4 Reasons to Accelerate Your Agency’s Digital Transformation
Today, nearly every aspect of our lives is online in some form. However, historically the insurance industry has lagged in other sectors when it comes to digital transformation. The gap is closing and insurance is catching up, with companies introducing new capabilities and tactics to enhance the customer experience with digital capabilities and technology.
Insurance agencies face their own specific challenges — and with that, tremendous opportunities. In fact, only 16% of agencies say they have a comprehensive digital strategy in place. By embracing new offerings to streamline operations, agencies can accelerate their growth, enhance overall efficiencies, and ultimately serve more clients the way that consumers today expect to operate.
Meet customer expectations
Now more than ever, consumers expect fast, simple, and convenient experiences for everything that they do. They want to see their options quickly, they want to engage over email, they want to pay for something with their credit card rather than a bank account. Agencies need to find a way to offer more options for their clients to choose from and having the right technology in place is critical to increasing client satisfaction.
Historically, it could take agents anywhere from days or even weeks to provide quotes to clients, gathering information from the client, filling out ACORD forms, and spending time going to different markets. But tools today can help streamline that entire process and reduce the friction for agents, who ultimately can provide a faster turnaround to clients. For example, CoverWallet for Agents can provide multiple quotes from various carriers instantly for small business clients. It automatically generates an ACORD form based on the information entered so that even if you don’t get a quote, you can go elsewhere with all of the information you have already entered.
Hire for the talent gap
The insurance industry is currently facing a hiring crisis. One study found that there are an estimated 400,000 open insurance-related positions, but less than 5% of millennials are interested in working in the industry.
If you’re looking to recruit rising talent for your agency and want to receive interest from millennials, having a digital strategy in place will be key so that you can hire and ultimately retain new employees. Millennials are tech savvy, and they expect their employers to be so as well.
A pain point for many independent agencies is the onboarding and training process for new hires, which can typically take up time and resources. It’s important to have the right tools in place to help increase efficiency for new hires. A digital platform like CoverWallet for Agents has tools your agents can use, such as an appetite guide and policy explainer which can help them provide more education to your clients.
There are also dozens of online courses and eBooks available, and more and more organizations are doing work to try to explain why the insurance industry is appealing to recent graduates.
Stay connected to your customers
It’s in your best interest to work closely with your insureds in order to create a strong, more connected relationship. Doing so will help you better provide insureds with the services and coverage for their needs, ultimately resulting in higher retention and revenue.
Tools and services today make it simpler than ever to maintain connectivity. For example, whether you want to build something more custom or leverage a turnkey solution, there are newsletter solutions that can help you stay connected with clients. Whether it’s a blog post about emerging risks or a digital holiday greeting card, automation tools exist to make your life easier as an agency owner. Plus, most of these programs come with free options or trial periods so that you can see what works best for you.
Having a robust digital strategy will help your agency bring in more revenue. In fact, a survey found that digital agencies have 156% higher revenue compared to non-digital agencies. With the right technology, your agency can leverage data for better sales and operational insights, more effectively communicate with agents and clients, research market appetite, and quickly quote and bind clients. This will ultimately help you bring in more revenue.
The bottom line
Agencies all over the country are operating under unprecedented uncertainty, but one thing is for sure, in order to compete and stay relevant agencies need to accelerate their digital transformation. If not, they risk being left behind. Having a strong digital strategy, including leveraging the latest digital tools and workflows, will help your agency expand its client base, bring in and retain new talent, increase your connectivity, and bring in more revenue.
Ready to get down to business? Register for CoverWallet for Agents today.
Michael is the Vice President and General Manager of CoverWallet for Agents. He is an expert in insurance technology and trends as well as sales and operational growth. Prior to joining CoverWallet, Michael worked for Mckinsey & Company as an engagement manager and spent time as a foreign service officer with the U.S Department of State, and was a research fellow for NASA.
Get the good stuff
Get regular hits of insurance inspiration delivered to your inbox.