It’s a very exciting time in our industry. We are in the midst of the digital revolution of insurance, which is a tremendous opportunity to take advantage of technology to improve how we market, sell, distribute and service insurance so that we put the customer first. We need to ask ourselves: How can technology be used to delight consumers, sell them the right products, and work in ways that make employees more efficient and engaged? The time to act is now and agencies and insurers can do so by investing in technology that will help their businesses become even more customer-centric to keep them a step ahead of the competition.
3 Ways to Win the Digital Revolution of Insurance
- Embrace Digital Technology: Agencies must become digital agencies to take full advantage of the technology that exists today to create a foundation that their businesses can build on well into the future. Agencies that fully commit to digital by using a foundational management system, operating in the cloud, extending self-service to customers and employees via mobile technology, and connecting to insurers directly from their management system drive significant business value, including growth and increased customer satisfaction, and the results speak for themselves.
"158% higher revenue per employee is experienced by complete digital agencies."
- Digitally Collaborate: The digital revolution of insurance is bringing with it lots of change that can make it hard to discern the future of the traditional relationship between agencies and insurers. To keep this a profitable distribution channel, agencies and insurers need to adapt and learn to work even more closely to build more value into the agency-insurer relationship. They can do this by taking an ecosystem approach. The insurance ecosystem is where all stakeholders collaborate to get the best value for themselves, customers and partners. These various relationships are connected by a digital platform that provides participants immediate access to information and the rapid exchange of data, fostering meaningful, high-value experiences for the entire network, especially insureds.
"Adopting an ecosystem perspective – reevaluating the traditional business model and considering partnerships with players both within and outside the industry – could reinvigorate insurers’ digital strategies."
- Find a Future-Focused Ally: The pace of innovation is getting faster and deciding how and when to adopt new technology can feel overwhelming. There are a million buzzwords out there – artificial intelligence, machine learning and big data. For insurance, the opportunities for us to put these powerful capabilities to work will be revolutionary. While our industry hasn’t yet taken advantage of many of these opportunities, the race to get them to market is heating up. Agencies and insurers need a partner who will make the complexity simpler and help them adopt technologies that will revolutionize the way they manage their businesses.
"More than 90% of companies are still struggling to deliver on the promise of a technology-enabled business model."
Go Onward and Upward
The art of the possible in the digital revolution of insurance is about putting innovative technology to work in very practical ways that will change the way insurance is shopped, rated, quoted and bound – all while keeping the agency value at the core. Partnering with future-focused companies will support new business models and recreate customer service to keep pace with changing demands. The digital future holds exciting opportunities for innovation to remake the insurance industry into a better, more valuable ecosystem for us all. This is what we call the digital revolution of insurance – and I couldn’t be more excited to join you on this journey.