What’s the Deal with Data? Why You Need Insurance Tech Data and How to Use It
You know data is valuable. It’s what we use daily to make decisions, and it’s what we use to measure our successes. But are you using data effectively in your agency?
A wealth of insurance tech is available to capture and manage data, and the coronavirus pandemic accelerated data use in the insurance industry. According to a survey from Insurity, over 80% of agencies plan to “invest more heavily in data and analytics” following the 2020 pandemic outbreak. And with good reason – Willis Towers Watson found that over 66% of agencies say data analytics helped them reduce expenses, and 60% say it helped increase sales.
How can you better use data in your agency?
The Key to Better Insurance Agency Management is in Who You Hire: Download the eGuide
There are many ways to improve your insurance agency management, but one of the most impactful is hiring the right people. When you have the right people for the right job, you start from an optimal point.
But how do you know who to hire? We’ve got your answers in our latest eGuide, Who You Hire Matters: The How and Why of Hiring Great Producers and Leaders.
In this guide, you’ll learn:
5 Signs it’s Time to Ask for Insurance Agency Marketing Help
“We all need somebody to lean on,” as Bill Withers said in his famous song Lean on Me. Yet, it can be challenging to know when and how to ask for help. Working in an independent agency, you likely need more help than you know. With a small team, everyone is usually tackling more than one job at a time, making it easy for something to fall through the cracks.
Though you may intend to put effort and thought into something, invariably other time-sensative matters comes up. For many agencies, that something is insurance agency marketing. Whether it’s a customer request, an uptick in claims, or another important measure, marketing gets put on the back burner again.
So how do you know when it’s been too long since you paid attention to your insurance marketing? There are a few signs that it’s time to get help.
A Look at Exago: An Insurance Tech Partner Ally
Part of what makes our Partner Platform agency management system and insurance CRM so robust is the partnerships we foster with insurance tech companies. Our Partner Allies specialize in their arenas, from esignatures to comparative rating and more, each Partner Ally hones their technology to serve agency needs.
Our Partnership with Exago and Exago BI
Today we highlight our longstanding partner, Exago. Exago specializes in building and delivering customized business insights with intuitive reporting and dashboards that anyone can use. After designing and implementing our own BI ad hoc reporting system, we found it too cumbersome and confusing for our Partner Platform agencies. Acting on our spirit of innovation and efficiency, the team knew it was time to look for an expert to work with and for our community.
Reviews and Referrals: Insurance Agency Marketing for Sustained Growth
Discover why reviews and referrals are key to your insurance agency marketing strategies.
Harnessing Digital Insurance for Long-Lasting Customers and Quality Leads
Gaining and retaining customers is a big deal in insurance. When you have a diverse, loyal book of business, you are set to grow and try new things in this evolving digital insurance landscape. In fact, according to the Harvard Business Review, retaining just 5% more customers can boost profits by 100%.
How can you bring that kind of growth to your independent insurance agency?
Know What Your Customers Want
A surefire way to retain customers is by giving them what they want. The same goes for gaining quality leads – give the people what they want!
The Story Behind Our Insurance Agency Software: RPost
Our next “Behind Our Insurance Agency Software” series focuses on encrypted email and signature provider RPost. Based in Los Angeles, CA, the team at RPost operates in the U.S., the U.K., and more than 100 countries worldwide.
Formed in 1999, RPost filled an emerging need in online communications. While the convenience of email made it the dominant form of business communications, the team at RPost saw a worrying trend in email security. Organizations were sending sensitive information via the web and needed to protect it.
RPost stepped up to fill that gap between convenience and security, adding legal verification to email content and attachments through encryption technology. I talked with RPost’s VP of Business Development, Jake Finnell, about how RPost brought its powerful encrypted email and esignature services to SIS and the Partner Platform community.
Insurance Software Security: Keeping Your Agency Safe Today and Tomorrow
Comparison quoting, esignatures and e-doc processing, and other digital insurance software tools have vastly improved personalization and customer service in insurance. It’s also becoming clear that these tools are also making agencies more vulnerable to cyber-attacks. According to the Identify Theft Resource Center, cyber-attacks increased by 42% in the first quarter of 2021, affecting an estimated 51 million people.
As a community-minded, independent agency, you can’t afford to expose your customers to that risk. Not only would it affect you financially, it would also damage your reputation in the community. How can you keep your customers and agency protected?
Purchase or Persuade – Do you Buy Insurtech Software or Ask Providers for Integration?
The evolution of sales as a software (SaaS) has dramatically changed the software landscape. Thanks to their easy-to-integrate nature, more businesses use SaaS applications over desktop software to improve operations. A 2019 report found that companies with less than 50 employees had, on average, 47 SaaS apps in use across their organization.
This SaaS revolution takes shape in the insurance industry with insurtech. Based in SaaS, insurtech provides streamlined operations through integrated solutions. While agency owners recognize the benefit, many ask how to incorporate insurtech – do they implore their management system providers or take on the integrations themselves? The answer lies in what it is you as an owner want for your agency.
The Pandemic Changed Digital Insurance Customer Expectations – How Your Agency Should Change, Too
The coronavirus pandemic accelerated trends in several areas, including digital insurance customer service. A recent survey showed that almost 90% of American consumers think customer service is more important now than before the pandemic took hold of the world.
Consumers not only expect more from service providers, they also have more options, meaning they’ll choose an agency that offers quicker and smoother interactions over one that’s, say, unable to process esignatures. As your team transitions back to the office, now is the time to reevaluate your customer service tools and processes to keep up with expectations.