It's no surprise wholesalers feel the pressure to upgrade their technologies and meet growing expectations from both insurers and brokers.
With the technology gap widening, wholesalers who are slow to improve broker connectivity risk falling behind. That sounds like more bad news, especially for those trying to mind their pennies. But it doesn't have to be. What wholesalers fear most about bringing legacy technology up to date doesn't have to come true: Plenty of good examples are out there to modernize affordably and in a reasonable amount of time.
Consider Wright Risk Management, a program manager in New York, for example. Like many program managers, Wright knew improving the broker experience was a huge driver for success. In the case of Wright's NYMIR Division, a modernized system could make doing business with them easier for brokers, increasing retention and even driving new business. It could also control expenses by eliminating inefficiencies in communication and workflow. So Wright re-evaluated their broker portal. And that's paying dividends in expense control and broker satisfaction.
The Wright Strategy
Wright didn't simply allocate budget to reinvent their portal and hope for the best. They got strategic. What makes their story such a success is how they modernized.
Wright faced a daunting task. They wanted a web-based portal that would provide their network of brokers centralized access to all the tools and information needed to do business efficiently and simply. Their current portal was aging and provided limited access to policy information. Brokers used it, but they still had to call Wright to access policy information that was, otherwise, unavailable. Wright wanted to reinvent the whole thing. But could they do that in a timely manner, without budget overruns, and without disrupting their workflow for undefined periods of time? And what if legacy internal culture got in the way of updating?
Wright had the savvy to know its competitive edge depended on addressing not only a legacy portal but legacy culture. They knew they weren't alone in that. A survey conducted by Strategy Meets Action in 2016 confirmed a fundamental challenge faced by insurers who want to improve their broker and agent connectivity is culture. Wright determined to put resources into modernizing their portal and making cultural shift a core part of their focus.
"We decided to make claims data more accessible," said Susan O'Rorke, VP of Marketing and Member Services at Wright. "Our priority would be eliminating work for the broker and for us. In the end, it was more about efficiency and making it easier for our brokers to do business with us than it was about guarding information."
Continue on… 
The best technology vendors put an emphasis on listening. (Photo: iStock)
Choosing a vendor
Wright began querying their network for a software development vendor. Who could deliver a better portal on a reasonable timetable and budget? A recommendation led them to Infinity Software Development, Inc. Our Florida-based company has an extensive portfolio of custom technology solutions within the insurance industry.
Infinity put an emphasis on listening. They wanted face-to-face time with Wright's key stakeholders. Wright agreed to bring stakeholders together for three days of discovery meetings. One month following those meetings, Wright and Infinity had a well-defined project scope and prototype. Five months later, Wright had a working portal.
The new web-based portal is robust and modern and easy to navigate. Brokers can search insurance data by name, policy number, or claim number. They can access claims notes, request changes, initiate claims, and get contact, claim and policy information. They can run reports and access a slew of helpful documents, including insurance and renewal applications.
"Nine times out of ten," says O'Rorke, "our brokers use the portal for the claims notes. They never had that access before. Now they check the portal before they visit with their clients. They no longer have to call three different adjusters."
For Wright, finding the right vendor was paramount. "It helped to have an outside perspective. Infinity had ideas we hadn't thought of, based on other work they were doing," says O'Rorke. "And they helped us roll out a new portal without major disruptions to our staff and workflow."
With industry news making a siren call to modernize, it's good to know other insurers have taken the leap with success. Wright's story is an example of knowing themselves and choosing to act strategically. If Wright hadn't addressed legacy culture, they'd not have experienced the success they did. Wright's story is a testament to choosing a vendor wisely and making a commitment to "be in the room" with them. In the end, everything they invested paid off: better workflow, happier brokers, and, ultimately, a better bottom line. And that's a far cry from bad news.
Continue on for five ideas about how to successfully modernize without breaking the bank… 
Insurance industry news is a siren call to modernize. (Photo: iStock)
Five tips for successful modernizing
Wright's strategy demonstrates how insurers can modernize quickly and affordably. Here are five tips based on their experience:
-
-
-
- Define your goals. For Wright, those were broker retention and controlled expenses.
- Know your obstacles and make a business commitment to address them. If you know you have a cultural shift ahead, make supporting that a priority.
- Choose a vendor with industry experience (ask your network for recommendations) and a history of meeting deadlines. They should listen well and have a grasp of all business drivers and goals.
- Commit to investing time for face-to-face communication between your stakeholders and vendor to identify and prioritize needs. Include the people who are going to be using the technology, not just management.
- Embrace outside perspective from your tech partner. It can lead to surprising and creative solutions.
-
-
Patrick Barton is a business development specialist with Infinity Software Development, Inc. in Tallahassee, Florida. The opinions expressed here are his own. To reach this writer: BartonP@infinity-software.com
See also:
© Arc, 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.