The past few years have brought many technological advances in the insurance industry. As an independent insurance agency owner, you should use these improvements to grow and retain your book, especially regarding specific business lines. A business owner policy is one example where this technology can be leveraged and its processes automated. Here are other ways to use tech to level up your independent insurance agency.
Reach New Customers as an Independent Insurance Agency
Growing your business is a critical objective for independent agency owners; perhaps you already have a specific strategy to attract new clients. But no matter how effective that method is now, technology can almost surely make it better.
There are several ways to use digital tools to increase your reach, including social media, email marketing, and chatbots. Additionally, if you are leveraging technology properly, you can improve your business by appealing to a younger demographic and entering a market you would not otherwise access.
Make Cross-Selling Efficient
Similarly, technology can also help you cross-sell to your current customers. For instance, how many of your clients have cyber insurance yet require a business owner policy? If customers don't purchase the insurance from you, they buy it from competitors. You can keep that premium in-house and upsell.
The advantage of investing in technology is that it can improve up- and cross-selling processes and make them far more effective for your agents. A robust CRM solution will enable you to keep track of the policies the clients already have and show if you have previously provided them quotes for additional lines of business. As a result, you can sell clients on a new policy at the right time, such as when their renewal is approaching.
Technology can also assist you in cross-selling by completely replacing the requirement for manual quoting. Believe it or not, technology today allows agents to enter a client's information once, obtain quotes from several carriers in a matter of seconds, compare coverage options side by side, and deliver a proposal to the client. The faster you quote, the quicker you can bind and place the order. Insurtech can finish all this in a fraction of the time it used to take your agents, making you more revenue and saving you time.
Automate Retention Workflows
As mentioned earlier, if you are not providing your cyber client with the BOP they require, they will look for another company to build it. If that occurs, you risk losing your client and having the competing agency write the client's cyber policy.
If you use technology to handle the upselling, you will have more time to focus on developing stronger client connections and retaining customers. And when it comes to renewals, investing in a technology that will enable you to automate and customize bids for your current clients will help you earn that business more frequently.
Easy Collaboration With Other Technologies
You can use technology in various ways to grow your independent insurance agency, and now there are the means available to do it. Innovative Insurtech offers a simple-to-use interface that enables you to easily add specific lines of business to your proposals, such as BOPs.
Our solution collaborates with your current systems to improve business processes rather than causing disruptions; as a result, even less technologically adept brokers can profit. Contact us for a demo to find out how they can assist your business in moving forward.