There’s an abundance of technology available for agencies and agents to use to grow and improve their business. With so many options, understanding where to focus your resources can be a challenge.
According to Laird Rixford, CEO of Insurance Technologies Corporation (ITC), when it comes to technology, agencies should focus on two key processes: automation and analytics.
“Find ways to better automate the process of selling insurance and retaining insurance clients,” says Rixford. “We need to find new ways to automate that process without giving up the touch and feel of working with an agency.”
In the 21st century, much about our lives, such as what we do and what we like, is collected as data points, giving companies the ability to analyze consumers to their advantage.
“Analytics allow you to understand your client better. Then by using automation, you give yourself the ability to market to them what, when and where they want to buy,” he says.
Understanding buying events and life-changes can also make a difference when it comes to automating the sales process. For example, when an individual purchases a mini-van for the first time, one can assume that that individual is preparing for or has a family. You can then use that information to reach out to them and offer life insurance. By better understanding your clients and their needs, you can sell more, and automation and analytics can be a game-changer in that respect.
“This is what insurtech is all about. They are tracking and developing this large amount of data and then using it to sell you something,” he says. “They are using data and analytics to better understand, influence and ultimately get a consumer to purchase insurance.”
Insurance analytics market worth nearly $12 billion by 2023 – report
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