Member Article

The 5 Technology Features Insurance Agents Need to Go Digital

Slow. Inefficient. Redundant processes. Disconnected. Lukewarm customers.

This is how most brokers view their own businesses, even if they dare not admit it to themselves. Most of the industry is trapped, right now, using legacy systems that prevent automation. Offices are either not connected or internal systems have trouble communicating with one another.

Everything lives in an “information silo,” with brokers and agents tethered to desktops running proprietary software that is inflexible. And, when they do manage to retrieve prospect or customer information, the only thing they can do is recite the same old sales pitch.

Nothing is customized or relevant to the consumer.

Problem. Solved.

Fortunately, we don’t have to throw the whole industry on the garbage heap and start over.

A new “digital revolution” is taking shape, and it’s probably the only thing that can (and will) save the industry.

Here’s how:

Automated Lifecycle Policy Management

Using automation, digital agencies can reduce the risk of having to use their E&O insurance and cut operation costs.

Let’s face it. Manual processes are slow and expensive. And, there’s a good chance that, at some point, you’re going to mess up something. You’re only human!

And, when you do, your compliance officer is going to be right there to remind you about it. Not only that, the client might be angry enough to contact regulators.

Automation also streamlines and simplifies your workflow.

Rather than having to repeat tasks or perform mundane actions like manually entering claims information, you can sit back and let the system do it for you.

More time on your hands means more time for goofing around on Facebook or making sales - whichever the management prefers. (I’m going to go with the latter…)

Consolidated Front and Back Offices

As things stand today, everything sits in an “information silo.” If you want data from another branch’s office, good luck. Some systems do allow manual transfers, but it’s clunky and usually involves several “back and forth” emails and non-scalable methods. And at the end of the day you’re moving one piece of information to one other person. You can’t easily share this data with several people at once, let alone the entire agency.

Digital systems that are cloud-based give you more visibility of the business as a whole but also more transparency and integration.

Omnichannel Sales and Distribution

Now for the fun stuff.

Sitting at the desk all day to work up quotes or look at policy information is so 1990. You meet customers every day when you’re not in the office. Plus, customers are out and about doing stuff. They’re not sitting at home waiting for your call.

Omnichannel sales and distribution systems allow brokers and agents to go from being stuck at a desk to using mobile, tablet, or desktop. This means you can take your office with you wherever you go.

Customers also benefit from this feature. They can more easily contact you, upload and download policy documents, submit claims through self-service online portals and doc hubs, and a bunch of other neat stuff that improves their customer experience with your agency.

Real-Time Analytics

You hate cold (and even lukewarm) calling and reading the same generic sales script. Your customers hate it, too. So, why do you keep doing it? Because you don’t have a better way?

This is what real-time analytics solves. What if you could know how many claims (and what kind) your customer filed last year? What if you knew there was a baby on the way? What if you knew your customer or prospect just bought a house?

No need to talk to them about irrelevant products when you have that kind of information right at your fingertips, right? You could move the conversation to their problems instead of setting your own agenda. You’re more comfortable doing this and your client doesn’t feel like taking a shower after your sales call, either.

Multi-Tenant Cloud-Based SaaS Technology Systems

You’re probably dealing with systems that are difficult and expensive to upgrade, as is the case with the current setup at most brokerages.

Cloud-based systems eliminate this issue completely. You almost don’t even need an IT department - almost.

Cloud-based tech also eliminates the need for internal servers and special hardware and devices.

It also makes it easier to scale up operations. When you need to expand your product line, move into a new territory, or bring in more revenue, you can usually upgrade everything with a few clicks or a phone call. Everything is seamless.

And, even though it’s a subscription model, which sounds like it’d be more expensive, most of the time it’s not. It ends up paying for itself, as it helps brokers increase profitability thanks to the real-time analytics and data-driven insights, mentioned above.

Legacy systems? What legacy systems? Agents usually find that the new cloud-based platforms are super flexible. You can plug the old legacy system into the new updated one, so if you have clients on your old system, you can import their data to the new system via a clever API.

Change is hard for a lot of agents. We’re an aging population. Many of us didn’t grow up with this fancy computer stuff. But, today’s customer is younger, more savvy, and expects more: More service. More convenience. More transparency. More relevant and succinct sales calls.

Transitioning to a digital agency is how you give it to them and keep running a successful organization into the future.

This was posted in Bdaily's Members' News section by Roi Agababa .