HOW TO START A DIGITAL INSURANCE AGENCY

Statistics indicate that roughly one-half of the world’s population, some 3.2 billion people, spend time online daily, it becomes clear that the digital era has taken over. Now is the time for the insurance industry to reap benefits of what the digital age has to offer. One option is to start a digital insurance agency with excellent products and affordable prices.

Whether you currently work as an insurance agent or plan to become one, the only way to keep ahead of your competitors is to achieve your target audience where they spend maximum time — the internet. In fact, independent insurance agents have a distinct advantage in the digital market.

So, What Is a Digital Insurance Agency?

As the name suggests, a digital insurance agency is a technology-based business that allows you to work more efficiently, build stronger relationships, improve on customer service, make well-informed decisions, and speed up growth and profitability in spite of of the type of policies you sell.

You have two options. You can start a digital insurance agency as your solitary business or add one to your existing companies. Either way, your agency needs the following to achieve success.

1.?????Management System?– Serving as a strong internal foundation, a professional management system helps drive daily operations. With this system, you put yourself in a position to better manage various aspect of the business, including customer relationships, documentation, accounting practices, sales automation, and benefits administration.

2.?????Data Analysis?– By moving into the digital arena, you gain access to a tremendous amount of data, far more than generated with a traditional agency. You need to implement an analytical system that will help you manage data and convert it into simple and visual insights. The system you select also must offer maximum security.

3.?????Insurer Partners?– Starting a digital insurance agency also requires you to develop a system for exchanging information with your insurer partners. The goal is to choose a solution that allows for seamless interactions, which equates to faster, better, and more accurate information and quotes passed on to your customers. Automation is critical because it eliminates human error.

4.?????Mobility?– This year, more than 50 percent of all online traffic came from mobile devices. As part of starting a digital insurance agency, you need to ensure your target audience can find your business and reach it via a smartphone, tablet, and so on. Not only that, but mobile applications make it possible for your employees to respond quickly to inquiries. With mobility, you provide your customers with an enhanced level of service.

5.?????Cloud Storage?– The cloud is an excellent choice for safeguarding data. You can safely store information and gain access to it from anywhere and at any time. You also control who views and edits the stored data.

6.?????Engagement?– People who are interested in buying insurance want a personal experience. They want to feel as though their agent genuinely cares about them and their needs. Although sending emails and talking to someone on the phone certainly helps, remember to use social media, as well. Sites like Twitter, Facebook, LinkedIn, and Instagram allow you to engage with both prospects and current customers. According to a recent study, 65 percent of the sales cycle for the insurance industry occurs before someone even speaks with an agent.

7.?????Competitiveness?– Using technology is an excellent way to get and stay ahead of your competition. There are hundreds upon hundreds of tools, applications, and programs that can give your business a distinctive edge.

8.?????Flexibility?– The insurance industry is ever-changing. When selecting technology for your agency, make sure it can adapt to the market, as well as your specific needs.

9.?????Efficiency?– The fact is that people purchase insurance because they need it or must have it based on the law, not because they find the topic extremely interesting. Because of that, most want to find a trusted agency, select a policy, and then move on quickly. Being efficient gives you an advantage. To boost efficiency, rely on automated business processes as much as possible without compromising customers’ personal experience.

10.??Scalability?– Obviously, your goal in starting a digital insurance agency is to grow. Therefore, make sure you select scalable technology that can accommodate your needs now and well into the future.

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