A vast majority of businesses were affected by the ravaging coronavirus pandemic as well as the subsequent measures like economic shutdown. The insurance business was not exceptional because it experienced some extended and immediate changes.
Vehicle policyholders filed some claims since they were not covering as much distance as expected. These holders’ concerns were related to their fear of failure to afford the premiums and maximize the coverage.
These issues led to evolutions, forward trajectories, and massive transformations. Heath Ritenour, the IOA CEO assesses the positive impacts emerging in the insurance sector over the last 18 months or so.
Heath Ritenour appreciates that more energy should be channeled to the insurance sector and implement innovative operations that streamline the process to render unmatched client service, and even boost success.
The coronavirus crisis has affected every insurance company or brokerage regardless of their size, thus a close analysis of the issues to change is important. Heath Ritenour claims that certain changes he brings forward will be valuable even after the crisis, and even the insurance sector will change forever.
Heath Ritenour claimed that more insurance representatives should adopt work from home shifts. This has made the agents more accessible to the customers, therefore, saving a lot on utilities, communication, and travel.
If this model advances for some more time, the insurance company will avoid the office rents. Heath adopted this model, and remote working has been approved, and the CEO claims that the trend will advance even to other insurance ventures.
Insurance representatives have spent more than an hour gathering crucial details from the consumers to finish their application. This situation forced Heath Ritenour to found IOA because the digital platform utilizes details regarding the customers, something in the public records, and fills in the application. Clients are only needed to approve the information and the procedure lowers the time required to finish the application.