How Your Insurance Agency Can Keep Up in A Digital World
Change is inevitable, and it seems change is happening faster than ever with no signs of slowing down. It’s no longer about the big beating the small, but the fast beating the slow. So, what does that mean for your agency? Embrace change, utilize the resources available, and don’t reject the new simply because it’s not what you’re used to.
How Your Insurance Agency Can Keep Up In A Digital World
We are in the midst of technological improvements to all industries, including insurance. Yet, many agencies aren’t operating at the level they can and should be. Insurance agencies need to provide a digital experience that customers expect…not want, but expect. If you are not providing what a customer wants it will only be a matter of time before they switch to another provider that does. Not only are these improvements for consumers, but yourself and your agents as well (more on this below).
“About 60 percent of insurance clients worldwide aren’t satisfied with their service providers and nearly 50 percent of insurance clients consider turning to newer models.”
Why It Matters
Think of your current target market – who are they? Millennials? Now what about your talent pool, I’m guessing millennials too. According to Pew Research Center, by 2022 50% of the US workforce will be made up of millennials and only a few years later that number will reach 75% of the workforce. So, if you’re not attracting millennials and younger generations for your workforce and clientele it would be smart to start soon.
Aside from attracting better talent and long-term clients, digitalization matters for many reasons. To name a few:
Convenience
Automation
Lower costs
Reduced errors
Expanded portfolios
Heightened security
Increased productivity
Free up time for your staff
Better customer experiences – show you’re adding value (see ‘Digital Offerings’ below)
More accurate data for analytics, targeting, and risk assessments
There are many ways for your insurance agency to step up its game and stay in the competition. Below are 5 examples of implementations and offerings your agency can use to stay relevant in today’s digital world.
Smart Applications and Forms
Coming into an insurance agency to fill out a paper form is not a practical option anymore, no one has the time or desire to do that. Even calling an agent to get a quote over the phone is becoming a thing of the past. Remember earlier when I stated that millennials will make up more than half of the workforce and insurance target market within the next few years – catering to them is a must. Millennials and following generations want as little human interaction as possible, they want to do everything online and fast. That means getting a quote, signing documents, updating information, etc. Not only is this beneficial for the customer, but for agents as well. Smart applications and forms save time that agents would be spending on the application and quoting process, while allowing for more time on other activities.
Digital Offerings
Aside from offering the above you can utilize technology to offer so much more. Offering more of what appeals to what consumers need for convenience increases your agency’s value. This could include:
Photo upload and visual screening – Quicker turnaround time for claims, identify rating errors, discourage fraud, and attract more consumers.
Chat bots and texting – Faster response times and more convenient for both the consumers and agents.
Client self-service portal on website and app – Clients can monitor application status, pay their bill, update contact information, and upload photos to make a claim. Once again this is more convenient for the agents and clients, while appealing to future clients.
Mobile access for agents to an AMS – Not only are digital offerings valuable for clients, but agents as well. The ability to access your AMS from your phone allows you to work on the go. Yet again more convenient for both parties.
Updated Website and Social Profiles
When potential customers begin their research for insurance you want to be the first result that shows up on the SERP (search engine results page). The #1 organic result (meaning not a paid ranking spot) is 10x more likely to be clicked on compared to a result in the #10 spot. And if you’re agency isn’t even on the first page don’t expect many clicks. Only 0.78% of Google searchers clicked on something from the second page. Before you get too wrapped up in where you rank, you’ll want to make sure those that do click on your website are looking at an updated, user friendly website. If your design is outdated or hard to navigate users will click off your site…there goes potential customers just because your site is outdated or hard to use. Users won’t spend time clicking around to find what they are looking for; it needs to be clearly laid out in a path that makes sense to what the user would be doing on your site. Design is also really important because who would trust handing over personal information on a website that looks like it’s from the 90’s. Outdated websites leave consumers asking themselves if your website is even secure enough to handle personal information without it getting compromised.
Once your website is good to go head over to your social profiles. I’m talking Facebook, LinkedIn, and Twitter. Don’t have any social profiles? Now is the time to make them, but don’t stop there. Just having social profiles is not enough, consumers want to see that your agency is active on them. When done correctly, social media can establish your brand’s reputation as being customer focused, reputable, and trustworthy – all important factors for consumers to consider when deciding between policy holders. In addition, active social profiles are beneficial for many reasons such as:
Increasing brand awareness
Humanizing your brand
Establishing your brand as a thought leader
Staying on top of consumers’ minds
Increasing website traffic
Generating leads
Boosting sales
Communicating
Promoting
Customer service and customer support
Plus many more!
“88% of consumers conduct research online before making a purchase”
Automation
Imagine if you could speed up cycle times, reduce expenses, improve customer experiences, and decrease routine back-office work? Good news, you can with the help of automation. Automating processes gives agents more time and resources to provide high-quality customer interactions without worrying about spending hours on simple, manual tasks that machines are capable of doing. According to WorkFusion, a successful automation program can do the following:
achieve up to 80–90% accuracy improvement
save thousands of work hours annually
speed services delivery by up to 80%
free up to 30% capacity at the enterprise level
increase overall business productivity and profitability by up to 50%
reach up to 100% regulatory compliance
With that being said here are some areas that can be automated:
1. Claims processing – Validating claim requests and sending the verified claim for payment.
2. Underwriting – Data collection from external and internal sites, pre-population of data fields in internal systems, assessment of loss runs, and reviewing customer history.
3. Compliance – Validating customer data, compliance checking, and generating regulatory reports and notifications.
How An MSP Can Help
The Modern Agency is exactly what it sounds like, the updating and modernization of your agency. As an I.T. provider, we want to see you operating at the most optimal level, because when your insurance agency functions at the highest technological standard, your customers are serviced well, and the cycle comes full circle. High customer satisfaction, effective processes, top-notch security, and complete management are all aspects of a successful agency under the Modern Agency offering.
See for yourself how we keep your data HIPAA compliant and safe from hackers, while handling all of your I.T. issues and vendor management problems. AND did we mention, that you get hardware refreshes every three years at no extra charge, your new tech is included in your flat-rate monthly fee! Check out the Modern Agency offering by Omega Computer Services to see how your agency can get ahead of the competition and not get left behind by those that are ready to cater to the needs of their consumers and employees.
