What the Global Pandemic Taught Us About Digital Insurance and the Industry

What the Global Pandemic Taught Us About Digital Insurance and the Industry

Industries worldwide have a lot to learn from the unprecedented global pandemic that first hit the U.S. in early Spring 2020. The virus’s impact will be widespread, and the insurance industry has been hit just as hard as any other market.

Below are a few findings that speak to what we know about the state of the digital insurance market almost six months into the pandemic hitting U.S. shores.

See how SIS and the Partner Platform community responded to the pandemic

The Global Pandemic’s Effects on the Insurance Industry

Since the U.S. shut-down in mid-March, the COVID-19 pandemic affected the insurance industry in the following ways:

Find out how to get your agency back up to speed when facing a sales slump

What do These Effects Mean for Your Agency?

Business owners know gathering information is only the first step. Once you see the problem, what do you do about it? We suggest insurance agencies consider the following.

  • Get on the cloud. A rise in work from home means you need secure, anywhere access to your agency systems. When your data and systems are on the cloud, employees can access them wherever there is an internet connection.
  • Provide mobile access. Both employees and clients need mobile access to your management system and agency website. State regulations are changing daily, and you must keep clients and employees alike informed. Mobile access means they can get the daily information they need instantly.
  • Diversify your markets. If you haven’t yet, it’s time to widen your service sphere. One thing the pandemic taught us is life is unpredictable. You need to have multiple market sectors to keep a steady income flow. Agencies servicing primarily travel or other hard-hit industries are feeling the pain. Don’t let your agency experience the same.
  • Leverage Artificial Intelligence. With more questions coming in due to the uncertainty of the pandemic’s impact, you’ll need more help prioritizing and addressing them. A.I. can provide answers to commonly asked questions, quickly decide who in your office should take a call, and provide an immediate response so the client or prospect feels heard.
  • Invest in paperless processing. When agencies moved to work at home, printing, and mailing, or even scanning and faxing, forms became near impossible. Those that invested in paperless were set-up to continue business as usual.
  • Bulk up cybersecurity. As more employees access systems at home, you need to increase your cybersecurity protection. Redundant back-ups, multi-character encrypted passwords, and regular staff training are all essential factors to keep your agency safe.

Hear from our cybersecurity partners on how to securely work from home and protect your agency

Be Ready with the Right Partner

The Partner Platform team has worked to prep client agencies and partners for the unexpected since the beginning. We strive to equip Partner agencies with the best tools and systems to stay ready for any change and provide the community and service they need to weather any storm.

Do you have the right partner to ready your agency? Find out how we can be that partner. Read what our Partner agencies have to say and get more details at sispartnerplatform.com.

Your Cost and Efficiency Saving Solution: A Paperless Insurance Office

Your Cost and Efficiency Saving Solution: A Paperless Insurance Office

A recent CompTIA press release showed almost 80% of U.S. companies are working towards a “less paper” office. We’ve been talking about the benefits of a paperless insurance office for years, but now the data is really starting to roll in. Advances in scanning and secure esigantures have made it easier than ever to convert to an all-digital office, where profits are 50% higher and revenue is 13% greater.

In the end, it all comes down to time and money. Going paperless saves you both.

See why your customers are calling for paperless processes in your agency.

Money in the Bank

Save the paper you want by not using the waste you don’t want. Converting to a paperless insurance office saves you cash by cutting costs on:

  • Printer paper, maintenance, and ink
  • File storage in your office or a secure archive location
  • Postage to mail confidential information quickly and securely
  • Wasted paper due to misprints or rough drafts
  • Invoice processing and other paper-based accounting tasks
  • Cost to cover paper-based data replacement due to fire, flood, or other natural disasters
Paperless Cost-Saving Stats
 

Efficiency in the Office

Going digital also means speeding up daily agency tasks, helping you serve more people, better. With a paperless workflow your staff can:

  • Find relevant data faster
  • Shorten transactions times
  • Ensure higher accuracy of information
  • Decrease E&O issues
  • Share information faster
  • Collaborate seamlessly
Paperless Efficiency Stats
 

  • Document issues account for a more than 20% loss in daily productivity
  • Professionals spend almost 20 min each day searching for a document
  • Looking for a document can waste up to 50% of the average professional’s time on the job

Get the step-by-step guide on how to turn your agency paperless on our blog.

Make the Paperless Transition with Partner Platform

The most important factor of paperless processing is that the cost and efficiency savings can be passed on to your customers, creating a better service experience at a lower price.

Make paperless easy for your agency with our Partner Platform agency management system suite. Our paperless document management capabilities, coupled with efficiency-minded integrated systems and secure infrastructure, make Partner Platform the most digitally-minded system on the market.

Find out more about Partner Platform and how it can revolutionize your agency. Contact us at sales@sisware.com or 800.747.7005, Option 6 to find out more.