Strategy & Execution

How to Leverage Technology to Grow Your Business

In this environment of instability and fear, clients are desperate for a risk advisor who is trustworthy, easily accessible, and prepared to answer all of their questions amidst the ever-changing landscape of Covid-19. 

The solution? Focus your efforts on creating an effective “digital front door” by leveraging technology to engage your clients and support your business. For the insurance industry in particular, the adoption of innovative technology offers countless benefits, including more efficient automation, deeper connections with clients, and advanced data analytics to aid in the evaluation of risk. Today we’re going to examine the various types of technology available to elevate your business and help you navigate through the pandemic — and perhaps even generate new business. As three senior leaders at McKinsey, a pioneer in the use of digital technology, explain, “To derive maximum benefit from digital, learn to view it not as a thing but as a way of working — that is, as a way of thinking about and running your business.”

Drones: On the Property and Casualty side, insurers are using drones to inspect properties, predict risk, or assess damage — all while adhering to social distancing guidelines. Footage collected by the drone is especially helpful for risk evaluation, as it can be analyzed by an AI platform to create 3D models and help to identify areas of concern.  This touchless system enables inspectors to do their job without exposing themselves or the homeowners to Covid-19.

VPNs: A secure web connection that protects your online identity and encrypts your Internet activity is crucial for employees working in separate locations who need to have access to a central, shared database. VPNs provide the same functionality and access to customer data that employees were accustomed to using in the office.

Social Media: Twitter, Facebook, LinkedIn, YouTube and Instagram provide the perfect platforms for agents and brokers to reach a broad customer base with real-time updates. Using social media to answer commonly-asked questions is also an effective way to reduce the number of individual client emails and phone calls to your office during this uniquely chaotic time. Encourage existing clients to subscribe to your social channels by sending out an email newsletter with links to each channel, and include these linked icons on your website’s home page.

Develop Your Skills: Instead of becoming stir crazy under the Stay-at-Home order, use the time you would normally spend commuting to the office to develop new skill sets to advance your career — and prevent cabin fever. Beyond Insurance offers diagnostic Producer Growth assessments to help you identify potential growth opportunities, along with Sales Accelerator modules containing tools, tactics, strategies, and solutions to enhance your success in the business of insurance and risk management.

E-signatures: Electronic signature software like Docu-Sign offers a simple, intuitive option for executing contracts without risking exposure to Covid-19. Regulations regarding legitimate use of E-signatures vary, especially in parts of Asia, so it’s always best to confirm the validity of e-signatures prior to implementation.

Webinars and Virtual Meetings: At its core, insurance is an industry built on relationships and trust, and it has become even more important to maintain and reinforce that sense of connection during this time of global uncertainty. Teleconferencing tools like Slack, Zoom, Skype, and UberConference help employees stay in touch with their clients - and each other - during a time when everyone is craving human connection and reassurance. Beyond using Zoom for internal everyday meetings, consider hosting a Virtual Q+A for your clients or colleagues to help clarify the confusion that has become pervasive during the pandemic.

We can reasonably expect that the use of technology will be one of the most important determining factors between those who succeed — and those who fail — during this pandemic. Producers who successfully leverage technology to innovate their business models will fare better than those who remain stuck in conventional processes. If there are to be any silver linings attributed to the Covid-19 crisis and subsequent stay-at-home order, the mandatory acceleration of the insurance industry into the digital age will be one of them. As they say, necessity is the mother of invention.

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