Insurance Digital Transformation Study

Recently, there was a study performed by Insurance Digital Revolution on the state of technology usage by insurance agents and how agents can transform to best serve their customers.

Here are some highlights that stood out to me from this report. You can see the full report at the end of this post.

For agents, in particular, advances in technology offer new ways to reinforce the strong relationships they have built with their customers, while at the same time driving workflow efficiencies that will make them more profitable.

Eliminating manual processes wherever possible, and embracing automation is key. This is particularly challenging given the complex nature of the business between agents and carriers.

Agents are in the service business and finding, winning and keeping customers is critical to success. Digital technology plays a crucial role in enhancing agent’s ability to strengthen relationships with existing customers and to attract prospects. And, in an increasingly digital world, that process often begins online.

Agents are still using relatively traditional methods to communicate with their customers, with 98% using phone and 96% using email regularly. Interestingly, 47% of agents say they’re using text to communicate with customers.

Many agents have long-established manual workarounds to address the fact they work with multiple carriers with different requirements and processes. But there is clear opportunity for agents to continue to be vocal in communicating with their carriers and vendors, and diligent about working to stamp out manual processes wherever possible.

Disjointed workflows are the norm for at least some agents. For example, 40% of agents quoting personal lines start on individual carrier portals, 16% are able to begin in their agency management systems, and 44% start in comparative raters.

For commercial lines quoting, over half of agents start their workflow on carrier portals with only 6% bridging to the carrier portals.

45% of agents are using their agency management system claims modules, yet 55% do not.

Is your agency is looking to improve your effectiveness using technology? Send me a message.

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