The Insurance Advisor is a leading figure in the Argentine insurance market. Their role has been reaffirmed during the pandemic, as they remain the most relevant insurance distribution channel.
Any accident implies meaningful consequences for the finances of an insured person, making the professional advisory provided by the Insurance Advisor essential.
Some functions of the Insurance Advisor are:
- Performing an analysis of the customer’s risk exposure for their daily life and professional or commercial activities.
- Giving professional advice on the customer’s insurance needs and legal requirements.
- Offering recommendations and defining a coverage strategy by analyzing the options available in the market for property protection.
- Helping the customer hire an insurance coverage with the best cost-benefit relationship
- Assisting the insured in the management of potential claims.
To perform these duties correctly, an Advisor must have the necessary tools and in-depth technical knowledge.
They obtain these resources through constant training, updates on each product, and follow-up on the situation over time of each policyholder concerning the selected policy.
An ally for Insurance Companies and Policyholders
In the uncertain context created by the COVID-19 pandemic, the fundamental role of the Advisors in the market became more visible. For example, the relevance of their daily tasks was demonstrated in the face of the new behavior of the industry’s activity.
They accompanied and supported their clients while looking for answers to the needs arising from the economic and social situation. In this sense, faced with the uncertainty and lack of answers, Advisors were always available for their customers to provide solutions.
Another relevant aspect of the Advisor role is their position as a highly responsible referent in the insurance distribution chain, particularly during the digital transformation and restructuring processes. Once more, Advisors are present, offering answers to their clients and making sure that changes do not have a more substantial impact.
They understand the acceleration of the digital transformation process and, working with insurance companies, accompany the insured from their beginning with the new channels and formats to the steps necessary to maintain coverage.
Digital transformation does not replace the Producer’s professional advice but adds value to it. How the Producer handles these trends will impact the coverage and their crucial role in risk exposure advisory.
In short, Advisor-Producers often find themselves immersed in complex scenarios, advising, accompanying, and retaining clients.
The Post-pandemic and the New Scenarios
According to statistics, and compared to banks, big brokers, digital platforms, and direct insurers, Advisor-Producers are the most effective insurance marketing channel. One of the most relevant factors derives from the trust-based relationship with policyholders.
The pandemics contributed to this trust and to the idea that looking for the best property and personal protection requires an ally. In sum, the Advisor-Producer has become an undisputed protagonist in the industry.
Also, the Producers’ flexibility and adaptability were demonstrated during the varying cycles of the economy and of the insurance business itself. Likewise, in the face of new regulations, procedures, and coverages, the Advisor-Producer plays a supportive role, bringing peace of mind and offering answers to policyholders’ concerns.
The combination of personalized advice with technical specialization and the application of new digital tools will probably be the key to the evolution of the Advisor-Producer’s role in the face of the new insurance market scenarios.
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