Technology for the insurance industry is growing right now. More companies are creating new solutions for traditional risk and insurance challenges. There are lots of digital tools for insurance agents and brokers designed to improve the customer and agent experience.
Learn about these insurtech innovations and which ones may help your agency in this blog.
The Range of Digital Tools for Insurance Agents
Insurtech is technology designed to help improve the insurance process. This may be software that impacts customer-facing processes, like claims and billing, or it could be innovations in underwriting and other behind-the-scenes workflows. Agents and brokers can deploy insurtech to help them better serve customers, as well as save time and money.
Insurtech tools designed to help agents include these:
- Digital underwriting tools. Consumers want an easy application process, so streamlining the workflow makes sense. Digital applications with simple, fun interfaces are key to consumer satisfaction. Make the digital user experience a great one, and the first interaction with your agency will be a positive one. Having a digital application also reduces or eliminates altogether the duplicate information that is often requested from customers. This also improves the customer experience.
- Automated programs. You can automate many parts of the insurance lifecycle. Consider automating routine emails and notices you send your policyholders. Try automating renewal notices, billing cycles, and informational emails. Basic tasks like appointment setting and confirmations can easily switch to an automated process with no loss of service to the customer.
- Enhanced fraud detection. Technology designed to help reduce fraud is useful for insurers and agents. Finding, investigating, and managing fraud is critical in all steps of the insurance lifecycle — but it can be time-consuming and expensive. Automating certain steps in fraud detection, like using a program to find potential red flags, can help agents fight fraud at the application level.
- Improved data collection and storage. Insurance companies and agents have lots of data, but traditionally it has been challenging to access and use it. Technology solutions designed to warehouse, catalog, and find relevant data can help agents and brokers find a more efficient way to house and use their data.
- Personalized communications. Insurance is a people business. And while face-to-face communication is still important, much of your access to your policyholders is digital. But you can still personalize your digital communications so your clients feel a personal connection. Some chatbots and message systems personalize their communications to use your clients’ preferred names and to include personal updates, like a birthday or anniversary message.
How to Engage With Insurtech Vendors
Agents and brokers who want to engage with insurtech vendors have several options. They may decide to buy a technology solution that already exists. This is the fastest way to deploy new technology since it is already developed, deployed, and tested. It is also a cost-effective way for agents and brokers to begin experimenting with insurtech solutions. Buying an off-the-shelf solution works in many cases since the technology providers have created software to solve many common insurance problems.
You could also build a custom solution with the help of an insurtech vendor. Starting with an out-of-the-box solution and adding customizations takes longer than using the standard vendor solution, but it may allow you to add more of your own flair to the product. But the more you customize your solution, the more it will cost — and the more challenging it may be to maintain and update your software.
Finally, many insurers and larger agencies and brokerages may develop solutions in-house using their own IT resources. Innovative ideas could start in the business and move to development within an IT project. This may be resource-intensive and expensive, especially if the business lacks the developers and other resources needed. Developing a solution in-house could take longer than using one that is already in use externally, but it does give the insurer or agency more control over the design, development, and deployment of the product.
Try Lead Generation Programs Combined With Your Insurtech Solutions
Lead generation will always be an important part of an agent’s business. Try combining your innovative technology solutions with your lead generation program to make the most of both. Personalized communications and automated follow-up messages combined with the power of a strong lead-generation program may be the right marketing combination for your agency.
Become a member of the American Agents Alliance today for discounts on our exclusive lead generation and nurturing programs. See how we’ve been empowering independent agents and brokers to thrive since 1964 when you join the American Agents Alliance.
