Difficulty reaching new markets is the biggest impediment to insurance industry growth, according to a recent survey conducted by Genius Avenue.
In April 2015, we surveyed insurance brokers, MGAs/MGUs, benefit providers, and insurance carriers. We received 318 anonymous online responses from industry professionals across the country.
The following infographic, The Biggest Business Challenges in the Insurance Industry, reports our findings and outlines what growth issues companies in the industry are facing, what products they’ve had difficulty launching, and what product systems they are currently using. We also share some simple tips to help address these specific issues.
We’ve found that the results from the survey are in line with the problems and issues that our clients face prior to partnering with us. For example, the majority of those experiencing growth issues (22%) reported having difficulty reaching new markets. This is one of the major “pain points” our clients claim to need our help with.
Genius Avenue has also helped companies who face administration and enrollment issues similar to those outlined in the infographic:
- 37.4% are using multiple internal systems to enroll and administer different benefit offerings or products.
- 54.55% would find it beneficial to bundle benefit offerings or products on one platform.
Disclaimer: We are not a professional survey company. Regardless, we think you’ll find the survey data informative and we hope our tips will help you if your company is facing similar challenges.
If you are experiencing any of the issues featured in our infographic, contact Genius Avenue to find out how we can help. If you’re an insurance broker, MGA/MGU, benefit provider, or insurance carrier, we can help you launch and manage your benefit offerings or help you enter new markets/channels with existing products or benefit offerings.