplined execution.

The continued growth of the independent channel in North America has increased competition among carriers. The question of carrier choice becomes more important each year. Producer technology needs are varied, but it is clear that opportunities still exist for carriers to build loyal distribution partners by focusing on the things that are most important to producers.

In a new report, , Celent explores producer views on proprietary and multi-carrier tools, such as the Web-based tools provided by national brokerage general agencies. It is based on a survey of independent producers and follows up on issues identified in several previous Celent reports.

"There's no simple solution that pleases every producer," says Craig Weber, managing director of Celent's insurance group and author of the report. "The good news is that most independent producers work with a number of carriers. However, they select their go-to carriers based on product, price, and traditional services. There's plenty of room to bring technology to bear on key issues and radically change the debate around carrier choice."

The 21 page report contains one table and 15 figures. A table of contents is available online.

of Celent's Life/Health Insurance research service can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.  

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Boston, MA, USA December 31, 2007

Executive Summary 03
Introduction 04
Producers and Technology 08
  How They Prefer to Work 09
  Shopping New Business 12
Changing Producer Behavior 16
  The Role for Multi-Carrier Sites 17
  Advice to Carriers 18
Conclusions 21

 

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