How Evolving Technology Will Change How You Do Insurance

Featured article by Jeremy Sutter, Independent Technology Author

The constant evolution of technology is forcing organizations in almost all industries to change how they operate. In the insurance industry, for instance, agents operate in ways that are totally different from what they were used to be, especially due to the dramatic rise in the internet in the past twenty years. In the United States, for example, 88 percent of adults use the internet.

Thanks to technology, insurance agents find it much easier to provide personalized, advanced services. Here’s how evolving technology can change how you do insurance.

1. Agent websites

In this digital age, about 97 percent of consumers will use the internet to look for goods and services before they call or make a physical appearance. Since this is usually the first interaction between businesses and their prospective clients, every company needs to have an active online presence.

Personal websites allow insurance agents to make relevant information available to prospect at all times. As an insurance agent, you’d want your potential customers to know the services you offer and how you can be contacted.

In this day and age, we are usually on-the-go and often short of time. As such, having a responsive website that is optimized for mobile devices and search engines is important for any business. Added to that, your website needs to be compatible with a few popular operating systems at the very least. It is also important to remember, around 67 percent of consumers reported that their opinion of a brand is impacted by the company’s website.

2. Mobile apps

Statistics show that smartphone users use apps approximately 90 percent of the time they are on the phone. Thanks to mobile apps, insurance agents can have the required information available to their communities as and when needed. Mobile apps can also be used to:

• Make customer information accessible on the go

• Reach out to new and existing clients

• Run auto, home, and health insurance comparison quotes

• Provide prompt responses to client queries and concerns

• Create life illustrations that can help ensure clients understand where they could be missing coverage and the services that are available.

• Make necessary changes to policies

3. CRM platforms

As an insurance agent, managing large volumes of information is part of your job. Fortunately, technological advancements have made this process less of a hassle. Customer Relationship Management (CRM) tools can make it a lot easier for insurance agents to organize and access client information.

With a CRM system, agents can find client details quickly and view all interactions in detail. With a comprehensive overview of the client-business relationship, agents can understand their clients’ needs better and provide more personalized services. CRM platforms can, therefore, help you grow your business.

4. Online marketing tools

Getting the word out and letting people know what you do could be the most important part of starting a business. Whether you’re an established or startup company, marketing is bound to have an impact on your success. Thanks to technological advancements, you no longer have to be a marketing and advertising expert to raise awareness about the services you offer as an insurance agent. With the help of an online marketing toolkit, you can target the desired audience and market yourself to the targeted audience effectively. Here are a few of the features marketing toolkits should have:

• Business logos and images

• Advertising guidelines

• Business calendars

5. Social media platforms

More and more people are subscribing to social media sites, and the number is expected to continue upward. More than 56 percent of Americans have at least one active social network profile while approximately 22 percent of the population uses social media more than once daily. More importantly, 95 percent of adults aged 18-34 and have an active online profile are following a brand or company on social media. You can, therefore, engage with a large audience on social media, interact with prospects in a timely manner, receive notifications, and respond to queries in real-time. Furthermore, social media has revolutionized customer service. Statistics show that 79 percent of those who communicate through Twitter expect the brand to respond to their questions or concerns within an hour.

With all of this mind, it is important to remember and understand that technology is causing more changes in business, the economy, and our lifestyles more than anyone could have predicted even twenty years ago. Insurance is not exempt from this influence and technology will continue to shape the future of insurance on the company and consumer-facing side of the equation.