SUMMER 2021 23
Modern expectations
Today ’ s insurance consumer expects speed , transparency , and convenience . Regardless of the sales channel , information gathering , product education , application , and enrollment processes now all start online . Agents and brokers rely on digital touchpoints to maintain a flow of information , and legacy systems and processes need to be optimized for better agent and the customer interactions .
Virtual selling through video and audio conferencing allows for quicker meetings , additional touchpoints , and more natural customers . It also means digital enablement plays a big role in most facets of sales success . Agents want a digital , easy solution with online signatures and minimal paper-shuffling .
Virtual sales beyond 2021
COVID restrictions created physical limitations and insurtech companies dove deeper and drove development teams harder — deploying sales-enabling e-Apps at breakneck speeds .
However , with speed comes increased risk . Paramount to insurance automations success is the assurance that technology providers provide a safe cyber environment . Cloud hosting must be done in a secure , reliable , highuptime environment with state-of-the-art security systems , protocols , stability , and scalability .
In a post-coronavirus future , we need to identify the balance between what worked before , what needs to happen now , and what the next 10 years will look like for the successful insurance agent . Optimizing the digital operation , updating legacy systems , and creating new digital capabilities will help the next generation of agents and customers .
55 %
Today , insurance automation technologies are having their day ... year-over-year increase in e-applications of 55 %, a jump from weekly volumes of barely 400 applications to a sustained volume of more than 700 applications per week .
Earn buy-in from key stakeholders .
The digitization of any process will inevitably save time and money , but it will also cost time and money . Laying out the opportunity and the value to the organizational leadership will establish the all-in-all-win teamwork you ’ re looking for .
Select the right technology and a partner who can implement it .
A successful digital transformation ends with efficient and optimized processes and workflows , but it also starts with the right insurtech vendor or technology automation partner to not only deliver on time , but on budget .