How to find the right type of insurtech for your agency.

June 23, 2020

So, you’re thinking about incorporating tech into your independent agency. We think that’s great! But we also understand that integrating any form of new tech is a process and may not be for everyone. 

There are two main types of factors that will tell you it’s time to seek a partnership with an insurtech: internal and external factors. 

An easy way to spot internal factors that hint it’s time to partner with an insurtech are: you’re finding situations within your company where you are wasting time on tedious tasks; your employees are struggling to complete certain assignments; or your employees are suggesting changes to the way things are done.

Customers requesting faster service, beginning to lose market share, or noticing your competition is serving customers more efficiently than you, are all external factors that tell you it might be time to work with an insurtech. 

Prepping to partner with an insurtech: 

As an independent agency, you must first evaluate what the pain points are within the company. Once these are understood, your company can begin to see what core challenges you need to correct. 

Here are 5 problems that we commonly see independent agencies facing. 

Adding more technology isn’t always the solution, so it is very important to recognize and understand the root of the problem before incorporating new technology. 

Another key factor to keep in mind before bringing on a new solution is the process. If you attempt to bring on a new tech solution, but use the same processes, then you may not be solving all your problems. You have to rethink the end to end process that you will use in conjunction with the new tech solution.

Finding the right insurtech solution

There is no “one-size-fits-all” solution, which is why it’s so important to narrow down the challenges you’re hoping to mitigate by using tech. If your agency is facing a variety of challenges, you may need to integrate a few solutions in order to receive the greatest benefit. 

It is not uncommon for an independent agency to utilize multiple tech solutions to accomplish their efficiency goals. 

Sourcing appropriate tech solutions for your agency can happen through personal research, recommendations by a trusted source, attending industry conferences and so much more. But the only way to know for sure if you will receive a return on your investment is actually testing the product. 

As long as you have accurately recognized your agency’s unique challenges, identified a tech solution you think would be the best option and provide the best ROI, and allow yourself a long enough time period to implement and test that solution, you will be on track to finding the right type of insurtech for your agency.