Digital Transformation , Strategy — 07.30.2019

How Insurance Companies Can Use Tech to Better Service Their Clients and Agents

Technology flows and ebbs with the changing times and changing preferences. Many different industries have picked up on evolving consumer trends that have been driven by technology, and have altered their internal practices and external resources to better serve both internal and external groups. Insurance is one industry that has been slow to adopt strategic technology.

From client-facing materials to agent-facing ones, insurance providers are often working with outdated tools that are unappealing to the modern consumer. Tech can be difficult and daunting for the insurance industry. Insurance plans are unique to each individuals, and the intricacies and caveats of each plan can be hard to replicate. This leaves insurance carriers and agents alike to put up with outdated and inconvenient tools.

However, modern websites, apps, and portals have critical transparency and self-service advantages, and these can be key differentiators in a customer and an agent’s choice of insurance company. Insurance carriers are catching on to the tech trend, and those who are innovating have seen incredible success. While those who don’t, will be left in the dust. It is now the time for insurance In this article, we are discussing how tech tools can alleviate pains within your company, as well as with your clients.

Phase One: Ideation

The modern consumer is constantly interacting with technology. They check and pay their bills, make appointments, and order products through online portals every day. The technology they are using on sites like Amazon and apps like Chase Quick Pay are user-friendly and contemporary. Consumers these are used to and expect this sort of digital product in all aspects of life, including their insurance provider. Using a slow, difficult to use, outdated website damages your company’s brand. Using tech to help customers solve problems and complete tasks is the next frontier for insurance providers, but it is no longer optional because it is not optional in the minds of customers.

What Your Clients Want

  • Access to all relevant information online. Their policy, payments, and claims need to be organized and easily accessible. They are paying money for your services, and they should feel empowered to access that information whenever they need it. The second they get frustrated is the second you lose them.
  • Enablement with transactions such as their payments and claims. Gone are the days of long phone calls to perform simple actions; These are actions that should easily be done online. If it is outdated or difficult to use, you will need to refresh the user experience to make sure it accomplishes their goals.
  • Access to insights and recommendations. You have access to mountains of data, both about your customers and about your offerings. This provides an opportunity for you to give customers insights into how they can better protect themselves, their assets, and other offerings that would be appropriate for them.

Tech for Your Agents

Attracting and retaining agents is just as important as attracting clients. Empowering them and improving their workflow will not only benefit the clients they serve, and in turn your business, but it will also compel them to stay with your provider. In order to achieve this, you need to offer an experience that optimizes their sales and enhances their partnerships with clients. Tech can solve pains and alleviate frustrations they may have. Especially when independent agents are working for more than one provider, tech can be the determining factor for the plan they choose to promote. They want user-friendly tools that empower them to be better at their job.

What Your Agents Want:

  • Information about you and your policies at their fingertips. If the site they have to use to access this information is cumbersome, it slows down the process for agents as well as their customers, and makes their job a lot harder.
  • Information about clients at their fingertips. Offering valuable, usable tech solutions makes it easier for agents to give initial policy recommendations, provide timely answers to questions, and continuously add to/alter insights.
  • Seamless and easy tools for transactions. Just like consumers need quick and easy tools that make their lives easier, agents need to be able to process payments and claims with apps and tools that are seamless and fast, and make their work better.

What Tech Solutions Can Mean For Your Business

If you provide an intuitive, user-friendly digital solution for your agents and your clients, this creates seamless interactions and can result in higher sales, greater retention, and happier clients and agents. With faster workflows and agile accessibility, agents work faster and better and clients can feel involved and empowered with their insurance plan. External and internal tools that provide the transparency, empowerment, and insights that everyone has come to expect will lead to a more efficient, differentiated business and more satisfied customers.