Technology, by design, is intended to boost efficiencies, enhance capabilities and otherwise improve our lives. When appropriately applied to certain industries, such as insurance sales, technology can deliver strikingly-beneficial results for all involved – including buyer, producer and business.
The influence of technology in the insurance industry should be obvious in certain ways – think convenience and accessibility – and less easy to spot in others. The internet, for instance, has all but eliminated the need for traditional in-home visits. No more after-dinner weeknight meetings to be scheduled and sat through. No more long sales pitches or folders full of brochures and paperwork to be thumbed through. A basic company website allows customers to research, compare and purchase policies online and explore options at their own pace, while freeing up producers to focus elsewhere, such as individual client pain points and drumming up more sales.
Lately, other leaps in technology have further revolutionized the insurance space – but in ways that clients, and even producers themselves, may not be fully aware.
How Insuretech Addresses Old Challenges in New Ways
In the past, insurance sales was a hit-or-miss business that required long hours canvassing for clients, gathering information and calculating quotes – often with no payoff at the end. But with the arrival of new technologies, insurance sales have become more targeted and automated, and the underwriting and claims-filing processes have been optimized to change expectations around the customer experience and, in the end, the nature of producers’ work.
Once a prospective client engages with an insurer – often after viewing an online ad and engaging with a chatbot or virtual assistant on a company website – the gears of insurtech really begin to hum. Data analytics, including predictive technologies, and telematics gather more and better information about customers to hone in on their actual risk exposure. They help reveal client preferences and needs, allowing for more personalized recommendations and appropriately tailored coverage and pricing.
Insurtech allows producers to build smarter, more attractive policies – and deliver a quote to a customer in a fraction of the previous time. With much of the heavy lifting performed by these new tech tools, the underwriting process is streamlined and optimized for both speed and accuracy, with minimal input required from either client or insurer. Offering competitive, practical quotes almost instantly, customers are able to make quick decisions and take comfort in knowing they’re neither being overcharged nor underinsured.
GigBOP®: Take Advantage of Technology as an Insurance Producer
With insurtech taking over or perfecting processes ranging from generating quotes to document sharing to processing claims, producers may begin to wonder why they’re needed at all. But producers are as valuable as ever – especially those with the right tools for an evolving job.
That starts with GigBOP® from SynchronoSure. GigBOP® is technology-enhanced package business insurance that is tailored to the specific needs of small businesses and independent contractors. With the population of people working for themselves continuing to expand, and with so many of them underinsured, producers have an opportunity to appeal to a sizable (and still growing) market with a product that is a hand-to-glove fit for any business.
Reach out today to become an appointed GigBOP® producer and begin leveraging leading-edge insurtech to improve your firm’s efficiencies, connect with more customers and create a more engaging, satisfying experience for your clients.
