FEATURE
“... those investing in these products will be in the
catbird seat for the next three to five years .”
where and how . Agencies should cautiously evaluate vendors that say they use AI in their applications . GAI is at the top of the hype cycle , and it can be hard to separate reality from the hype .
Jason Cass
Founder and Managing Partner of The Insurance Alliance Co- Founder and Managing Partner of Agency Intelligence Co- Founder and Managing Partner of Virtual Intelligence
Right now it is the first half of the sale that has been the focus of Insurtech , and rightfully so , its easier as every sales industry all needs the same . What IndieTech brings to the table is the second half of the process . The process , the service , the touch points , cross-sell , referrals . Those investing in these products will be in the catbird seat for the next three to five years . appropriately ask what carriers the platform is working with and what lines of business can they get quotes for . Right now , it may require an agency to have multiple platforms to have the ability to get a quote for their clients with less effort .
Marketing and sales management is another area of activity .
Agency processes are being streamlined , although progress is slow . A few new technology providers are working to help streamline manual processes within an agency using robotic process automation . As this technology matures , it will allow agencies to remove manual redundant tasks and redirect their employees to other , more productive activities .
I am convinced that Generative AI ( GAI ) will help agencies in several areas , but it is too early to determine
Chris Cline
Executive Director Agents Council for Technology Author of Inertia of Legacy
There seems to be some great work happening in the data space and across several facets . I believe all industry stakeholders ( agents , carriers , providers ) are realizing the power in having a clean data strategy and leveraging it for deeper insights as they make more intentional strategic decisions . This could show up in hiring decisions , niche selection , operational efficiency , carrier management , M & A , pricing , underwriting , etc .
There is also more and more work happening with integration across platforms by way of broader use of APIs by all stakeholders . We have some room to grow here , but the benefits are real as we consider the customer experience , agent / broker efficiency , and
CONTINUED ON PAGE 18
SEPTEMBER / OCTOBER 2023
5