5 Problems Independent Agents are Facing in 2020

June 15, 2020

Fast-paced. Digital. Ever-changing. Three terms that can be used to describe the society we live in today. With the evolving landscape of technology and consumer behavior, independent agents are encountering problems they couldn’t have and wouldn’t have imagined 20 years ago.

While this drastically changing world has brought about new problems, it has also generated new solutions. So, what are the five biggest problems independent agents are facing today, and how can they begin to solve them?

1. Wasted Time

The most common complaint among agencies is wasted time. They spend too much of their time filling out forms, too much time spent accessing multiple carrier sites and portals, and too much time waiting. 

The fix would be to adopt a technology solution that would help speed up the process and eliminate wasted time. This option, however, can be viewed as another problem for agents when they become tasked with identifying appropriate solutions.

Allocating time to review areas of inefficiencies will bring guidance to the process of identifying tech solutions.

2. Identifying Tech Solutions

With a variety of different technology solutions, all seemingly solving different problems, how do you choose what’s right for your company? That’s easy: there is no one size fits all solution for agency technology. An agency needs to examine what specific needs they have to determine what type of technology solution could meet each one.

There are a few solutions that all agencies should consider adding to their tech stack. These include a Customer Relationship Management (CRM) system that will help track clients and a rating solution to help manage time.

3. Adopting Tech Solutions

Adopting a whole new system of technology can seem daunting at first, but it doesn’t have to be. Start with the basics. Review the pain points of the agency, whether it’s wasted time or tedious tasks. If there is a pain point within a specific department, acknowledge it and adopt a tech solution that you have identified that would ease your woes.

You shouldn’t start incorporating multiple systems of new technology into an agency and hope for the best. There needs to be a systematic approach to developing technology within an agency for it to be sustainable and beneficial. 

4. Managing Cyber Security

An agency will not benefit from new technology if the employees don’t understand the risks associated with digitizing a company. In order to get the most out of your new technology and protect your agency, you have to start with education.

Teach your employees the importance of cyber security, how to protect classified information, what information should not be shared beyond certain platforms, etc. For a company that is in the insurance industry, a cyber insurance policy is key to protecting your employees and your company. 

5. Handling Connectivity 

You’ve recognized what technology systems would work for you, you applied them to your pain points, and you’ve protected your online presence, so you’re done right? Wrong.

This is the second biggest mistake that people make when adopting technology into their company. They forget about connectivity. An agency will see a much greater improvement if they can create a seamless user experience across their business.

This starts within the agency. All of their carriers and systems must talk to each other. To do this, internal systems need to allow the end customer a seamless experience. Once that is achieved, connectivity won’t be far behind.