According to CB Insights, in 2015 $2.6 Billion was invested into InsureTech startups and then $1.7 Billion in 2016.
InsureTech is shaking up the insurance industry, whether we like it or not.
Rather than sit back and watch the industry disrupt and completely change, leaving us out, we can adapt to it.
Doing so not only helps us to survive the changes but also keeps us ahead of competitors so that we can thrive.
So, let’s dive right in and discuss 2 ways InsureTech will make your agency better.
1) Reduced Quote Times
Here, let me walk you through what I see most agencies doing on their insurance websites.
This is how the majority are offering insurance quotes.
First, the user clicks a “get quote” button
Then they are presented with a long form asking for their contact and often times personal info.
In this scenario, the user is having to provide all of their information without any real engagement.
The consumer is savvy enough nowadays, after filling these forms out for 20+ years, to know that this process could take a while before they receive a response.
Their reaction? Better look elsewhere, bye.
With InsureTech, insurance agencies can offer some form of instant quoting or an improved quoting process using automated systems.
This will drastically reduce the time from your customer’s first point of contact (the quote request on your site) to the time they receive their quote.
Why Reduce Your Quoting Time?
Here are the main reasons reducing your quote time will make your agency better.
- Improved customer experience: From the moment your customers first request a quote they will have a quick and pleasant experience.
- More Leads: With instant quoting on your website, many more of your visitors will convert into leads.
- Save time: Almost all of the available instant quoting solutions should help save you time in the quoting process
2) Better Customer Service
When I talk to consumers about insurance, or their insurance agency, many times they don’t have much to say.
It is almost like insurance is this unknown thing that consumers know they must have, in some cases legally, but have very little understanding of.
Now, believe it or not, my first major in college was Actuarial Science.
So I know how complicated insurance can get, well sort of know.
The point is, I am not putting the blame on consumers.
Part of the reason there isn’t a better consumer understanding is because insurance can be complicated.
But, another big reason is that insurance carriers and agencies have legacy systems for serving their customers creating an environment with subpar marketing and communications.
In the information age, this has made consumers feel “left out” of the process and distant from their insurance providers.
InsureTech can help you offer better customer service by enhancing your marketing and communications systems to better engage and serve.
Providing better customer experience will generate more online reviews and referral business.
How Will InsureTech Improve Customer Service?
Here are a few of the ways InsureTech will improve your insurance agency’s customer service.
- Better Communication: Connect with customers better and more consistently through newer communication channels such as a chatbot.
- More Customer Data: InsureTech will help you collect more information on your customers and better understand their needs leading to better service and likely more sales and referrals too.
- Faster Service: Faster communication and more data means faster service. Everything from quoting to claims will be faster with InsureTech.
Now its your turn
I shared 2 ways that InsureTech is going to help make your insurance agency better.
Now it is your turn to tell me how you plan to use InsureTech to make your agency better.
Let me know in the comments below.
Also, if you are looking for more ways InsureTech can help your agency, then checkout our solutions.
