I’ve been working with our partner agencies on the best ways to deliver insurance customer service for almost ten years. In that time, I’ve seen trends rise and fall, and some morph into the “new normal” for insurance providers. The latest in those trends turned expectation is the customer portal.
Why you need a client portal
A website alone is no longer enough for your policy holders. Your customers now expect your website to give them access to their account, anytime, anywhere they can connect to the internet. They’re looking for a portal that gives them access to policy and claims information, proof of insurance, and the ability to update their contact info among other elements.
I’ve encountered agencies who’ve won and lost business based on having (or not having) a client portal.
What’s worse than not having a client portal? Jumping into one without the right elements. When planning out your agency’s client portal, be sure to include access to:
Client portals aren’t just for individuals. Commercial lines customers are looking for this anytime access, too. They’ll look for the same elements as personal lines customers, plus:
Ability to easily access policy information and generate auto ID cards
Clearly defined claims information and status updates
Quick access to agency contact information
Access to certificates of insurance and certificate holder lists*
Ability to create new holder certificates based off agency-approved templates
*This is especially important for large accounts and trucking companies requiring quick certificates issuing at all hours of the day.
Because a client portal serves your agency too, there are also considerations to take on your end. The client portal should offer your agency a well-rounded list of permissions to allow or not allow certain users from being able to view/print/issue all of the different features above. And, as with any aspect of your agency that deals with client data, it should work well with your management system.
At SIS, we’ve been working on our client portal offering, focusing on how we can help our agencies better serve their commercial and personal lines customers. We’ve worked with our partner agencies to add the most essential client portal elements and are piloting the portal with a few agencies this summer. We look forward to hearing from these agencies as we work to roll out the portal to all Partner XE users later this year.
This is just the start. As we continue to connect with our users, we will have additional enhancements based on their needs. You can read more about what Partner XE can offer your agency here. Then, get in touch with us to talk about how we can partner with your agency for success.
There’s an adage that getting new customers is expensive, but keeping them is profitable. Insurance agency owners know this conundrum. Yet, owners continue to struggle with investing in their insurance agency marketing.
A 1990 study by Bain & Company and Harvard Business School’s Earl Sasser famously showed that increasing customer retention rates by 5% can increase profitability by 25-95%. A recent Invesp infographic backed up the case for customer retention, showing it costs five times more to attract a new customer than to keep one.
For insurance agencies, customer retention is especially important: personal and commercial policies can take two to three years to show profit based on commissions paid. Keeping customers around for those two or three years becomes important.
Digital Marketing: Your Customer Retention Boost
Digital marketing allows you to communicate with your customers more effectively and at a lower total cost per impression than ever before. Plus, digital marketing lets you capture information on customer engagement and preferences to continually improve your tactics.
Take a digital newsletter, for example. With today’s technology, you are easily able to write, mass distribute, and collect information on exactly how your customers are interacting with that newsletter. You quickly pull a distribution list from your management system, create the newsletter using agency blog posts, and track interactions through your newsletter distribution platform.
That same newsletter content can be posted to Facebook, Twitter, LinkedIn, Google+, and other areas where your customers engage with your agency. This helpful content can be customized per channel, and all serve to help drive pertinent information to your clients, directing them back to your site for more.
And you know what’s happening every step of the way. Through this simple process, you can capture what’s working and where your customers are going. You’ll get stats on who’s visiting your website, accessing your blog, and leveraging your self-service portal among other information.
With this information, you can reach out via phone to touch base. You’ll be armed with the knowledge of what they viewed, giving you insight into what they need, and inviting to help them with more.
It beats the heck out of sending a postcard.
Get Connected through SIS
If you aren’t fighting for space in your customers mindshare – no matter how small that space is – you are essentially surrendering it to your competition. The best way to fight for that space is to get the right tools and tactics. At SIS, we work with our partners at NuGrowth Digital to stay up to date on industry marketing trends, providing solutions through our marketing arm Agency Marketing Partner. And, we continually collaborate with the Partner XE community to integrate the Partner XE agency management system with the latest marketing tools.
The savvy small business is owner is always working to improve operations. Whether it’s boosting customer retention, reducing process time, or another small move that makes a big difference, the biggest hitch is coming up with that “new and improved” method. Where can you go to get inspired?
One of the best ways to gain new business perspectives is to talk with other professions. And the best place to connect is online. Insurance agency websites, blogs, and other online resources instantly connect you with countless industry professionals. Below is a list of the reliable, up-to-date, and relevant online agencies resources to help infuse your agency with inspiration.
Top Independent Insurance Agency Websites
Check out these top independent insurance agency websites and bookmark each for future use:
Agent Council for Technology (ACT) This open forum group offers targeted content on industry tech. Through podcasts, webinars, and other online mediums, ACT addresses workflow issues facing independent agencies. Check out their site for info on marketing, cyber security, customer experience, and other relevant technology-focused topics.
