We’ve noticed a trend: it seems that when small, local agencies hear the word “insurtech,” they may automatically assume that it’s not meant for them. (spoiler alert – not true)
They may think “we can’t afford this” or “we aren’t big enough to need this.” In many cases however, small independent agencies are those who could benefit most from integrating the right insurtechs. Let’s explore why…
Our favorite buzzword: “efficiency”
The word efficiency is being thrown around constantly in the insurance industry, but maybe not for the reason you think.
If you have always been doing something a certain way, and it’s working for you, that’s great! Incorporating a tech solution into an already functional workflow can bring efficiency or help streamline some processes.
If you have always been doing something a certain way, and it’s not working for you, that’s different. Maybe you haven’t explored an insurtech out of fear, or apprehension. Either way, it may be time to explore and find the right partner.
Not all insurtechs are created equal – take some time to evaluate how a tech solution would best benefit you and your agents and it will help narrow the type of solution that’s right for you.
A scarce resource: time
You know what they say, time is money.
This couldn’t be truer for a small independent agent who is competing with others on providing quotes to clients or servicing their accounts.
No one likes to wait in this day and age, and integrating the right tech will help agents save time and focus on decreasing turnaround.
As a small agency takes on new business or expands their product offerings, it can be tough to stay lean. Adding an employee can be a costly expense especially for a small operation, and can sometimes actually lose the agency money.
Insurtech solutions can help fill the needs of a growing agency, while allowing them to stay lean.
Planning for the future
Planning for the future means more than just planning for growth. It also means planning to adapt to the changing needs of your buyer. Having the right foundation is key and technology is an asset.
Determining processes and services that are scalable and won’t cause headaches down the road are essential for future planning. Practices that are time consuming, or require a lot of manual entry, can cause issues as you grow – and that’s where insurtech can help.
The customer experience
Many smaller agencies take pride in their local and personal customer service – as they should! People love building relationships and feeling like their agent cares about them.
Certain insurtechs can make maintaining this level of customer service easy by helping you keep track of dates, needs, requests, etc. or allowing you to have answers and facts and figures on hand.
Many insurtechs are designed to support the independent agencies, and not just the large ones. Small agencies should explore insurtech options and find those that best fit their needs. Finding the right fit can help you save time and money, grow, and provide better customer service.