Sunday, October 17, 2021

Why Insurance Agents Should Go Digital

To stay relevant in a fast-paced, tech-savvy world, insurers should go digital. Lemonade and Next Insurance are just some of the digital insurance providers paving the way. AXA, on the other hand, is one of the most active, investing in 19 insurtechs in 2020 to boost digital capabilities.

In light of the pandemic and its protocols, customers adapt to digital services and online purchasing. Why should we do the same?

Why should insurance agents go digital? We’re breaking down 5 reasons for you.

Digital channels allow insurers to expand the umbrella and find new markets from across the globe the Millennials and Generation Z.

Customers adapt to digital services and online purchasing in light of the pandemic and its protocols. 74% of customers research insurance purchases online, an open door for digital insurers. Skyrocketing customer demands call for the adoption of digital tools.

☑️ Agents can interact with clients virtually to market, sell, and offer support, with the aid of presentations, screen- sharing, and digital whiteboards.

☑️ Agents can recommend personalized, data-driven offerings so customers are presented only with what is suited and most relevant.  

☑️ Agents can build relationships with new and existing customers through digital interactions that may lead to sales and brand loyalty.

☑️ Smart contracts, no in-person interactions, and faster claims processing are just some of the perks customers love about going digital.

Digitalization cuts operational costs. In relation, automation reduces the costs of insurance claims by as much as 30% according to McKinsey. To add, digitizing information-intensive processes can cut the operational cost by up to 90%. Simply, sales efficiency significantly results to cost efficiency.

Digital platforms optimize the sales process and calibrates it according to business objectives and customer needs. Digital communication channels are also less expensive but are highly effective in building brand awareness, and creating a digital feedback loop.

The effectiveness of strategies is quantifiable by data and analytics. 80% of insurance executives say that their organization’s business and technology strategies have become inseparable. Data analytics track the buying behaviors accurately.

Customer engagement does not end on sold policy. Insurance apps, self-service portals, and live chats cater to modern customer need and improve customer experience and satisfaction. Complaints and feedback can be addressed faster. New products and services can be promoted targeting specific groups.

Digitalization made it possible for customers to handle everything from computers and smartphones 24/7.  With the increased trust in digital transactions, insurance agents have access to a bigger pool of customer data compared to before.

New Customers + New World = New Solutions

Without a doubt, technology has made the life work of insurance agents more efficient and less stressful. Even after the pandemic, the digital world is here to stay. Digital agents are the future of insurance.

Become a digital insurer. We’ll help you along the way.

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