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Category: Digital · 4 min read

Don’t Fear InsurTech: What it is and How it Can Help You

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on March 14, 2019

author profile photo

on March 14, 2019

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The future includes you. The InsurTech trend—the infusion of technology into the relatively tech-skeptical insurance industry—is growing, and it’s not stopping anytime soon. But fear not. Even though tech is changing the industry, you need to know that financial professionals are not being replaced. Yes, processes may transform, but they won’t make you obsolete. If anything, they could make your personal, human touch even more valuable, and can help your business increase efficiency and effectiveness. 

But what is InsurTech, really? And how can it help you? 

Let’s talk about it.  

 

InsurTech, Defined 

InsurTech can be a confusing and general term. Basically, it can be defined as technology innovations that are created and designed to make your job easier and better, that change how insurance is delivered to consumers, and reinvent how established insurers are accepting and processing claims. But this is still pretty broad. What are those specific innovations? Three key examples come to mind: AI, online platforms, and automation.  

Artificial Intelligence (AI) is machine or computer behavior that imitates human behavior, and usually poses as a human. Perhaps the most common way AI is being used is through customer service, via live chat, emails, or phone calls.  

Online platforms are another recent InsurTech trend. Think of these as dashboards or Customer Relationship Managers (CRMs) with your business data available to view and manage (similar to our Business Builder platform), giving you an overview of your client base and production. Their purpose is to help you stay organized, efficient, and on top of things.  

The most helpful InsurTech innovation so far may be automation. If you aren’t using automation, it may be time to consider how it could help your processes. Automation is what it sounds like: it automates certain steps, processes, and communications for you to help save you time. For instance, automated responses and email campaigns can help keep your clients engaged, and can free you up from your everyday tasks. Got a new prospect? Send them automated emails that explain who you are and how you can help them. Want to spend less time responding? Set up quick-reply texts or emails through artificial intelligence and automated responses. Don’t want to do the same task 20 times in a row? Use robotic process automation, and it will do the tasks for you. Automation programs can also provide new ways to nurture your existing clients and help boost sales by regular and personalized communications. Programs like Marketo, Act-On, and Constant Contact can provide these automation tools, and even Outlook and Gmail let you send emails at a specific time and date.  

If you aren’t using automation, it may be time to consider how it could help your processes.

These technologies and InsurTech aren’t going away. According to Deloitte, InsurTech investments in 2018 were expected to at least match the $1.82 billion in funds that were raised in 2017.1 So, it may not hurt to take a look at how InsurTech like these three tools could benefit your day-to-day business. 

 

Efficiency Improvements 

I’ve touched on this a little bit, but InsurTech, when applied correctly, can help you increase your day-to-day efficiency, as it helps automate or organize areas of your business for you. We all want to be more efficient, productive, and successful. InsurTech helps you do just that. Most InsurTech tools are focused on making your job easier, so you can focus on the bigger picture, instead of menial tasks. This helps you stay productive on the major initiatives and organized in the minor details.  

 

Not a Replacement, but a Redefinition 

As I said at the beginning of this article, InsurTech isn’t here to replace you. It’s not going to take over your job. Instead, it’s actually here to redefine how you work and help you improve how you do business. Yes, it will change things. Yes, you’ll have to rethink some of your processes. But, ultimately, it exists to help you provide better customer service and make your job easier.  

It’s not going to take over your job. Instead, it’s actually here to redefine how you work and help you improve how you do business.

So, as InsurTech continues to evolve, don’t fear the change. Don’t fear InsurTech. Embrace what it can do for you and your business, and look for ways to use it to improve your day-to-day operations.  

For more ways to enhance your business digitally, check out our Digital Builder services, or give us a call at 800.362.1097.  

 

Source: 

Deloitte. “2018 InsurTech investment trends and insights.” 2018. https://www2.deloitte.com/us/en/pages/financial-services/articles/fintech-insurtech-investment-trends.html  

 

For Financial Professional use only, not for use with the general public. #19-0118-030720 

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Written By

Mark Williams

President and CEO

Mark Williams is the President/CEO of Brokers International. Over his more than 25 years of financial services experience, Mark has been both a producing independent agent in the field and a home office leader consulting to agencies and field marketing organizations. Currently, Mark is focused on the future of the insurance industry, from the disruptions of InsurTech and robo-advisors to the changing demographics and needs of customers. He also is an avid mentor, helping financial professionals navigate the industry.

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