Insurance business owners face a number of challenges which hit their business performance. Check out this Cogneesol presentation that describes the major issues faced by insurance agency owners and the recommendations to avoid these issues.

1. Problems
Being Faced
By Insurance
Agency
Owners

2. Insurance industries play a vital role in a
country's economic progress as well as
they provide financial security to
individuals or firms against financial
losses occurred from an unexpected
problem.
This is because the world is
characterized by risks and uncertainties
and insurance has evolved as a way of
providing security against these risks
and uncertainties
www.cogneesol.com

3. Being in the insurance industry is an exciting
opportunity to serve numerous different clients,
but the industry has various challenges of its
own.
It is important to be aware of these problems to
resolve them with a comprehensive strategy for
business success.

4. Yard Signs
5%
Home Builders
The most common challenges
affecting insurance agency owners
Lack of New Ideas
Industry Legislation &
Regulation
Technology & Big Data
Regulations

5. LACK OF
NEW IDEAS
Insurance companies, by the nature of their business,
are risk-averse. But when the net income of an
insurance vertical drops 12.9% in a year, it’s clear that
the same doesn’t lead to growth. Yet, 80% of the
activities performed by the insurance workforce
either don’t create value or are redundant and
repetitive.
1.

6. 06
2.
Industry
Legislation &
Regulation
The rise of the DOL (Department of Labor) fiduciary
standard upended the regulatory settings that control the
insurance industry. Tighter regulations, as well as
pending resolutions, have served to create uncertainty
within the market.

7. Technology
& Big Data
3.
Upcoming technology and unmanaged big data of
insurance industries are the major challenges, which
directly impact the productivity. These processes require
sufficient funds, workforce and time frame that affect
other core activities.

8. Regulations
The regulatory complexity has been prevailing for a long
time in the history of insurance companies, the increasing
pressures from country-level authorities by rolling out
requirements specific to the local market poses severe
challenges.
4.

9. Solutions
# 1
STANDARDIZED
WORKFLOWS
# 2
MAKE CLEAR
STRATEGIES
FOR PROCESSES
# 3
MAKE USE OF
TECHNOLOGY

10. Standardized Workflows
1.
Making standardized workflows
reduces the number of
workarounds conducted by
staff, increases the productivity
at the outset, reduces the
potential time spent and
rectifies the workarounds at the
back-end.

11. 2.
Make clear strategies for
processes
Clear structures, processes, &
policies can help insurance
companies to become more
productive. It can also help to
implement new procedures to
analyze current behavior, identify
areas that need improvement, and
then look for appropriate ways and
tools to fill the gaps.

12. Make use of technology
3.
Use of innovative
technology will help to
boost the productivity of
your insurance business.
Affordable or even free
applications such as
online and cloud-sharing
tools, cloud-based
software, can help your
staff organize, plan and
communicate efficiently.

13. Conclusion
An insurance industry is in
the midst of transformation
towards a new reality. The
whole picture must be
understood, from every
prospect. Those who do not
adapt will be left behind in
this agile market

14. Sponsoredby
-Cogneesol
Cogneesol is the leading Insurance BPO
Company that offers virtual insurance services
and outsourcing solutions worldwide. Our
professional team assists clients using
advanced technology that accurately manages
business back-office tasks.

15. Cogneesol's
Insurance Back Office
Services
Policy Management
Commission Management
Claims Management
Agency Management

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query?
Contact Us
+1 646 688 2821
info@cogneesol.com
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