U.S. CFO Pulse Survey, its sixth since the onset of the COVID-19 pandemic, found
54% of CFOs plan to make remote work a permanent option, 1/3rd plan
to invest in better tech-driven products and services, and 63% plan to change
their products and services as a response to the coronavirus pandemic. Agency
owners face similar decisions as they continue to navigate how to handle
shifting priorities, keeping customers and employees safe while looking out for
their bottom line.
If you describe your insurance agency management
system as “fine,” you’ve got a problem. Something so central to your agency
operations should be operating at a higher level than “okay.” If you’re
patchworking numerous systems from accounting to doc sharing with your
management system or relying on a self-created workaround to make your system
function, you need to take a step back and ask, “Is ‘fine’ good enough for us?”
Connecting with customers is an essential part of the insurance business, and, these days, texting is a universal way of connecting with anyone. If you’re in the business of connecting, shouldn’t texting be part of your insurance software?
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.
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.
SIS President Michael Doran reflects on the impact of the
coronavirus shut-down and how the Partner Platform community responded.
Planning for the future is never easy, but it can seem even
more complicated when thinking about your business’s future. When it comes to
transitions, you need insurance agency support on all sides.