The future of work & reward for Account Executives
Paul Davey, Director (Regions) at IDEX Consulting talks about what’s in store for the future of the general insurance industry, and how Account Executives can make the most of it. As change permeates through the insurance landscape, every area is feeling the impact. From digital transformation, to rising customer expectations and a changing market, one thing is certain - this disruption is impacting every area of the insurance industry. As Account Executives (AE’s) face a rapidly evolving competitor landscape and hard market, they must learn to adapt and grow with it, so they’re not left behind and can reap the rewards of keeping up.
As more and more InsurTechs take up space in the insurance distribution network, we will see a rise in insurers who use data and new technologies to offer improved services to their customers and win new clients. For example, software such as Crystal Knows can help AE’s and Brokers understand how to work with and sell to prospective clients. Using personality AI to DiSC profile prospective clients on social media, it analyses millions of data points and validated assessments to accurately identify someone’s personality. As a result, AEs can make more personalised suggestions and decisions for prospective clients, and strengthen their relationships. And as a result, personalised insurance products will burgeon. Digital hasn’t just transformed the way AE’s do their jobs, but the products they’re selling. Personalised products such as Lemonade’s Contents and Liability insurance have been growing in popularity. According to Startupbootcamp InsurTech, 75% of incumbent insurers “believe the biggest impact to the industry will come from building new products in order to address the changing needs of the customer.” New insurance companies such as Lemonade are breaking the traditional insurance norms by relying on a mutual insurance model and embracing high-tech solutions. As a result, they can offer lower rates and transparency, which has become a huge hit with their customers.
The InsurTech revolution isn’t just changing the way in which AEs do business, but how they’re rewarded for the work they’re doing. Companies such as Bought by Many, Lemonade, The Floow and Traceable will pay you in accordance with the books you manage on top of your basic salary, thus rewarding you for the work you do. New independent insurance companies are rewarding AE’s in a fair manner. We have worked with a number of AE’s making the move from traditional operation to digital and they all believe that there is better pay and benefits available to AE’s willing to adapt. At IDEX, we’ve got more than fourteen years experience in recruiting in the general insurance industry. Send us your CV and find your next role today.