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Planning for the Next Stage in Insurance Agency Management: Perpetuation

Planning for the Next Stage in Insurance Agency Management: Perpetuation

Over the past few years, there has been a surge in insurance agency management transitions. Mergers and acquisitions specifically are on the rise, with an estimated 550 deals, up 12% from the previous year, in the first quarter of 2021. While these transitions can be profitable for owners, they can come with significant trepidation and worry from employees and customers.

As an owner, you need to start thinking ahead about how to prepare your agency for its eventual ownership transition. Whether you plan to perpetuate internally or externally, it’s essential that you prepare. That preparation includes setting your agency up for its highest valuation, prepping your team, and investing in tools and processes to bring your agency into the future.

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The Power of Relationship and Innovation in Insurance Tech

The Power of Relationship and Innovation in Insurance Tech

Good partners and partnerships are critical to success in any business, but it’s crucial in technology where the pace of change and breadth of innovation is high. Insurance tech is growing fast, and it’s critical to look to progressive partners to keep up with the pace.

Why Partnerships Matter
Innovations happen everywhere, every day. Things like electric cars, an increase in IoT, the interconnectedness of tech systems in healthcare and our own homes, and other innovations significantly impact our industry. These tech advances inform how insurers can gain data to inform policies and process claims.

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Insurance Tech: Easing Change Resistance in Your Agency

Insurance Tech: Easing Change Resistance in Your Agency

Insurance tech advancements are making everyday processes faster and more efficient, and customers are demanding more digital interactions than ever before. Despite the benefits and increasing customer demand for insurance tech, your team may be hesitant to adopt new technology.

This hesitancy is understandable. Change is difficult, and introducing a new process or system to an individual’s workflow can be frustrating. But, the benefits of integrating insurance tech into your agency far outweigh the challenges of overcoming change.

Here are a few ways we’ve seen agencies work to be more receptive to new technology and system updates.

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The Workforce and Your Insurance Agency Management: How to Recruit for the Future

The Workforce and Your Insurance Agency Management: How to Recruit for the Future

The insurance industry – like others today – is understaffed. In late 2021, an insurance labor market study showed that 53% of agencies planned to “aggressively hire” within 12 months to fill vacancies. The same study also showed that it’s becoming increasingly difficult to fill open positions. As an owner, your insurance agency management relies on knowledgeable staff, but it can be challenging to fill positions in today’s market.

With hiring season just around the corner, your agency needs to focus on how to recruit new talent for your team. Past tactics may no longer work on a younger, more tech-driven workforce. It’s time to expand your outreach, position insurance differently, and look for diverse qualities to keep your agency growing.

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The Top Insurance Agency Management Tips to Set Your Independent Agency Apart

The Top Insurance Agency Management Tips to Set Your Independent Agency Apart

As the insurance industry grows more competitive, the particulars of your specific insurance agency management will make your business stand out. Those particulars could be location proximity, ease of doing business, or even something as simple as how your website looks. Though price still matters, changes in cost can only go so far.

The true test of what makes your agency the best choice is the overall customer experience. Seemingly small touches that make each interaction easier, more personable, and leave each customer with a positive feeling have a real impact. Today it’s about more than the best price and the latest tech; it’s how you use these tools to empower, differentiate, and create the best experience in your agency.

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You May Not Know the Next Market Disruptor, But You Can Be Prepared with the Right Insurance Software

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.

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Customer Knows Best -The Insurance Software You Need to Meet Changing Customer Preferences

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?

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Looking Ahead: Why Agent Expertise in the Digital Insurance Age Matters

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.

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The Agency Management System Fresh Start Checklist

The Agency Management System Fresh Start Checklist

There is no perfect time for a fresh start – the time is always right to take stock, re-evaluate your processes and goals, and make some changes. This applies to all aspects of your agency, including your agency management system.

Quality management systems and providers evolve with the changing market. Are your system and provider keeping up? Or are you seeing prices go up with little to no changes in your management system experience? Take a critical look at your agency management system and provider, analyzing if you have everything you need to serve your customers and grow your business today and tomorrow with this “fresh start” checklist.

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