Insurance and Wealth Management
In an increasingly digital age, insurance agencies big and small are facing new challenges that impact how they serve and engage with both current and new customers. In 2020, the onset of the COVID-19 Pandemic has further highlighted the need to find new ways of doing business. Over the past several years, Logan Consulting has observed common challenges in the following areas:
- New digital players — Independent agencies are losing ground to new players entering the market across all segments on completely digital platforms.
- Consolidation – Mergers and acquisitions have created issues regarding consolidation.
- Cybersecurity – The digitization of the insurance industry has resulted in cybersecurity threats and concerns.
- Customer acquisition and retention — The COVID-19 pandemic has increased the demand for new technology to provide a high level of customer service and personal contact to better serve existing and new customers.
- Agency management software — Outdated and inflexible agency management software stands in the way of adapting to new digital challenges.
The digital world is here to stay, no matter the industry. Logan Consulting has helped many insurance agencies move toward a more digitized platform. Building your organization’s digital capability drives its resilience, increases its adaptability to new challenges, and allows for continued growth.
Our clients have optimized their businesses by implementing modern features such as the following:
- Personalized Policy Holder experiences – With personalized experiences, companies can better meet customers’ expectations of on-demand services.
- Increased customer engagement – Efficient and timely customer service and engagement will exceed customers’ expectations and minimize churn in the highly competitive insurance industry.
- Instant Access to Customer and Policy information – A 360-degree view of your customers on a tightly integrated and flexible platform will help your organization adapt to the industry’s evolving needs.
- Digital access to a modern platform — Mobile access allows agents to be more informed and responsive to customer engagement.
Case Study: Midwestern insurance agency
Midwestern insurance agency
The client hoped to recreate the basic process flows and maintenance of the commissions process within the current Dynamics 365 application, as well as improve existing processes and procedures while improve variance reporting. After a detailed analysis of the current off-system process, Logan Consulting designed a solution that catered to the agency’s needs.
Case Study: Third-party administrator of health insurance claims
TPA of health insurance claims
An insurance company was looking to improve claim processing and increase revenue. Based on the client’s requirements and needs, Logan Consulting designed and customized a CRM platform that was able to significantly generate more revenue and increase claim processing volumes, which proved to be especially important during the COVID-19 pandemic.