How Insurance Agents Should View Technology

Updated: May 30, 2020

Technology has advanced tremendously in the last decade and we are seeing the evidence of technology in almost every industry that we can think of. The purpose of implementing technology really is to automate processes and improve efficiencies with the potential to reduce the need for physical labor or a middle man.

Marketplaces like Alibaba enable buyers to connect directly with manufacturers, cutting down the middle man layers resulting in more competitive prices. The rise of fintech startups equipped with robo-advisory and proptech startups also all aim to eliminate the need for a middle man in transactions. The insurance space is no exception, many startups have tried to remove the need for insurance agents by being a digital broker with robo-advisory and allowing consumers to purchase insurance direct from their platform. Fortunately for insurance agents, they are not yet entirely replaceable by the digital broker model because of the complexity of insurance products and the claims process. However, this does not mean that insurance agents able to rest on their laurels.

Insurance providers and insurance agencies in recent years are definitely more open to embracing change and incorporate technologies to improve various parts of their value chain. This mentality is evident in certain levels of management but is no surprise facing difficulties in implementation due to existing corporate structuring and sheer size of organization.

The bulk of insurance agents are self-employed, meaning that they are fully dependent on themselves to generate sales for income. The beauty is that they now can choose to embrace technology on their own to further their business, instead of having to wait for the large insurers and agencies to actually implement it. The other spectrum would be insurance agents can choose to be resistant to change and wait to be disrupted.

The truth is technology does not need to be disruptive, it should be to empower existing business models in order to attain better results.

We believe we have the answer with a customer-centric, high tech and high touch solution to bridge the gap between consumers and agents to allow consumers to make better informed decisions and agents to improve their efficiency to deliver a higher level of customer satisfaction.

More than just being able to improve your efficiency as insurance agents, we believe you are able to 3x your production while delivering quality customer service with our solution. So stay ahead of your game with actionable insights using our proprietary system.

Find out more here!

#digitaltransformation #digitalagent #techtoempower

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