Property Casualty 360 From the experts at the National Underwriter Professional Network this news resource targets buyers and sellers in property and casualty insurance markets. P&C 360 relies on market data and industry trends to drive their content. Topics include compliance and legal updates, continuing education opportunities, and industry news.
Get tips on how to make your agency website a top resource for your customers
Insurance Journal Insurance Journal is one site with multiple information streams: blogs, videos, podcasts, and newsletters among other resources. The site covers breaking industry news and provides award-winning commentary on insurance market trends.
Recommended Agency Blogs
Another great resource is agent and agency blogs. Some notable industry blogs include:
SteveAnderson A long-time industry thought leader, Anderson has been a licensed independent agent for 30 years. He provides engaging, insightful information on technology trends to improve operations and boost an agency’s bottom line. Through frequent posts, podcasts and his Steve Anderson’s TechTips newsletter, Anderson speaks directly to agency needs.
BizzGrizz Brent Kelly is a speaker, trainer, and coach with 15 years’ experience in the insurance industry. His blog focuses on topics to engage agencies in leadership, communication, and growth. He is a frequent contributor to Property Casualty 360 and other well-respected industry publications.
The SIS Blog We may be biased, but we work hard to ensure we’re up to date on industry trends and provide engaging content for independent insurance agencies. Our posts, eGuides, and other resources come from conversations with our clients, ensuring we’re hitting what matters to agencies From cyber security to customer engagement, we make an efforts to provide variety, clarity, and relevance.
What did we miss?
This list only scratches the surface on valuable online agency resources. Let us know what we missed! Contact us to share your favorite sites. We’ll update our list as it grows through your suggestions.
“Cyber security” and “cloud storage” may seem like buzzwords, but both are more than just phrases – they are critical to agency operations and insurance data protection.
Data is your agency’s most valuable asset. Customer data, policy data, data on your gains and losses, and other critical pieces are the fuel on which your agency operates. You need to protect this data, and easily access it to keep your agency moving.
Why Cloud Storage?
It may be counter-intuitive that your agency’s data is safer “so far away” with an offsite cloud computing provider. But, in our super-connected world, it is never more than a click away. In reality, housing data offsite heightens its protection. Cloud providers specialize in securing and processing data, meaning your agency’s valuable information is in the safe hands of experts.
Offsite data storage through the cloud is the means for your data’s security. It ensures overall agency cyber security along with speed and ease of access to your agency’s data, among other benefits. If you don’t use cloud storage yet, here are just a few reasons why it’s time to invest in this critical piece of agency technology.
Data threats can come in many forms: hardware theft, hacking, natural disaster, and structural agency damage, to name a few. Geographic redundancy and multi-character password data encryption used in offsite storage ensure agency data is safe from such threats.
With cloud storage, data comes in and out through closely monitored access points. Cloud providers also stay up on industry and government data security standards, so you know your agency’s information is at the height of protection.
2. Your Data is Always Accessible
While securing your data is most important, accessing it is just as critical. Cloud storage allows you to access agency information anywhere you have an internet connection. Such connectivity means you can do business faster and serve customers better.
Data accessibility is vital should your agency fall victim to a security threat. Cloud providers work hard to ensure their facilities are safe from natural disaster areas, but you can’t guarantee the same for your agency. Should your agency’s hardware be compromised, you’ll be glad it’s not critical to data access. Offsite data storage allows you to seamlessly transition your operations to temporary spaces as you pick up the pieces.
Cloud storage also leads to faster data processing time. This streamlines operations and quickens customer response. Happier customers mean more business, and offsite data storage allows your agency to keep up with that growth. A simple increase in storage space is all your agency needs to add new locations or keep up with ever-emerging market trends.
4. Your Data Costs You Less
Storing agency data offsite can cost dramatically less than investing in the infrastructure to house it within your agency. Cloud storage providers already have the space, servers, and software to house your data, and you’re sharing costs with the dozens of other agencies renting their services. And you don’t need to add servers or other hardware as you grow – all is taken care of through the cloud. Finally, most providers offer pay per use, so you’re only paying for what you need.
Discover other essential agency tech to move your business forward
Why Not Consolidate?
The best and most convenient way to get cloud storage and data security is through your agency management system. Your management system houses all your agency data, so it makes sense to have that data hosted in a secure environment. Talk to your management system provider about offsite storage and cloud security in an effort to consolidate your expenses and heighten your insurance data protection.
At SIS, we house all Partner XE data with industry-leading cloud service providers like Expedient Data Centers and Amazon Web Services, in geographically distributed regions. All of our clients automatically gain the security, accessibility, and savings associated with cloud storage through our Partner XE management system.
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