It took a pandemic to make insurance agencies embrace digital?
The trade news coverage about COVID-19 and how it has affected the insurance industry includes no shortage of reports about agencies turning to technology like they never have before.
That’s definitely good news. But it also begs a question. And that question is, “Why did it take a pandemic to make it happen?”
Moving commercial insurance forward.
We already know what happens to agencies when they embrace the right software—we’ve been advocates for change since we launched our platform and transformed the renewal and application process with intuitive online smart forms.
Granted, we are an insurtech. So it’s fair to point out that we have a definite interest in seeing commercial insurance embrace the efficiencies that software provides. But we’re hardly the only ones who have been promoting the use of technology to make the insurance journey faster and less painful for everyone—agents, producers, insured, carriers. Many industry leaders have been saying the insurance category is long overdue for change and modernization, and that technology needs to push it forward.
Necessity is the mother of invention.
The pandemic means many agencies are being forced to make moves, as their usual business practices have been upended. Teams are working remotely. Face-to-face contact with customers has been sharply reduced. And most employees don’t have high-capacity printers in their home offices, especially if their new workspace is a dining room table they might be sharing with a spouse and a fourth grader.
All of this upheaval is forcing change that, sorry, should have happened years ago. But today, many agency managers are moving quickly to introduce software that makes the New Normal, well, more normal. And definitely less weird.
If your agency had already adopted new, modern approaches pre-pandemic, you’re faring better than most during this unprecedented era. But it’s also no time to let up on the accelerator when it comes to finding ways to make your operations as efficient as possible. Efficiency and speed were vital before the pandemic changed our routines, and they will continue to be when we finally reach the other side of these challenging times.
Commercial insurance customers expect better solutions.
The biggest factor? Customers have changed, and they have new expectations.
Your client roster is evolving, as Millennials and Gen Z move into leadership positions in business. They are accustomed to technology making life more convenient, efficient, and easy. They are used to shopping online, and buy items with the single click of a mouse. They listen to music online, and tailor it to their personal tastes. They drive to an unknown destination without any advance planning, confident the map app on their smartphone will deliver them there without error. Which it does, time and time again.
Why should insurance be any different? Clients of all generations don’t want the task of protecting their business to be complicated or tedious, especially not when they face such a challenging economic environment. If it’s renewal time and you send a complex ACORD form or a clunky PDF, you’re not exactly delivering an experience that establishes your agency as one that is customer-centric.
Online smart forms remove the road blocks on the insurance journey, and reduce the time to complete renewals to three-and-a-half days. What’s more, agencies on our platform have higher Net Promoter Scores.
A commercial insurance solution that delivers ROI.
Sure, securing the right insurance coverage is a complex endeavor. But making it easy to provide the necessary information shouldn’t be.
What’s more, when the process happens quickly and the administrative load is reduced, agency professionals have more time to grow their book and provide the kind of expert consultation that builds lasting relationships. That makes your team more productive and motivated—no broker or producer has ever longed to spend more time on mundane tasks. The best ones are focused on expanding their client roster and closing business.
Will the pandemic be the spark that ignites real change?
We hope so.
Is your agency pushing hard to upgrade its technology solutions right now? We’re ready to help you make the renewal and application process automated, efficient, and faster than ever before. And if it’s the pandemic that’s pushing you to upgrade your approach, we’ll count that as a bit of good news at a time when it’s in short supply.
Goodbye time wasted.
Hello optimization with Broker Buddha
Efficient use of time
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