Were in the middle of a major disruptive phase as digital competitors and digital-first consumers apply new pressures to every aspect of how agencies operate.
From a changing climate to changing customer expectations, adapting to the new realities of insurance must be part of any business plan for 2020 and beyond. And the mandates for change are coming from every direction. Customers expect the same level of on-demand service they get in other areas of their lives. Digital and direct distribution channels are expanding every day. Technology now impacts every customer touch-point. And the demographics of both the workforce and policyholders are changing rapidly. These forces and more are driving fundamental shifts in how agencies must run their businesses. And for many, especially smaller independents, the prospect of making that transformation is overwhelming. Theyre unsure where to begin, what success looks like, and how much it will cost.
Sounds bleak, right? But nothing could be further from the truth. Because while the landscape is indeed changing fast, so is the pace of innovation and the enabling technology needed to adapt to that change. In fact, the tools and road map you need to become an agency of tomorrow are already available, accessible and affordable. If youre skeptical, Novidea is here to change your perspective.
In the coming weeks, the Novidea team will be exploring the topic of agency transformation, looking more closely at the forces driving change in insurance distribution and the reasons no agency need be left behind. Well also explore the key characteristics of the successful agencies of the future agencies that can:
- Offer on-demand capabilities and self-service portals that meet the needs of todays digital, mobile consumers
- Use CRM technology to optimize every interaction with prospects and policyholders
- Digitize, automate and streamline all aspects of the business insurance-related and otherwise without major investments in IT or IT staff
- Put data and AI behind their marketing and customer relationships, using it to strategically upsell and cross-sell in ways that deliver real value to customers
- Leverage new channels to engage prospects and audiences more efficiently and effectively
The change thats taking place is intimidating. But you dont have to be a tier-1 agency to raise your game and compete successfully in tomorrows insurance ecosystem. Moreover, the fact that insurance distribution has been late to the digital game has certain advantages. Excellent tools for automating business functions from automated marketing and prospecting to online payments and e-signatures are plentiful and mature. And when those tools are integrated with robust insurance-specific policy and agency management systems, every door of the business has whats needed to operate and serve customers as an agency of the future.
Adapting to the new realities of insurance should be part of your business plan for 2020 onward. Contact our team for more information or book a demo online.