When it comes to online tools for insurance agents, it can often feel like the sentiment is “the more the merrier.” Given the digital complexities of the insurance industry today, it might seem like it’s necessary to have a robust tech stack that’s filled to the brim with different apps, programs, and platforms. But for insurance agents, delivering a full suite of products to customers does not necessarily mean having a full suite of online tools. In fact, more tools can actually translate to more friction for users, and more challenges during the sales and onboarding processes.
How can you know if you’re using the right amount of products, or too many tools (which just aren’t getting the job done well enough)? Here’s everything you need to know about today’s online tools for insurance agents, what you should expect them to do, and how you can settle on online tools which actually enable you to accomplish your goals.
Insurance Agents in the Digital Age
Before diving into online tools for insurance agents, it’s important to understand the state of these tools today, and why choosing them is both crucial yet challenging. Insurance customers today don’t only expect digital services: they need it, and are prioritizing it. For example, research has found that more than 40% of customers are “likely or more likely” to switch insurance providers due to a lack of digital capabilities, while 15% of customers say that a lack of digital capabilities is the biggest challenge they encounter in the insurance landscape.
When we look at the state of insurance in 2023 and beyond, it’s clear that both insurance agents and insurance customers need digital and mobile-first solutions. Firstly, insurance agents are typically conducting their business on-the-go, to customers who are operating on mobile devices. These insurance agents might be primarily deskless workers, and accordingly, they need digital tools which support their workstyle.
Similarly, many insurance customers today are operating on mobile devices, and are even completing insurance transactions entirely on mobile. Research reveals that more than 50% of insurance searches are performed on mobile devices, and that the presence of digital-only insurance apps have grown by monthly active users by more than 660% in three years.
It’s clear that the present nature of the insurance landscape is digital and mobile, and that these trends are only expected to grow in the coming years. But many insurance agents are still working to define how exactly they can provide these services to their clients, and how they can choose tools (or a tool) which supports their digital-first internal operations.
The Abundance of Online Tools for Insurance Agents
When it comes to choosing online tools for insurance agents, there’s both “good” news and “bad” news. Starting with the good news: there is a plethora of these tools available, from traditional customer relationship management (CRM) software to customer engagement tools which assist with signings, documents, and communication. But the downside to this is that with so many options, it can be difficult to land on the perfect-fit tech stack, that’s rich with just the right amount of tools, and which provides insurance agents with the features they need, without “overdoing” it.
Here are just some of the online tools for insurance agents which are available today:
- Customer relationship management (CRM) software: CRM software helps agents manage and organize customer data, interactions, policies, and claims. They can log communications, track leads, manage follow-up tasks (such as policy renewals) and access a transparent view of all leads and customers.
- Agency management systems: These tools allow insurance agents to manage their day-to-day tasks and operations. These might assist with things such as policy management, commission tracking, reimbursements, accounting, and reporting.
- Quote comparison tools: Most insurance customers today are going to be interested in running comparisons of quotes and policies, therefore, it’s in the interest of insurance agents to do the same. Quote comparison tools allow agents to compare insurance rates from multiple carriers quickly, so they can present various options to customers and help them make informed decisions.
- E-signature software: Signing documents in person is a thing of the past, and e-signature tools are the norm in the insurance industry. E-signature software allows insurance agents to facilitate signings from just about anywhere.
- Virtual communication tools: From targeted emails to video conferences, today’s virtual communication tools support mission-critical meetings from everywhere. Easily send crucial documents to clients, drop a quick message to check in, or hop on a video call to close your next deal.
- Document management systems: Insurance agents need to manage large amounts of crucial documents, related to their customers, policies, and personal information. Document management tools help agents organize and store documents securely, while also supporting easy retrieval and access to documents when necessary.
While this might sound like enough tools for a lifetime, this is really just the tip of the iceberg. There are also tools for social media, insurance quoting, insurance calculators, analytics and reporting software, and AI-powered tools (such as chatbots), which insurance agents can add to their stack.
But before heading off to the App Store to download any tools you feel like you’re missing, it’s important to realize that too many tools might cause more harm than good, while paring down and consolidating might result in the effect you’re seeking.
The Pitfalls of Too Many Products
Let’s hone in on the quantity of online tools for insurance agents, and why too many of them might actually do more harm than good. It might seem to be the case that when you’re looking to use products and tools for your insurance work, you’ll need a hefty lineup of tools, in order to check all of the boxes.
While many products might indeed “get the job done,” here are some of the potential downsides of having too many online tools for insurance agents:
- Overwhelm and decision fatigue: A surplus of online tools can lead to “information overload,” where insurance agents feel overwhelmed by the sheer number of choices. When agents are bombarded by too many tools, it can be challenging to determine which ones actually add value, and align with the needs at hand.
- Redundancy and inefficiency: Having a multitude of tools which offer similar functionalities can create redundancy and inefficiency. Agents might end up using different tools for similar tasks, leading to duplicated efforts and even data fragmentation, where crucial information is stored ineffectively in different places. These issues can lead to confusion, errors, and wasted time spent navigating between various platforms.
- More friction in the sales process: In cases where insurance products are supported by different benefits admin systems, there might be more friction in the sales process. If brokers, companies, and employees only need to experience one interface for all products and related actions (such as enrollment, onboarding, and product changes), it can lead to a more seamless process across the board.
What’s Important in an Essential Tool
It’s clear that online tools for insurance agents are vital, but that too many tools can lead to some bottlenecks and roadblocks. With that in mind, here are some things to look for when selecting an essential tool for insurance agents:
- It should be a one-stop-shop platform: Online tools for insurance agents should be comprehensive and integrated, meaning that they support all (or a majority) of the functionalities necessary for insurance agents. Instead of having to use multiple tools for things such as accessing benefit resources, communicating with employees, and distributing forms and surveys, an essential tool should have it all.
- It should support insurance-specific needs: Insurance agents have very specific needs, which means that certain general tools might not be able to fully support their needs. For example, while there are general tools for communication, not every tool can support things such as enrollment, onboarding, and product changes. But fortunately, certain online tools for insurance agents are specifically designed to meet these needs.
- They should also be designed for a deskless workforce: Insurance agents today tend to be deskless workers, who are either fully remote, hybrid, or asynchronous employees. This means they need robust support in order to feel as though they’re part of a cohesive team, and your online tool should include features like pulse surveys, employee recognition, wellness, reimbursements, and universal messaging.
Today’s online tools for insurance agents have the power to support a talent, deskless workforce, as they serve clients across wide geographic regions. By choosing the right tool, insurance agents can lessen the burden of too many options and fragmented data sources, and support insurance agents with a tool that offers a seamless experience.
Refresh is designed for show-stopping insurance teams
Let’s face it: your all-star insurance team needs an all-in-one insurance tool which supports the way they work, and allows them to do their job better. That’s where Refresh comes in.
Refresh is a tailored platform which provides teams with bespoke features such as universal messaging and scheduling, dynamic videos, rewards & perks, insurance, and reimbursement. It’s both turnkey and personalized, and hundreds of clients choose Refresh to provide their employees with a unique, personalized experience that transforms the way they work.
Interested in seeing how Refresh can benefit your team of all-star insurance brokers? Schedule a demo today.