Despite the way technology has disrupted pretty much everything in our lives, no one has figured out how to cram more hours into one day just yet.
Back in the day, insurance agents and brokers would have to manually compile quotes from several different carriers every time a prospect reached out.
Not only did this process take a lot of time, but it also lent itself to human error. Agents and brokers would cross their fingers and hope they wrote down the right quote to relay to their prospect. Otherwise, that individual would probably look elsewhere for insurance because they made a mistake and quoted the wrong price.
Thanks to the evolution of technology, new tools enable insurance brokerages and agencies to streamline and improve the quoting and enrollment process considerably while reducing the likelihood of errors.
Imagine you open an Italian restaurant in a neighborhood that’s filled with sushi spots and Mexican eateries. Your restaurant will stand out because it’s a unique offering in the area; you serve food that people can’t get anywhere else nearby.
In the insurance business, you don’t have that kind of luxury. It can be hard to get your name out there and differentiate yourself from your competitors. After all, clients and prospects tend to choose insurance providers based on cost and convenience. They might run a quick Google search, check out the first thing that pops up, and buy a plan that seems reasonable.
The insurance industry is highly competitive. Even if your brokerage or agency is doing a great job, there’s a good chance some of your clients will leave—if for no other reason than that research suggests people switch insurance plans often.
To get your brokerage or agency to the next level, you need to do everything within your power to boost customer retention rates. Not only is it easier to sell to an existing customer than to a new one, but it’s also more lucrative. According to the Harvard Business Review, a 5 percent increase in customer retention can boost profitability by up to 95 percent!
Insurance is a complicated and competitive business. Plans, premiums, and regulations change every year, which confuses the average insurance buyer—who is usually looking to get the best deals.
To get ahead and stand out from the pack, agents need to increase efficiency and effectiveness—positioning themselves as trusted advisers.