Brokerages across Canada are investing in operational improvements to enhance their efficiency and better serve their clients. According to a recent survey by Insurance Business, brokerages are focusing on technology, employee training, and customer experience as key areas for investment.
Technology is a top priority for brokerages, with 72% of respondents planning to invest in new or upgraded systems. This includes implementing digital tools for client communication, data management, and online transactions. With the rise of digitalization in the insurance industry, brokerages recognize the importance of staying up-to-date with technology to remain competitive.
Employee training is also a key area of investment for brokerages, with 62% of respondents planning to allocate funds towards professional development. This includes training on new technology, as well as soft skills such as communication and customer service. By investing in their employees, brokerages aim to improve their overall service and build a strong team to support their clients.
In addition, brokerages are prioritizing customer experience, with 58% of respondents planning to invest in this area. This includes initiatives such as improving response times, streamlining processes, and enhancing the overall client journey. With the increasing demand for personalized and efficient service, brokerages are recognizing the need to invest in customer experience to retain and attract clients.
The survey also revealed that brokerages are investing in other areas such as marketing and compliance. 44% of respondents plan to allocate funds towards marketing efforts, while 38% will invest in compliance and regulatory requirements.
Overall, the survey highlights the commitment of brokerages to continuously improve their operations and provide the best possible service to their clients. By investing in technology, employee training, and customer experience, brokerages are positioning themselves for success in an ever-evolving industry.
