The critical step most brokers are missing.
Show All BlogsToday, we stopped to chat with Craig Arnatt, founder of InsureCert about digital data.
“What is shocking to me is that most brokers are missing out on analyzing their digital data,” said Craig Arnatt, president and founder of InsureCert.
“Spotting trends and identifying potential risk silos is paramount to a proper growth strategy & keeping both sales and marketing teams unified. That's the gold standard in a lot of cases.”
“Most commercial brokerages that we see on our platform are now beginning to see the results of their effort to digitize their underwriting processes.
Why is technology adoption important for brokers?
At a time when digital transformation is the norm, it's surprising to learn that most brokers are still relying on traditional methods to serve their clients. According to a recent survey, more than 50% of brokers are not using digital tools to manage their operations, which could put them at a disadvantage in a rapidly evolving industry.
Extracting deep digital data for use in underwriting can be a game-changer for brokers. Imagine the power of seeing trends, spotting fraud, or having a comprehensive understanding of your clients' risk profile. Most brokers simply ignore the rich data that lies within their PDF submissions, and just focus on their name, address, email and policy limits.
In today's hyper-connected world, clients should not expect quick and convenient service from their brokers, they want to be able to access their policies, file claims, and get in touch with their broker anytime, anywhere. This is where using technology servers two primary purposes; make it more convenient for clients and make it more informative for brokers. By leveraging digital tools, brokers can streamline their operations, enhance customer experience, and stay competitive.
For instance, using an insurance management system can help brokers not only ask the right questions, but use the responses to identify underserved, or client with an at risk retention profile. It not only saves time but also reduces the risk of errors and improves data accuracy, it can help others leverage competitive pricing helping to reduce churn rates.
Additionally, having a web-based platform that clients can access from any device can make it easier for them to manage their policies, check their claims status, and communicate with their broker. This can improve customer satisfaction and retention, which is crucial in a highly competitive industry.
Why are some brokers still hesitant to adopt technology?
Despite the benefits of technology, many brokers are still reluctant to embrace it. There could be several reasons for this, such as lack of knowledge, cost concerns, or fear of change. However, the truth is that failing to adopt technology can have long-term consequences for a business.
In an age where customers expect instant gratification and personalized service, brokers who rely on outdated methods risk losing their clients to more tech-savvy competitors. Moreover, manual processes can be time-consuming, error-prone, and limit a broker's ability to scale their business.
How can brokers overcome the barriers to technology adoption?
The first step towards technology adoption is to identify the areas where technology can make a difference. For instance, brokers can evaluate their current processes and look for inefficiencies that can be addressed with automation. They can also assess their customer experience and identify pain points that can be solved with digital tools.
Once the areas for improvement have been identified, brokers can start exploring the options available in the market. There are many insurance management systems, client portals, and communication tools that cater to the needs of brokers of all sizes. It's important to choose a solution that fits the business requirements and budget.
Brokers will need to invest in training and support to ensure that their team is equipped to handle the new technology. This can include providing training sessions, offering technical support, and creating a culture that values innovation.
Technology adoption is a critical step that insurance brokers cannot afford to neglect. By leveraging digital tools, brokers can enhance customer experience, streamline operations, and stay ahead of the competition. It's time for brokers to embrace the future and take advantage of the opportunities that technology has to offer.
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