Signs You Need to Partner with an Insurtech

August 4, 2020

We know change can be hard, but it could be time to embrace change. If your agency is struggling with unsolved problems, finding solutions for your agency can help. It will not only create a better environment for you but for your employees and customers as well. 

Partnering with an insurtech can help independent agencies with a variety of unsolved problems. Keep in mind, before you bring new technology into your company you need to determine if that’s the right decision for your agency. 

Here are 4 signs that your agency may need to partner with an insurtech:

  1. There is a lack of efficiency
  2. You have a desire to increase overall ROI
  3. There is a lack of connectivity between systems
  4. You find value in writing small business

Lack of efficiency 

Your employees’ time is important to everyone: to you, your customers, and to them. If your employees spend their days wasting time completing tedious tasks or engaging in outdated processes, they are losing time that could be used to write more business.

Frustrated employees and outdated processes will not help your agency succeed. In most cases, incorporating technology into your agency can help eliminate inefficiencies and give your employees a more streamlined process.

This doesn’t mean you have to completely rid your company of your legacy technology, instead it should be seen as a complementary system while you transition. 

Desire to increase ROI

At the end of the day, every agency wants to increase their ROI (return on investment). Apart from becoming more efficient, you need to create a positive customer experience for your consumers in order to boost ROI.

If your technology doesn’t meet consumer expectations they may find an agency that is more user friendly. 

Many insurtech solutions can help your agency achieve that positive customer experience. From getting quotes to your customers in about 3 minutes, to digitizing your payment system to for effortless payment: insurtechs can increase your customer experience in a variety of ways. 

Lack of connectivity between systems

Having multiple updated technology systems in your company won’t matter if they’re disjointed. If you think your agency was on the right track with new technology, but you aren’t seeing the results you wanted, you may be lacking connectivity. 

To create the greatest user experience for anyone in your agency you need to create a seamless end to end process. Your agency will receive the greatest benefits if all new technology brought in speaks to one another. 

When identifying insurtech companies to partner with, look for those who will help manage connectivity and tie all your processes together so you can reach that end result you were hoping for. 

Find value in writing small business

The majority of our agency partners sought out an insurtech because they found value in writing small business. Unfortunately, there was never a platform on the personal lines side for these quick hit type policies. As more insurtechs were developed, this platform became possible. 

If your agency holds the same values, then that is a surefire sign that your agency is ready to partner with an insurtech.