Technology continues to transform the insurance landscape, connecting all of the industry's stakeholders.
It follows that the future of our industry will be defined by complete connectivity between the agency, insurer and insured.
The connected business of insurance enables digital agencies and insurers to create higher-value business transactions and deliver superior customer experiences throughout the entire insurance life cycle.
Today's truly digital agencies operate more efficiently, make more informed business decisions, build better insurer relationships, improve customer service and accelerate growth and profitability across all lines of business.
The connected business of insurance is comprised of three key components:
-
-
- The connected agency has a complete view of clients and prospects, which each person in the agency can access and act upon – regardless of role, time or location.
- The connected insuredexpects consistent and personalized service across all channels and touchpoints — anytime, anywhere.
- The connected insurer fosters a network that allows agencies to work directly with insurers to access markets and deliver accurate, timely and comprehensive customer service.
-
Continue on for a look at three types of technology necessary to achieve a connected insurance business, along with the benefits that such agencies can realize…
Connected agencies build their businesses on a single management system to gain a comprehensive view of customers and prospects across all lines of business. (Photo: iStock)
No. 3: One system for the entire agency
A single agency management system also provides essential capabilities for every stakeholder in the agency to better manage customer relationships, sales opportunities, market appetite search, financial accounting, and policy and benefits administration across all lines of business, reducing time spent on multiple, disparate systems.
Connected agencies also utilize mobile capabilities integrated with their agency management systems. Agency staff can access and manage client, prospect, and overall business information anytime, anywhere via a smartphone or tablet device. On-demand access to client and prospect information enables users to conduct more business outside the agency and deliver better service to clients with a single, up-to-date view of client and business information.
Data analytics applications also enable connected agencies to make quicker, more informed business decisions through analysis of their books of business, employee operations and insurer relationships. Graphical displays enable agencies to identify potential new markets, the most profitable client and insurer relationships and opportunities to improve employee productivity.
With easy access to critical information anytime and from any location, every stakeholder at a connected agency is able to:
-
-
-
- Capitalize on new business and service opportunities
- Standardize operations and automate workflows
- Provide better customer service with mobile access to information
- Make data-driven decisions through enhanced reporting
-
-
Insureds today expect anytime, anywhere service. (Photo: iStock)
No. 2: Omni-channel customer service
Connected agencies service insureds through innovative technologies such as a branded mobile application and a self-service client portal. A mobile app puts insurance information at a client's fingertips, ensuring agency's advice — and brand — are always available. Online customer portals provide an additional digital channel for 24/7 access to insurance information, online bill pay and self-service quoting.
Related: 5 top insurance tech trends for 2017
Information is updated in real time, so clients always have access to up-to-date policy information, claims filing and processing, premium payments and insurance documents. An omni-channel customer service model enables agencies to increase client satisfaction, build client loyalty and deliver a more competitive business proposition. 
Insurer connectivity is critical to automating the distribution and servicing of insurance products between agents and insurer partners. (Photo: iStock)
No. 1: A single network for market access and service
A single network to insurer markets is essential to gain easy market access — and automated servicing of policies drives efficient interactions across the insurance life cycle.
The connected insurer enables agencies to quickly search market appetite for commercial risks, as well as review data-driven industry insights to better understand expected renewal rate changes. Insurer connectivity also enables agencies to automate the exchange of policy-related information with insurer partners, saving significant employee time by reducing manual administrative tasks.
By developing relationships with the best insurers, agencies gain greater access to markets to provide customers superior product choice and timely servicing throughout the insurance life cycle.
At the pace and direction the industry is headed, more agencies are embracing digital technology to realize the benefits of the connected business of insurance. The most successful agencies will meet the ever-changing expectations of the connected insured and capitalize on the new market opportunities of the connected insurer through digital connectivity.
Michael Howe is senior vice president of product management at Applied Systems. The opinions expressed here are his own. To reach this writer, send email to mhowe@appliedsystems.com.
Related:
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.