I recently had the opportunity to participate in a panel discussion hosted by Canadian Underwriter. It was an insightful exchange with industry experts Kelly MacDonald, chief commercial officer at Platform Insurance, John McNeil, associate dean at Humber College, and David Gambrill, editor and chief at Canadian Underwriter. Our conversation revolved around attracting and retaining talent and customers in Canada's property and casualty insurance industry. We also discussed the kinds of recruits the industry is looking for, strategies for sustaining their interest in the industry, and how the loyalty of employees impacts customer loyalty.

Here are a few key takeaways from the panel.

What challenges exist for a broker wishing to recruit new talent?

One of the biggest challenges the broker channel faces when recruiting new talent is the time it takes for onboarding. Training new hires can take six weeks or longer, and most brokers want their candidates to hit the ground running.

That is why we’ve partnered with post-secondary institutions like Humber College to help brokers onboard new talent quickly and effectively. Training on cutting-edge insurance technology like Applied Epic®, combined with resources like Applied University to support learning, is an extremely valuable part of any onboarding process.

All of this supports the onboarding experience so that new talent gains practical experience across personal and commercial lines, can concentrate on using their efforts and skills on valuable tasks, and differentiate themselves and their employers.

How digital tools enhance employee experience and loyalty

As an insurance technology provider, we help brokers and insurers stand out in the broker distribution channels. We achieve this by streamlining processes to enable brokers to emphasize their value proposition of offering choice and advocating for their clients. Our solutions are designed to give brokers more time to service their clients so they can provide advice and grow their book of business. Within a brokerage or insurance company, if outdated and slow processes burden employees, it becomes a struggle that hampers productivity and job satisfaction.

Facilitating efficiency through digital solutions is essential to prevent customers from being lost to competitors and retain industry talent. If insurers and broker-owners fail to embrace technology and their competitors become significantly more tech-savvy, they will lose employees who seek to use their skills and knowledge instead of being bogged down by antiquated processes.

How employee loyalty impacts customer loyalty

When it comes to technology, personalization will always be essential. Technology should be able to support personalized interactions, whether through conversations, emails, or knowledge-based articles, to keep customers engaged and provide support through their preferred means of communication, whether by phone or text, any place, or at any time.

It is crucial to have technology solutions that offer an omnichannel experience and self-service when appropriate. These capabilities help build customer loyalty by allowing businesses to personalize and adapt to changing customer needs over time. This approach fosters genuine customer loyalty rather than imposing a one-size-fits-all way of doing business on them.

Download our eBook, Empowering the Rising Generations in Insurance, to learn more about what Applied Systems and our partners are doing to support the next generation of insurance professionals.