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4 technology solutions to consider for your agency

December 9, 2021

Recent Agency Forward research findings highlighted clients growing interests in a digital insurance experience, whether that entails visiting self-service websites, leveraging mobile apps to manage claims or utilizing online tools to compare policies and pricing.

Nearly three-quarters (73%) of consumers, 78% of small business owners and 91% of middle-market business owners shared that they want an agent who can meet their insurance needs virtually and digitally, regardless of their location.

With this in mind, agents can’t afford to ignore the importance of implementing virtual capabilities. As the insurance industry continues to shift, offering online resources can make all the difference in attracting and retaining clients, ultimately playing a key role in agents’ success.

Consider your technology stack

While the technology needs of each insurance agency vary, there are four categories of solutions that should be considered.

  1. Account Management System (AMS) – An AMS is a software as a tool that your agency’s staff can use enhance the day-to-day business processes and run help the operations effectively. AMS tools can provide instant access to account and contact information, manage activity and workflows, track opportunities and provide agency insight reporting. Think of an AMS as your customer tracking mechanism and system of record.
  2. Customer Relationship Management – In the insurance industry, CRMs are used to manage sales and market processes. Essentially, these tools are your agencies pipeline and revenue manager as well as a forecasting tool. CRMs can be leveraged by agents, brokers and customer service representatives.
  3. Configure, Price, Quote (CPU) Tools – Configuring, pricing and quoting is a critical aspect of any insurance agency. For many agents, these functions heavily rely on outdated, manual and inefficient workflows that are often repetitive, error-prone and likely provide a poor customer experience. CPU tools help agents service prospects and clients with professional, high-quality quotes, proposals and pricing.
  4. Marketing Automation and Content – These tools allow agencies to automate and simplify marketing actives and email campaigns with your customers and prospects. Engaging and insightful clients is also essential to driving marketing campaigns that will resonate and bring value to your client and prospects.

With this in mind, agents can’t afford to ignore the importance of implementing virtual capabilities. As the insurance industry continues to shift, offering online resources can make all the difference in attracting and retaining clients, ultimately playing a key role in agents’ success.

Over half (54%) of agents said they have struggled to maintain clients due to the transition to all-digital relationship models, while 61% plan on investing in strategies to secure clients outside their current geographies. Considering these numbers, insurance agents who don’t utilize digital tools could miss out on major opportunities to improve their services and expand their existing client bases—potentially resulting in lost business going forward.

As a whole, implementing digital tools can help agents successfully navigate the evolving insurance industry and continue providing quality services for their clients.

Citations/Disclaimers

  • Survey methodology

    Nationwide commissioned Edelman Data & Intelligence to conduct a 20-minute quantitative online survey among a sample of 2,400 independent U.S. insurance agents, small business owners, middle-market business owners, African American business owners, Hispanic business owners and general consumers between June 22-July 7, 2021, to understand what business owners and consumers value when buying or renewing insurance policies, explore the different challenges each audience faces around insurance, gauge perceptions of the economy, and find out the actions business owners and consumers have taken as a result of COVID-19 and the conversations they’re having with agents. As a member in good standing with The Insights Association and ESOMAR, Edelman Data & Intelligence and Nationwide conduct all research in accordance with local, national and international laws and in line with all Market Research Standards and Guidelines.