Blog
Underwriting Automation: How to Implement this Insurtech System
Automation plays a significant role in many industries, and insurance is no exception. The rapid innovations of insurtech have thrust data and automation into the forefront of ways to improve and enhance agency operations.
One of the most prominent data automation uses is in the underwriting process. Due to digitized automation processes, agencies are seeing loss ratios decrease and overall premiums increase. According to Willis Towers Watson, over 60% of agencies surveyed say the predictive analytics of automated underwriting have reduced issues and brought down expenses.
Underwriting automation has great value, but the wealth of data and required processing power can be daunting for the average agency. Yet, if your agency can put in place the right processes and people to gain and manage underwriting data, you can see a big change.
What You Need to Know About Insurance Agency Marketing
A lot has changed over the past few years due to the unexpected disruptions of the COVID-19 pandemic. All industries felt the impact, and the insurance industry is no exception. One of the most notable disruptions is the speed at which changes took place, especially around customer expectations and marketing.
What Your Agency Needs to Know About Insurance Marketing
Changes in insurance agency marketing that were projected to solidify in 5 to 10 years ended up evolving rapidly in just two. Chances are you’ve already made some of these adjustments to keep up with immediate demand, but there are other more “behind the scenes” adjustments agencies are making that you should note
You May Not Know the Next Market Disruptor, But You Can Be Prepared with the Right Insurance Software
The COVID-19 outbreak in 2020 left a lasting impact on the world, including how we do business. Quarantine and frequent lockdowns forced us to stay home, and the changes in customer expectations, work environments, and operations remain today.
Insurance agencies that weathered these changes have a few things in common. For one, they had the right insurance software to make the quick transition to remote work and service. Secondly, they have an enduring attitude of being open to change and a readiness to adapt. While we cannot predict what will disrupt the market next, we can use these markers to prepare with the right mindset, tools, and systems for the next unexpected interruption.
Insurance Tech Tips: Read this Before You Text Your Customers
Texting has quickly become one of the most popular and efficient pieces of insurance tech. Almost 90% of consumers say they’d like to be able to text businesses. It improves communication by making it easier to get in touch and get a response from customers and prospects, streamlining outreach with automation and integration into agency systems. Studies show that 98% of text messages are read, compared to 20-30% of emails and phone calls.
Texting is one of the tools all your team members can use, from producers to CSRs, as it speeds up communications and helps your agency move.
Getting Social: Dos and Don’ts for Social Media Insurance Agency Marketing
Social media marketing is nothing new in the larger marketing industry but may be novel for independent insurance agencies. This tool is something all agencies should include in their insurance agency marketing strategy for several reasons. Social media can help your agency show off your expertise, build trust with customers and prospects, and help you better engage your customer base. For independent agencies, social media is an excellent tool to amplify their valuable local and personal connections with their communities.
Whether your agency is on social media or not, you’re being discussed in the social media space. Join in that conversation! Get your agency started by following a few simple dos and don’ts in the social media sphere.
Four Tips to Secure Your Agency’s Insurance Tech
The insurance industry isn’t known for embracing change quickly: maintaining the status quo can seem easier than adapting new insurance tech. Despite this, insurance agencies tend to face a greater cybersecurity threat than other small to medium-sized businesses due to the sensitive and valuable data they collect from numerous avenues.
With cyberattacks on the rise, and the COVID-19 pandemic forcing many agencies to leave the traditional way of doing things behind, the need for insurers to maintain cyber regulation and compliance has never been greater.
With this in mind, here are four ways insurance agencies can secure their insurance tech to protect their business, employees, and clients.
Never Let Your Agency Sleep on Digital Insurance Security
Digital insurance options opened up new markets and improved communications for agencies worldwide. However, this growth goes hand-in-hand with the rise in cyberattacks over the past few years.
Recent reports estimated cyberattacks increased between 200% and 300% in 2020 and are doubling again. Similarly, ransoms from cyberattacks are rising by between 50% and 80%, making it a more attractive scheme for cybercriminals.
Labor market changes contribute to increased cyber-vulnerability as well. More people are working remotely, and their home offices may not have the same security measures as their company. Similarly, the recent labor shortage means companies are hiring more people more often and, in their haste to fill positions, may not provide ample cybersecurity training for new hires.
Customer Knows Best -The Insurance Software You Need to Meet Changing Customer Preferences
Independent insurance agencies are starting to feel the heat. Though independent agencies provide a level of personalized service and care big names never can, insurtech’s sophisticated insurance software is beginning to bridge the gap.
According to experts at PropertyCasualty360, “With increased competition from insurtechs and rising labor costs, in order to stay competitive, companies need to…provide a seamless omnichannel experience.” That means broadening how you’re serving your customers, keeping up with evolving customer demands.
Do you have the right insurance software to meet these growing customer needs?
Looking Ahead: Why Agent Expertise in the Digital Insurance Age Matters
Digital insurance is the future. According to Reuters, over $10 billion were invested in digital insurance technology in the first nine months of 2021 alone.
But, a rise in digital insurance tech use doesn’t mean a decline in demand for people in the industry. J.D. Power found that agencies that increased their “digital offerings” didn’t necessarily see a boost in customer satisfaction. While customers value the speed and efficiency digital tools offer, they also need that human connection.
What is Your Insurance Tech Cyber Security Plan? – The Top Elements to Include
Cyber security has been a concern across industries for years, but the COVID-19 pandemic accelerated risk. With more businesses moving to online operations, more data became vulnerable. This is especially true in insurance, where the use of insurance tech skyrocketed in 2020, along with incidents of cyberattacks.
Insurance is second only to legal firms as cyber criminals’ preferred industry to attack. The average agency is targeted over 100 times per year, with more than 30% of attacks succeeding. And according to PwC’s Digital Trust Insights Pulse Survey, cybercrime is expected to cost companies $10.5 trillion annually over the next four years.