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Drive success at your agency 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 agency:
Create a 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.
Consider digital technology, including a foundational management system, the cloud, data analytics, carrier connectivity and mobility. Your digital transformation plan should include these technologies for a competitive advantage, resulting in more business success and growth at your agency.
Congratulations: You’ve Earned Top Digital Agency Status. You have a high technology adoption score and have achieved digital transformation at your agency. You are in the top percentile compared to your peers. Be sure to subscribe to the Applied newsletter to stay on top of the latest technology news and reports.
Download theApplied Digital Agency Annual Report today to see how your peers compare.
Adopt a Foundational Management System
The center of the digital agency is a foundational agency management system to efficiently manage customer relationships, policy and benefits administration, sales automation, financial accounting processes and document management across the entire agency in one application. The system must be built on scalable architecture with standardized data that enables you to seamlessly add new customers, lines of business and locations across multiple geographies to quickly expand your business.
Move to the Cloud
More and more businesses are accessing software through the cloud, and the insurance industry is no exception. An enterprise survey earlier this year indicated that 90 percent of enterprises plan to increase or maintain annual spending on cloud computing in 2016. The cloud allows you to move core software applications to offsite data centers for improved performance, flexibility and security, safeguarding data and providing better customer service from anywhere. You can focus more on growth opportunities and develop new business strategies for a competitive edge with the cloud. Agencies that invest in cloud technology are considerably more profitable, better managing costs and streamlining IT maintenance.
Embrace Data Analytics
There is a vast amount of data within your agency management system that can be unlocked to provide powerful business insights. Business Intelligence applications in the insurance industry enable you to uncover insights that inform strategic decision making. To gain a competitive advantage in today’s insurance market, leveraging data to better understand client and business operations is critical in driving growth and profitability.
Leverage Carrier Connectivity
Insurer connectivity is the ability to communicate and exchange data securely and seamlessly from insurer systems directly to agency management systems. It provides you a single workflow for information exchange, reducing manual processes and allowing you to deliver faster, more complete service to your insureds. Automating connectivity is critical to the core value proposition of the independent agent – providing the best product options and advice to your clients.
Mobility enables agencies to provide insureds and staff anytime access to insurance information from any device. It’s critical to leverage mobile technologies to provide the best customer service and keep daily operations running smoothly. With information readily available via mobile devices, straight-through processing is enabled at the moment a request or when the transaction is complete.
Download the Digital Agency Annual Report today to see how you compare to your peers.