The Future of Insurance Technology: What to Expect in 2021

Insurance Technology

How will insurance agencies use technology to grow in 2021? Will it simplify certain job functions? Open up new opportunities?  Change the way they do things? 

At LeO, we see first-hand every day that technology holds the potential to make our industry better at everything we do. We recently reached out to insurance industry thought leaders to get their perspective on technology and find out what role they predict it will play in their professional lives this year. Here’s what they had to say:

Technology will help maintain – and even expand – customer relationships.

From AI virtual assistants to Agency Management Systems, technology has already played a big role in facilitating customer communications over the past year, but our industry experts suggest this may just be the tip of the iceberg. 

“If we have learned anything from the hand we have been dealt in 2020, it is that keeping in close touch with our customers is more important than ever,” Vertafore VP of Industry Relations & Partnerships Doug Mohr told us. “That does not have to be done with a handshake. We can have a successful digital relationship with our policyholders.”

Paradiso Insurance owner Chris Paradiso agrees that technology is poised to change relationship building in the insurance community. “With artificial intelligence, you’ll get access to amazing information, like the ability to predict if we should cross-sell or up-sell to a specific client. You’ll even be able to tell if a client is happy or unhappy with the service you’re providing without them ever knowing!”

Machine learning and AI will up the game.

As our technology gets smarter about our business, it will help agents to be even smarter about how they manage their workloads and their daily tasks.

“Agents in 2021 should be focused on implementing machine learning tools and virtual assistants,” advises Dana Coates, CEO of United Western Insurance Brokers. “This will save time on complexly rudimentary tasks and will enable excellent communicators to stop pushing buttons, freeing them up to speak with clients and carriers to help solve problems.”

Frank Sentner of Sentwood Consulting sees a clear path for agencies to use this kind of technology to engage with customers digitally. “The best method is to have a ‘presence’ on mobile devices using applications that meet a range of customer expectations. Primary among these will be enhanced inbound digital communications using chatbots for overage verification, policy change requests and change reporting.”

The time is now to maximize your digital strategy.

One thing all of our industry thought leaders agreed upon is the importance of making smart decisions when it comes to technology platforms and applications.

“2021 will be an exciting time for agencies to embrace existing technologies through understanding, adoption and development, while pushing additional technologies, like blockchain, forward,” says Dean Giem, President of Paradox Insurance Agency. “The speed of advancement will allow agencies to be more efficient, opening time to focus on the client relationship over the long term.”

Agencies should specifically consider their platform capabilities, advises NFP Head of Innovation Mark Rieder. “Technology adoption will continue to accelerate in all areas of the business lifecycle but perhaps most prominently in the digitization of both individual and small group sales as the platform economy continues to bleed over into the insurance industry,” he says.

How will your agency make the most of the opportunities that technology presents?

As an insurance technology thought leader in my own right, my mission for 2021 is to continue to drive technology and innovation for the industry. I’m excited to see agencies recognize all of the possibilities that technology holds for streamlining and improving their professional lives and I look forward to working to make all of our contributors’ visions a reality in the coming year!

 

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