The modern insurance agency operates far differently from the insurance agencies of the past. Instead of a world in which door-to-door sales and landlines are the norm, insurance brokers are operating in an increasingly fast-paced and mobile-first world. This means that insurance brokers need to be prepared for complex communications on-the-go, and should be able to offer their full range of services from just about anywhere, while also servicing clients who are operating on their own mobile devices.
What does this all mean? It means that insurance broker technology plays a massive role in the way insurance brokers are able to work today, and that a bespoke, perfect-fit technological solution can transform the way an insurance broker is able to get their job done.
Here’s everything you need to know about how insurance brokers can use tech to best serve their clients.
The Name of the Game is “Digital Insurance”
The insurance world has become increasingly digital in the past few years, and data shows that customers are moving towards insurance experiences that are both digital and automated. For example, one survey found that 100% of consumers who switched insurance providers did so for reasons related to customer experience, compared to 70% who cited pricing as a reason for switching. Those customer experience reasons included for faster claims processing (37%) and for a better digital experience (36%).
Research also reveals interesting trends about the mobile nature of customers, and the type of services they’re seeking. For example, data shows that a majority of insurance customers are conducting their searches on mobile devices, while 41% of respondents in another survey said they would switch insurance providers “due to a lack of digital capabilities.”
Despite how popular digital and mobile insurance options are, it seems as though many insurance providers and brokers have yet to master the digital experience. One study found that almost 75% of customers who tried to buy insurance online ran into problems.
It’s clear that insurance customers are craving a digital, mobile-first insurance experience. The question is how brokers can provide this, and what insurance broker technology is necessary internally to make it happen.
How Insurance Broker Technology Makes a Difference (For Brokers & Customers)
Insurance broker technology has transformed the way brokers work, and has also vastly changed the way customers can obtain their insurance, and use it. Here are some of the ways insurance broker technology can make a difference (for both brokers and customers).
- Processes are digitized: No more sitting down to physically sign documents and comb over lengthy contracts. Almost all insurance processes these days are digitized, including policy applications, documentation, and communication with clients, meaning that administrative tasks can be streamlined, and records are well-organized and easily accessed.
- CRM software keeps things organized: Speaking of organizing and accessing data, Customer Relationship Management (CRM) systems are now the norm in the insurance world. These systems manage client data and interactions, and help brokers stay organized, track leads, follow-up on issues, and provide overall better services to clients.
- Brokers can leverage data and analytics: The insurance space is increasingly leaning on data and analytics to operate. Today’s insurance broker technology allows brokers to dive into massive amounts of data quickly, to gain insights into client preferences, behaviors, and risks. This data-driven approach allows brokers to tailor their insurance solutions, to increase their solutions and approaches which work well, and to intervene if clients are identified as being at risk of churn.
- Customers can utilize online comparison, quoting, and sales: When it comes to shopping around for policies and comparing their options, customers can do this online with just a few clicks. With different online interfaces and data, customers can easily compare policies and services, even getting full quotes in just a few minutes. When they’re ready to buy, customers can also complete their transactions entirely online.
- Everyone can use mobile apps and online portals: With mobile apps and portals, both customers and brokers can access what they need on-the-go. Clients can log in to easily access their policy information, file a claim, and communicate with their broker. Similarly, brokers can login to their mobile app of choice to communicate with their customers, send important documents, and monitor claims.
- Meetings can be held virtually: From video meetings to e-signings, brokers are able to conduct nearly all meetings virtually with clients, using different video conferencing tools. This makes it easy for things such as remote policy sign-offs, and can make things such as transactions and claims processing faster. Internally, brokers can communicate with one another virtually, and can easily hop on video meetings, send pings, and forward important documents.
- Internal operations are easily managed: From recognizing fellow brokers for a job well done to sending out an employee pulse survey, all internal insurance broker communications can be handled through apps and platforms. Think of today’s insurance broker technology as “the anywhere office.” Instead of having several different apps in your toolkit, you can select one which meets all of the needs of your employees, and which allows for customization based on the needs of your team.
While it’s clear that insurance broker technology is vital for both brokers and their customers, deciding on which technology to use is another question entirely.
How Brokers Can Select an Insurance Broker Technology
When it comes to choosing which insurance broker technology to deploy, it can be overwhelming to decide. That’s because there is an abundance of tools, tech, and apps available for brokers to choose from, which help with both internal and external communications.
With that in mind, here are some things to consider when choosing an insurance broker technology:
- Prioritize a tool that allows for seamless communication: Digital and mobile-first communication is paramount for both clients and internal communication when it comes to insurance businesses. Internally, insurance brokers need to be able to communicate with one another seamlessly, no matter where they’re located. This can be done through text messages, newsfeeds, and mobile-first scheduling, for example. Leaders should also be able to easily reach their deskless and distributed workforce without messages getting lost in the shuffle.
Likewise, insurance broker technology should allow brokers to communicate with customers without cluttering their inbox. It’s important to remember that it’s very likely your customers will be reading messages when they’re heading to lunch, sitting on the couch, or when they’re in between meetings. The insurance broker technology you select should ideally be able to do things such as tailor your reach of emails, send real-time push notifications, provide you with email templates and message history, and integrate easily with other apps you use. This can streamline communications with customers, so messages don’t end up in the trash bin. - Ensure your selection is mobile-friendly: Your insurance broker technology needs to work for your mobile-first employees. Insurance brokers are often deskless workers, remote workers, and hybrid workers, and it’s very likely they’re checking their messages and communications from a mobile device. Data tells us that 75% of Americans use their mobile devices for work purposes, and odds are, your workers are going to be checking their insurance-related messages on these devices as well.
When insurance broker technology isn’t mobile friendly, it can lead to a chaotic mobile working arrangement. For example, if there are multiple communication apps being used, communications can become muddled and messages can be missed.
- Choose technology that allows brokers to provide ongoing support: The insurance broker technology you select shouldn’t just help facilitate sharing documents and communicating with clients in the beginning of their relationship with your insurance company. It should also be able to support ongoing communication. That’s because in today’s insurance agency world, brokers need to not only help their clients select insurance products, but they also need to provide their clients with ongoing education and support. The best way to do this is through a mobile app which doesn’t add clutter to a client’s email, and which only delivers relevant information based on how employees are actually working.
Ultimately, insurance broker technology should make the lives of all brokers easier by streamlining communications and tasks that were usually best completed in-office. This tech should also help on-the-go brokers feel like they’re part of a team, and facilitate better communication with one another and with clients.
Find out why winning insurance teams choose Refresh
Your mobile-first brokers need a one-stop-shop tech solution which elevates the way they work, but you don’t know where to start. Let us take it from here.
Refresh is a bespoke, tailored platform which provides teams with features such as universal messaging and scheduling, dynamic videos, rewards & perks, insurance, and reimbursement. 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.