Resources | | Overcoming Non-traditional Threats to the Insurance Industry

Overcoming Non-traditional Threats to the Insurance Industry

Non-traditional threats from a global pandemic or new insurance entrants like Walmart and Tesla, are forcing you to evaluate every aspect of your business. If you’re not paying attention, your business is at risk. From managing the client experience, to making sure your team has the tools they need to thrive in a digital, remote world, learn how Patra can help you do what you do best – be a responsive, trusted advisor so your clients never have a reason to look elsewhere.

In this webinar we will discuss three non-traditional threats that are impacting the insurance industry today and what you can do to stay ahead:

1. Walmart announced its plans to offer insurance.
With a seemingly unlimited budget, an abundant local physical footprint, brand recognition, and one of the most successful ecommerce businesses around, Walmart offering insurance is an industry game changer. But what Walmart doesn’t have is experience or expertise, the ability to solve individual problems quickly, or the ability to provide the one-on-one attention insurance customers deserve. With Patra’s help, you can compete with Walmart.

2. Tesla is offering tailor-made insurance policies for its drivers.
Making its way into the insurance industry is the next step in their one-stop-shop: they build the car, they sell the car, they insure the car. What you have that Tesla doesn’t have is the ability to diversify. Now is a good time to begin expanding in areas that are less saturated than car insurance. With Patra’s help, you can let us manage your small books of business while your talented staff can focus on growing your top-line revenue.

3. A global pandemic is exposing inefficiencies in the industry.
Your employees are working from home without access to all the amenities available in your office. Your customers are working from home on amended schedules. Both are adjusting to living in the blurred reality of a blended work/life balance. Patra can provide flexibility and relief for your employees and customers by setting up a customer service center to support your staff in their customer service efforts and extend your service hours to accommodate everyone’s adjusted available hours.

Host: Libbie CedenoVice President Business Development

Libbie has over 15 years of experience in the insurance industry with time spent as a producer and agency manager, as a claims adjuster for Liberty Mutual, and as an underwriter for Travelers. Adding to her experience was her time working for Vertafore before joining Patra in April 2019. Coming from a technology provider, Libbie knows that it takes insurance experts working in conjunction with customer teams to empower and accelerate agency growth. Maintaining an active P&C license, Libbie understands your business and considers herself your partner in driving growth, profit, and value.