THE STATE OF INS . TECH ... CONTINUED FROM PAGE 5
carriers getting more accurate / complete data to price an underwrite risk .
Intentional management and secure , but efficient transfer of data will ultimately get us to a true single version of truth about the customer and enable many of the areas noted above . We ’ ll see even greater success and the business results associated with removing redundant work and repetitive tasks where humans add less value and free them up to do the things we do best … think , solve problems , build relationships , and an grow our businesses .
Pat Cline
Director of Accelerator Operations for 101 Weston Labs
I think we ’ re seeing the most innovation around workflow enhancement , whether that be in the quoting process , sales , or policy administration . Similarly , helping agents better capture and use the data that already exists in their systems is a rapidly developing area in the insuretech space .
For too long , data has been trapped in arcane systems and hasn ’ t been used to build better products , customize experiences , or inform sales and marketing . Data analytics solutions put more power in the hands of the agent to optimize their operations and provide a better customer experience .
Aubie Knight
CEO of Independent Insurance Agents of North Carolina Founder of 101 Weston Labs
Process automation , simplification of the application process , using technology to provide for better intake from the customer , use of third party data for verification or completion – these are some of the main areas of innovation .
WHERE COULD TECHNOLOGY HAVE THE MOST IMPACT FOR AGENTS ?
Anderson : There are many areas where technology can have a positive impact on agencies . Technology does impact the entire lifecycle of a client – from lead generation , to capturing a prospect ’ s initial information , to using marketing automation to stay in touch with them , to streamlining the manual quoting process , to allowing staff to spend more time doing what they do best – relationship building and looking out for their clients best financial interest . It ’ s an exciting time to be involved with agencies as new technology options to streamline their operations are becoming more plentiful and useful .
The problem agencies face is resistance to change . Many of these new advances require them to rethink years of ingrained processes and procedures in the agency . To take advantage of new technology , they must often rethink and question why they do everything they do in an agency . This is hard .
Cass : Discipline . Technology is a discipline and it takes discipline for us to create the customer experience needed to be able to scale . When we scale we gain market share . My math may be wrong but 1 % increase in marketshare to the IA channel is $ 900,000 in new revenue to every county in this country . At the same time not finding discipline could cost us market share .
Knight : Two things - it ’ s improving backroom efficiencies for agents that allow for better use of time and money , and it ’ s providing an enhanced customer experience .
P . Cline : The fundamental element that we subscribe to at 101 Weston Labs is that we don ’ t want technology to replace people – rather we want agents to take advantage of the changing technology to reduce the administrative burden on their people . In getting time back , agencies can have more meaningful conversations with their insureds , do more around personalizing the experience for clients , and thus generate more revenue per employee .
C . Cline : I think the most significant impact for agents will be across areas of efficiency . The promise of true single entry is real , as the real time information
18 KANSAS INSURANCE AGENT & BROKER