Insurance company CEO Heath Ritenour recently talked with ABC Money about shifting behaviors in the insurance industry. Due to the global Covid pandemic, most industries have shifted into new ways of operating as a means of adaptation. There have been numerous changes within the insurance industry. Auto policy holders are not driving as much with the mandated stay at home regulations and people were unable to or unsure about paying their premium fees due to scarce resources. Heath Ritenour states that being faced with new obstacles provided opportunity for innovation and change. In the recent interview, he says that many positive industry changes that occurred over the last year and a half are the result of finding solutions in the moment.
Experiencing a pandemic provided an opportunity to reevaluate things and make necessary adjustments, says Heath Ritenour. He believes that it was the perfect time for an industry shift. As a result, many operations will be streamlined from here on out. One of the changes influenced by the pandemic that he believes will be long-lasting is working from home. The Insurance Office of America CEO points out that working from home allowed more agents to be available to clients. In addition, working from home also saved financial resources that would normally be used for communications and traveling. This significantly reduces overhead expenses if implemented on a long-term basis.
Another sight of innovation that Heath Ritenour makes note of is a reformed application process. He believes that the traditional application process is too drawn out and old-fashioned. The Insurance Office Of America recently launched SimplyIOA as a solution to this. Clients can access an online platform and answer select questions that will communicate with public domains to auto-fill portions of the application. The Executive believes that technology will undoubtedly change the way the insurance industry operates.
Connect Heath at professional network: http://Linkedin.com/in/heathritenour/