Attracting a new generation of tech-savvy insurance customers
LMBF, assurUni, VaGo Assure and Panda7 collectively are one of the top insurance brokerages in Quebec. They’re made up of four divisions, including Traditional P&C (LMBF), Independent Producers Division (assurUni), Managing General Agent (VaGo Assure) and the Innovative Division (Panda7). Panda7 is a 100% digital brokerage designed to attract a younger, more tech-savvy customer base who wants to quote and buy personal lines coverage online.
Paving the way for brokers to sell insurance digitally
When the Quebec government changed its online distribution of insurance guidelines, LMBF saw an opportunity for growth by launching Panda7. "We take pride in being the first broker in Quebec to sell car insurance online," said Noel Feghali, president and co-founder of Panda7. "With Panda7, we wanted to remove all the barriers customers dislike, like long application forms and enter the same information repeatedly when everything can easily be stored in online databases. We wanted to shorten the process, offer more precise quotes and give the customer flexibility to buy insurance online anytime."
As part of their commitment to pave the way for brokers to sell insurance digitally, Noel Feghali serves on the RCCAQ Technology Committee. One of their objectives is to act as an accelerator enabling the broker channel to develop and implement high-tech solutions, which includes demystifying and investing in digital technology. He said, "We've called our first project the Connector because it's connecting customers with brokers. It's showing brokers the tools they need, listening to their challenges and raising awareness of new technology that can help them succeed. Moving forward, we have a multi-year plan, and there are a lot of cool things that are happening. But our main focus today is helping brokers be more efficient and level the digital playing field."
Adopting the Applied Digital Broker solution
Because LMBF has four separate divisions with unique business models, finding a software solution that was not piecemeal and could work for the entire organization was crucial. "By choosing Applied Epic, we could centralize all of our operations. For example, one back-office team supports all four divisions. We have complete visibility on one platform. Our operations run much smoother, and our processes are streamlined because everything is centralized," says Noel Feghali. "One of our biggest challenges is to keep offering great service to customers when the industry talent pool is shallow. This is where Applied Epic comes into the picture. It transformed our internal processes by allowing us to do more work with fewer people, and that helped us resolve many issues we’ve had along the way."
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