Businesses across most industries have been transformed, and in some cases, have been remade multiple times over, by technological progress. Consider how media has evolved – from the printing press to the typewriter to television to the internet – or how automakers have continually updated their operations to incorporate machinery that further streamlines and automates processes.
Today, the insurance industry is undergoing its own tech-driven revolution. Specifically, the use of advanced data entry software for manual tasks and the application of artificial intelligence to data analytics are creating new efficiencies, which are helping tighten operations, reduce human error and free up producers to turn their attention to areas of their business that machines aren’t capable of addressing. When deployed properly, technology has the potential to speed up key processes, reduce labor costs and help agencies offer clients a more satisfying customer experience.
Changing the Insurance Paradigm
In the past, an insurance producer typically would meet with a new client to discuss their needs, collect proprietary information, apply other relevant data sets, perform a risk assessment and return to the customer with a quote. The entire process might last weeks, or longer, with no promise that the producer’s efforts would be rewarded with the client’s business. In fact, because many customers jump at the first quote, a producer’s success is often directly tied to the length of the underwriting process.
Introducing technology solutions to the process brings automation and improved efficiencies to what previously had been a laborious, resource-heavy, time-intensive endeavor. Advances in technology allow insurers to enhance the customer experience through personalized interactions, self-service options and intuitive digital interfaces. Insurtech companies are leveraging AI, chatbots and mobile apps to provide better customer support, policy management and claims handling. With high-powered tools to manage data entry, analysis and similar tasks, the modern insurance business is empowered to move much quicker, with sharper accuracy and a heightened focus on service and problem-solving.
Tech-Driven Efficiency Leads to More Business
Just as the internet, email and electronic signatures helped streamline and ramp up the pace of business across industries a generation ago, insurance agencies that embrace technology solutions are experiencing a quantum leap in speed, efficiency and competitiveness. With the benefit of automated systems, algorithms and AI, insurers can optimize for risk-assessment accuracy and the turnaround time on client quotes.
Deep learning and predictive modeling tools help insurance agencies process data faster, bridge information gaps more completely and take into account the scope of a client’s liability at a greater breadth and depth than ever before. Automated document management systems manage, store and organize documents appropriately, in a fraction of the time and without the risk of human error. IoT and telematics equip agencies to instantly pull data to assess insured assets and provide real-time quotes. All of these systems interact with digital platforms through which clients can receive instant policy issuance, ensuring that agencies will never lose business to competitors based on speed alone.
Efficiency and simplicity can be admirable enough goals for their own sake. But when insurers employ advanced technology solutions to streamline their processes, they’re able to achieve tangible business objectives, driving revenue and promoting agency growth. See how it works – visit our Producer Registration Page to get started.
