As the U.S. Insurance market is the largest in the world, it may remain attractive to foreign investors looking to export capital and diversify markets, as long as regulatory challenges don’t interfere. It’s true that insurers will need to be nimble in a fast-evolving environment. As government policies shift, we can expect changes to international, national and state regulations which can significantly impact companies’ business plans and compliance strategies. The Department of Labor’s Fiduciary Rule, although currently on hold, may require companies to realign their products and services to create new advantages in light of governmental policy changes aimed at increasing consumer transparency of insurance and investment products.
Given today’s web-savvy consumers and a lack of brand loyalty, companies will be focused on customer-centric strategies that provide service excellence and enhanced product offerings. Sales and service incentives are a perfect fit to boost sales growth and enhance customer satisfaction.
There will be continued disruption due to rapidly changing technologies and digital innovations, such as telematics and Blockchain, that will impact the marketplace for insurers and regulators alike. In an era of low margins and a sluggish economy, companies will need to look for new technologies to enhance their business models, operating systems, and value proposition.
Human resource professionals have their work cut out for them, as a talent gap unfolds due to a workforce reaching retirement age and the need for workers with new types of skills. Moving forward successfully will require a workforce positioned for change and enhanced collaboration skills for improved communication across functions and businesses.
Change behaviors, encourage collaboration, incent sales, and reward service excellence with programs from Creative Group.