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It’s Time for The Insurance Industry to Embrace the Digital Age

It’s Time for The Insurance Industry to Embrace the Digital Age

Many different industries are embracing digital concepts like making things easier for customers to interact with them and to carry out their business through mobile or web based applications. Unfortunately, the insurance industry is lagging behind in many different ways. Data analytics and technology are all important for every single industry. However, the insurance industry has fallen behind in terms of accepting these best practices.

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Can Insurance Be Digitized Already Please.

Adopting insurance technology platform has amazing potential to reach out to new customers and to make life easier for insurance agents. Insurance agents today now have more technological capabilities than ever before in order to carry out their business. For example, you can conduct client interviews via a videoconferencing or web conferencing system, thus freeing up the client from having to have an insurance agent in their house, which they may be uncomfortable with.

With the advent of mobile applications and digital processing, this is a chance for the modern insurance agent to maximize their time and actually get more clients than ever before. It might take some time to get up to speed, but this can pay off in dividends if you do it the right way.

Technological Advances In The Insurance Industry Today

Electronic application services are one way to make the process of obtaining any kind of insurance policy go much more quickly. Some carriers even provide benefits to insurance agents and clients alike who take advantage of an electronic application service. When compared with paper submissions, electronic submissions frequently go through much more quickly and allow the client to have an end policy in hand.

Track Touch Points With Clients

Agents can also use web technology and mobile technology to keep track of client touch points via their phone or their computer. Knowing the customer allows someone to continue to have a personal relationship with the customer while also looking at real time data and being able to respond to trends more quickly.

Using Data

One of the most important things in the insurance industry today has to do with obtaining behavioral information and customer data in real time. Small devices can all gather information about the way that people do business. The electronic opportunities available in the insurance agency now allow insurers to cultivate these processes and systems in order to gather, analyze and use this new data to refine trends in the future. This could even influence things such as rate setting or the ways in which insurance companies interact with their customers.

As an insurance agent, you have the opportunity to make your life easier and process applications more quickly by making use of the technology available. Although the industry has been slow to adopt this kind of technology, you can be one step ahead by making things simpler for your clients. A web based portal that allows clients to book a time to speak with you over a videoconferencing system, for example, allows them to call in from the comfort of their own home and get their questions answered. This is an easy way to get your feet wet.

Key Takeaways In This Article

  • Embrace technology don't get left behind, make your life easier and more revenue.
  • Dive into tech that makes things easier on your client, scheduling software, CRM, and e-applications.

Over to You

We'd love to hear your thoughts in the comments below on:

  1. What technology are you currently using to make things easier on your client?
  2. What technology do you use to increase your revenue and automate your processes?
  3. Has using technology enabled you to see more clients, what was the impact to your business?

If you have any questions, please leave a comment below. We will carefully read each one of them. Happy Selling!

About the Author Matthew King

Matthew King is a co-owner of TR King Insurance Marketing and partner at Independent Life Insurance Agent Association. When he's not creating processes, content, and developing SEO strategies, he likes to immerse in gaming with his wife and friends.

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