Brokers are missing out on operational efficiency, the ability to base business decisions on fact, visibility and transparency across the entire business, and antiquated technology is not making it any easier.
Brokers need to get smart if they want to effectively run their business and keep customers on side, but can a smart broker management system really overcome these pain points? The answer is yes, and heres five reasons why.
Real-time insurance data and analytics
Sophisticated software platforms now enable brokers to collect reliable data to support each step of the insurance journey, which not only streamlines business processes but also improves customer service. When new insurtechs are cutting out the middle man, customer service is more important than ever for brokers to inspire loyalty.
Real-time technology platforms allow brokers to easily access useful and meaningful management information (MI) that in turn helps drive efficiency, and enables brokers to make quick and accurate decisions. Rather than sitting on data, brokers can actually derive actionable insights with the system highlighting cross and upsell opportunities – pre-empting customer needs improves service and profitability.
Currently, broker management systems are resting on legacy technology that demand high maintenance costs. Whats more, this technology is making it really difficult, if not impossible, to innovate. More often than not implementing new technologies is timely and requires high investment which many are not prepared to do.
Novidea is built on Salesforce, meaning it updates automatically when new upgrades are rolled out, leaving brokers and agents safe in the knowledge that theyre always up to date with the latest technologies.
A smart broker agency management system means brokers can do more with less. The sophisticated, drag and drop solution is easy to use and allows brokers to pull out specific insights and access key data with minimal involvement. For example, brokers can easily view the total income that a client brings in versus the cost of service. Rather than being left to do these complex calculations manually, new, modern broker management systems puts the data to work, not the broker.
Customers have quickly become accustomed to instant gratification in the digital age. From text messages, chatbots and email automation, theyre used to a fast and efficient service 24 hours a day, 7 days a week. If brokers are to keep customers on side, they cant afford to be asking the same questions over and over, every time a client requests a simple quote.
A smart broker agency management system allows brokers to see instantly the latest activity on a customer account from a self-service portal. Rather than having to ask customers the same questions over and over again, brokers will be able to access information instantly, request policy changes and view alterations immediately and on any device.
Its now more important than ever for brokers to reiterate their value and nurture their client relationships, and to do this they must ensure theyre providing a streamlined, customer centric service.
Anytime, anywhere, any device
Finally, a cloud-based business management system centralises all a broker’s data in one place, making it accessible anytime, anywhere, and on any device. Smart management systems allow information to be instantly accessible from anywhere in the world, facilitating collaboration between different offices around the world and ensuring everyone is singing from the same hymn sheet.
Finally, brokers can rest assured in the knowledge that all their files are safe, as with data stored in the cloud, there is no danger of an important paper file being misplaced or data lost. With increasing regulation around the availability of data, this is hugely valuable.
Ultimately, a smart broker management system streamlines the way in which brokers organise their books and run their operations. Whether its using data effectively, complying with regulations, or providing added value, agencies must get smart if they want to succeed.
Discover the future of insurance with Novidea! Contact our team for more information or book a demo online.