Brokers & Agents

BROKERS AND AGENTS

Risk Management and Assessment for Business Investment Concept. Modern graphic interface showing symbols of strategy in risky plan analysis to control unpredictable loss and build financial safety.

Introduction

As a critical part of the insurance value chain, P&C insurance agencies and brokerages are creating a competitive advantage using in2vate’s comprehensive AI powered risk management solutions and services to streamline internal operations and create competitive differentiation to exceed customers rising expectations. 

Challenges

Significant time spent on manual and repetitive tasks driving up operational expenses and lowering capacity for core activities such as client acquisition, retention, and engagement.  

Hard markets and shifting client demographics are testing customer loyalty 

Increasing competition from mergers and acquisitions and new digital entrants are challenging agency growth in market share 

The “Amazon Effect” has raised client expectations 

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Risk Management Solutions

  • Process Automation 
    • Maximize employee value through AI powered automation of manual workflows, allowing for more time spent on high impact activities that improves top and bottom-line growth. 
  • Employee Development & Support 
    • Quickly onboard, train, and upskill employees across the enterprise to support employee advancement, reduce churn, and drive down operating cost. 
  • Expand Client Interaction 
    • Improve the risk identification process with collaborative or self-service solutions to help clients proactively mitigate and manage enterprise risk and support underwriting favorability.  
  • Expand Your Reach 
    • Leverage your internal expertise, resources, and third-party partners to develop loss prevention strategies on a centralized online platform unique for any coverage, risk, or industry. 
  • Improve the Lifetime Value of Your Clients 
    • Increasing interaction frequency with customer-centric services designed to help identify, mitigate, and manage risks.  
  • Improve Acquisition and Retention Rates  
    • Generate growth with marketable services to improve client operations and create agency ‘stickiness’. 
  • System integrations 
    • AI seamlessly integrates with existing technology to generate valuable client insights  
  • Data Transparency 
    • Dynamic dashboards allow agents and clients to work from shared data sets to help clients navigate key risks.  
  • Focused Resource Allocation 
    • Identify granular and global risk trends to focus resources for highest impact and measure improvements. 

Case Study

The loss control team for a global brokerage firm came to in2vate looking to leverage technology to broaden their reach and expand their client services – supplementing their proprietary risk resources and training. The intent was to support the organic growth of their small business and risk pooling book of business, drive down the frequency and severity of losses and associated costs, and create competitive differentiation through deeper client relationships. 

  • Narrow scope of safety and loss control services 
  • No data insight on what services are being used, and what organizations are using them  
  • Wanted to create a single online risk management platform that can house and distribute a wide variety of resources and allows for each insured to further curate to address their specific needs and risks. 
  • Customer expectations outpacing technology development capabilities 
  • Custom technologies created high maintenance costs and "digital debt" becoming rigid over time
  • White label in2vate’s online digital infrastructure to consolidate services and improve distribution 
  • Supplement proprietary resources with in2vate’s online risk training catalogue to expand value offerings 
  • Real-time data dashboard to view rate of organizational growth and service usage trends and support brokers with client-specific reports 
  • Single comprehensive online risk management platform to offer standard service offerings for all clients with discounted pricing for upsell opportunities 
  • In2vate to take over technology-driven risk based maintenance and provide administrative support 
  • Migrate systems away from one-off technology for wider flexibility and scalability
  • Created single self-service platform as a marketable cornerstone 
  • From 2021-2022: 
    • 3,700+ Organizations served 
    • 286,000+ Active users 
    • 221,000+ Trainings assigned 
  • Business intelligence reports provided to account managers to foster deeper client conversations and relationships 
  • Streamlined onboarding of new clients with base level risk services and effortless upsell capabilities for clients to further build out their platform 
  • Reduced technology maintenance costs and turn-around time for system updates and new product offerings 
  • Seamless service expansion into new industry and geographic verticals
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