BUSINESS STRATEGIES
Agentless from page 34
5 ways to improve BGA recruiting and retention
Digital Marketing : In a recent global study conducted by Accenture , most insurance buyers now search for information on digital channels . 48 % of insurance customers who responded to an Accenture survey stated that social media would factor into their insurance-buying decisions . Introducing agents and training them to effectively utilize email , social media , web-based advertising , text messages , and personalized videos helps maximize their value delivery .
Data Analytics and Artificial Intelligence : Winning agencies will become more data-driven and introduce agents to tools that utilize data analytics and AI to grow their businesses . Whether finding patterns based on past data to predict future events or leveraging AI to make assumptions and predictions beyond human capabilities , successful agents and agencies will take advantage of these new technology tools .
Machine Learning : Machine Learning is becoming an increasingly important technology for the agent of the future to leverage . AI-driven software is already helping insurance carriers increase efficiency , improve customer relationships , and boost sales . These technologies are now available to agencies and agents as well . The International Data Corporation estimates that spending on machine learning will reach $ 77.6 billion in 2022 alone .
Security & Privacy : As data becomes more readily available , it falls more to agencies and agents to protect the privacy of their customers , as well as to ensure the data is secure all the time . Agencies that make security and privacy a core value and provide tools and training for agents in this area will have a distinct advantage in the coming years .
CRM Capabilities : Agents need better tools to keep track of all their actions and to improve their efficiencies . A basic CRM is table stakes to build a more data-driven sales culture . The ability to track and monitor prospect and client communications also serves as a compliance benefit in an increasingly regulated environment .
The insurtech revolution may not be ushering in the “ agentless future ,” but their presence further necessitates agents becoming “ agents of the future ” in order to be successful .
Being well served
For the time being , the insurtech revolution has not ushered in the “ agentless future .” As was the case with Mark Twain , the reports of the agent ’ s demise have indeed been greatly exaggerated . One thing we do know is that the “ agents and agencies of the future ” will be well served to make use of many of the technologies the insurtechs have introduced and harnessed over the past few years .
36 Perspectives Q4 2022