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Drive success at your brokerage with a digital transformation plan
Enhance your digital transformation plan
Insurance is undergoing rapid digital transformation, reshaping fundamental business practices in an environment of constant change and evolving competitive pressures. At the same time, digital technology has created a different kind of insurance consumer – one who expects access to information and real-time customer service from their computer, tablet or smartphone, anytime, anywhere.. The convergence of technology and changing consumer preferences has independent agencies adopting new technologies to grow and thrive during the digital transformation of the insurance industry.
To improve your digital technology adoption score you should consider the factors below in developing a digital transformation plan for your brokerage:
Time to take steps to becoming a digital Brokerage. In order for businesses to experience success and deliver on the promise of insurance – to safeguard and protect what matters most in people’s lives – it is vital to use digital technology to ensure your brokerage will be there when your customers need you most.
Time to evaluate ways to becoming a digital brokerage. You’ve taken some steps to automate your business, but there are additional technologies you can implement to drive even more success today, tomorrow and in the years ahead:
Great job! You’ve taken some important steps to becoming a digital brokerage, but there are additional capabilities you can implement to drive even more success today, tomorrow and in the years ahead:
Congratulations! Your brokerage is digital. You’ve automated your business to ensure your brokerage thrives today, tomorrow and in the years ahead. Continue to stay on top of the latest advancements and embrace emerging technologies to keep your business on track now and in the future.
Download "The Digital Brokerage Annual Report" for more information on 2017 technology adoption benchmarks and trends.
Adopt a Foundational Management System
As the central hub of a brokerage, the management system drives day-to-day business activities. It connects, automates and optimizes all data and operational capabilities, enabling the business and all employees to be as effective as possible. A single system enables brokers to standardize workflows and gain a single view of the business, providing the information and agility required to efficiently manage policy and benefits administration, insurer relationships, sales automation, and financial accounting processes across the entire business in one application.
Move to the Cloud
Hosting the applications that your brokerage relies on day in and day out in the cloud ensures continuous, secure business operations. By leveraging software that is accessible anytime, anywhere and backed up by redundancies, your business is always available to customers – even during a disastrous event that historically would have completely disrupted brokerage operations. Additionally, by eliminating the time and expense managing IT systems, more of your staff’s time can be spent selling insurance and servicing customers.
Embrace Data Analytics
Your management system holds an exponential amount of valuable data about your clients, prospects, insurer partners and staff. To glean the insights from that data that can influence future business decisions, you need a data analytics tool that can visually distill that information into easy-to-understand dashboards that provide immediate, actionable business insights. With more insights into client policy details, preferences and geography, brokerages can focus their businesses on the most profitable growth areas, build stronger relationships with the most responsive insurer partners, and deliver a higher level of customer service.
Leverage Carrier Connectivity
Independent brokers must work in tandem with insurer partners to ensure the best coverage and service. Through increased connectivity, brokers have greater access to markets and automated servicing, providing instant access to the latest client information – from quotes to policy details to claims management – at a moment’s notice and when clients need them most.
As mobile is now the primary means of accessing the Internet, providing a mobile customer experience is the new customer service standard. When staff have remote access to information and tools within the management system, they are empowered to quickly respond to client and prospect service and sales requests – anytime, anywhere. Likewise, by providing 24/7 self-service options to clients and prospects via mobile applications and web portals, brokerages can effectively meet the omnichannel service consumers have come to expect from other industries like banking.