Back in January, we were all about resolutions and looking to the year ahead. It was then that Insurance Journal took a look at the coming trends for 2018. Though those long, dark January days have finally come to an end, the predictions, specifically the tech-focused, have stuck around. Halfway through the year, these independent insurance agency tech trends are showing no sign of slowing down.
Does your agency have the essential tech it needs to succeed in 2018?
For customers and agents alike, mobile access is a must. Agents use it to look up prospect and client info on the go. Customers all but demand it for on-the-spot claim filing. It’s one of the cheapest and easiest ways for independent agencies to keep up with the big names.
Automated cars are no longer a thing of the future. According to a Variant Market Research report, the self-driving car market is set to expand at a compounded annual growth rate of over 25% from 2016 to 2024. The same report predicted the market would reach $20 billion by that year. Independent insurance agencies need to take note as driverless cars will undoubtedly affect rates and how auto insurance is structured.
Check out more facts that affect the insurance industry here
Self-Service Client Portals
Similar to mobile, self-service portals provide control and convenience for insurance customers. With a self-serve portal, customers can view and change their information, ask questions, review rates, and pay bills whenever they want. This level of independence is a game-changer for customers. 65% said paying bills and premiums via mobile improved their customer satisfaction.
Items like the Fitbit and other wearable tech will likely have a large impact on insurance around rate calculation. These devices gather pertinent information on individuals that relate to their health and wellness, driving habits, and other relevant factors. As the number of wearable tech users increases, it could soon be leveraged for “safe driver” or other discounts.
Kmart, Delta, Whole Foods and over a dozen other big names experienced data breaches so far in 2018. And, recent reactions to Facebook make it clear consumers are not okay with their personal information being shared. Independent agencies hold a lot of this personal information in their agency management system, making them particularly vulnerable. Suffice to say agency data security is essential in 2018.
See how SIS is keeping Partner XE secure with our CompTIA Security Trustmark+
Keeping Your Agency Equipped for 2018 and Beyond
At SIS we don’t just report on these tech trends, we listen and act. When our partner agents told us they needed more ways to better serve their customers, we introduced our Client Portal. When we heard agents needed on-the-go access to our Partner XE management system, we made mobile access happen. And, we’ve been committed to keeping agency data safe since launching the system.