Usage is up and commercial insurance is moving faster.
Broker Buddha users are making insurance a speedier process. In fact, over the last three months, activity on our platform has tripled. That means more commercial insurance forms are being sent—and then completed and returned—in a lot less time than they were before.
The COVID pandemic may have slowed just about everything except toilet paper sales but agents are embracing the platform so they can get commercial insurance renewals and applications done faster than ever before.
Change is hard. Even when it’s worth it.
Since we launched Broker Buddha in 2017, we’ve been confident it could transform the commercial insurance policy process. After all, nobody loves stacks of complicated forms. Printing PDFs is a giant time suck. And if you ask anyone to send a fax, they might also ask if they need to break out their Nirvana concert tees and return to the 1990s.
But let’s be honest—commercial insurance is not typically an industry that’s in a hurry to change the way things get done. Legacy practices persist, and a general reluctance to embrace technology has endured.
We get it. Commercial insurance is a relationship business. And when something is working in a relationship, most of us aren’t exactly thrilled about the idea of introducing something new. Fact is, change is hard—even when the advantages it offers are obvious.
But right now, change is happening. It’s not just a sense we’re getting from the marketplace—it’s proven by the usage statistics. More commercial insurance agencies are moving to the platform, and more agents are relying on it.
Why are so many commercial insurance renewals being completed on our platform?
There are a number of factors that are contributing to the increased activity. Here are some that we think are driving usage right now.
Customers love it. When existing clients go through the renewal process on Broker Buddha tell their agents, they’re amazed by how much easier it was to complete everything. Improve the customer experience and the value of your services increases.
Agencies are taking advantage of our White Glove Service. We added this feature in the last year, and it removes the tedious work of data entry for brokers. With White Glove Service, all the data of existing clients is entered by us. It’s a feature that just about every new user embraces, and makes even the most tech-resistant agents start using our platform.
Agents using our platform see their customers return forms faster. How fast? Three-and-a-half days is the average amount of time—and it's often quicker than that. Getting forms back that quickly also happens with a lot less back-and-forth. Agents suddenly have more hours every week to do things a lot more enjoyable than sending email reminders urging clients to complete policy renewal forms.
Everybody is working remotely. The COVID pandemic has pushed all companies to distributed workforces, and technology has become even more critical to efficiency. Agents working at home need to get more done without support staff, and they can’t pop over to see a customer and get policy renewal information. What’s more, many businesses are reeling right now or making significant changes to their operations in order to succeed during these unusual times. Agents need to be nimble and able to respond quickly—Broker Buddha makes that possible.
The time to transform your insurance renewal process is now.
When the world is turned upside-down, like it is at the moment, many people focus on preserving what they have. But there has actually never been a better time to transform your renewal and application process. Here are some reasons to embrace change right now.
Everyone appreciates something that lets them get more done in less time. But they appreciate it even more when they find themselves working from the dining room table and dealing with the stress that this situation has created.
Agencies that embrace technology in this current moment will be positioned for success. We all want to return to something that’s closer to normal, but it’s going to be a bumpy road back. If your agency is responsive and nimble, you’ll be able to respond to opportunities and a new dynamic. And remember that the clients you'll have in the future will not only expect technology that makes the insurance journey less arduous, they'll require it.
The marketplace is demanding it. Now, more than ever, your customers are frustrated by outdated processes that waste their time. Our platform is the perfect solution for this impatient era.
Not on our platform yet? It’s time to find out how our online smart forms can make customers happier and your renewal process more efficient. Schedule a demo at a time that works for you.
Tuesday, May 19, 2020