With the lifting of these regulations, there has been an onslaught of the pent-up demand that the industry respond to its employees' and customers' needs. This unprecedented situation demands that the insurance industry rapidly uncover some new ways to evaluate and respond to its marketplace. The insurance industry is further behind in its understanding and meeting of customers' and employees' needs than just about any other industry. What follows are some new marketplace realities. Study them well or your organization may wind up like Icarus.
Time is a very precious commodity.
No one has more free and leisure time today than five years ago. Customers are not very forgiving when you waste their time, especially when you consider that some other industries can meet and others can exceed customer time expectations. Yet the insurance industry continues to be remarkably slow. Because customers are willing to pay extra for speed, the fast companies are winning. Design all of your policies and procedures with an eye to minimize your customers' time investment.