Technology Trends Archives | Insurance Agency Management System by Strategic Insurance Software

The Power of Relationship and Innovation in Insurance Tech

by Alex Deak | Jun 9, 2022 | Change Management, Technology Trends

Good partners and partnerships are critical to success in any business, but it’s crucial in technology where the pace of change and breadth of innovation is high. Insurance tech is growing fast, and it’s critical to look to progressive partners to keep up with the pace.

Why Partnerships Matter
Innovations happen everywhere, every day. Things like electric cars, an increase in IoT, the interconnectedness of tech systems in healthcare and our own homes, and other innovations significantly impact our industry. These tech advances inform how insurers can gain data to inform policies and process claims.

Our Digital Insurance Tech Partnerships

by Strategic Insurance Software | May 19, 2022 | News and Events, Technology Trends

Innovation is key to longevity in any industry, and the insurance industry is no different. Insurance revolves around people and relationships, making it an inherently dynamic field.

Digital insurance demands seem to change by the day to keep up with evolving customer and agency needs. That’s why we at Partner Platform partner with various tech partners to stay up to date with changing conditions. We as an organization can only be experts in so many areas, so we recognize the need to partner with outside specialists to fill our gaps.

We work with industry groups and tech companies to cover areas like digital document processing and cyber security, among others. Below are a few of our recent posts highlighting these valuable tech partnerships.

Insurance Tech: Easing Change Resistance in Your Agency

by Luke Purnell | May 12, 2022 | Change Management, Technology Trends

Insurance tech advancements are making everyday processes faster and more efficient, and customers are demanding more digital interactions than ever before. Despite the benefits and increasing customer demand for insurance tech, your team may be hesitant to adopt new technology.

This hesitancy is understandable. Change is difficult, and introducing a new process or system to an individual’s workflow can be frustrating. But, the benefits of integrating insurance tech into your agency far outweigh the challenges of overcoming change.

Here are a few ways we’ve seen agencies work to be more receptive to new technology and system updates.

Underwriting Automation: How to Implement this Insurtech System

by Sarah Deak | Apr 14, 2022 | Technology Trends

Automation plays a significant role in many industries, and insurance is no exception. The rapid innovations of insurtech have thrust data and automation into the forefront of ways to improve and enhance agency operations.

One of the most prominent data automation uses is in the underwriting process. Due to digitized automation processes, agencies are seeing loss ratios decrease and overall premiums increase. According to Willis Towers Watson, over 60% of agencies surveyed say the predictive analytics of automated underwriting have reduced issues and brought down expenses.

Underwriting automation has great value, but the wealth of data and required processing power can be daunting for the average agency. Yet, if your agency can put in place the right processes and people to gain and manage underwriting data, you can see a big change.

You May Not Know the Next Market Disruptor, But You Can Be Prepared with the Right Insurance Software

by Michael Doran | Mar 17, 2022 | Agency Management System Best Practices, Change Management, Technology Trends

The COVID-19 outbreak in 2020 left a lasting impact on the world, including how we do business. Quarantine and frequent lockdowns forced us to stay home, and the changes in customer expectations, work environments, and operations remain today.

Insurance agencies that weathered these changes have a few things in common. For one, they had the right insurance software to make the quick transition to remote work and service. Secondly, they have an enduring attitude of being open to change and a readiness to adapt. While we cannot predict what will disrupt the market next, we can use these markers to prepare with the right mindset, tools, and systems for the next unexpected interruption.

Insurance Tech Tips: Read this Before You Text Your Customers

by Sarah Deak | Mar 10, 2022 | Marketing, Sales, Technology Trends

Texting has quickly become one of the most popular and efficient pieces of insurance tech. Almost 90% of consumers say they’d like to be able to text businesses. It improves communication by making it easier to get in touch and get a response from customers and prospects, streamlining outreach with automation and integration into agency systems. Studies show that 98% of text messages are read, compared to 20-30% of emails and phone calls.

Texting is one of the tools all your team members can use, from producers to CSRs, as it speeds up communications and helps your agency move.

Four Tips to Secure Your Agency’s Insurance Tech

by Hannah Ruben | Feb 25, 2022 | Community, Cyber Security, Technology Trends

The insurance industry isn’t known for embracing change quickly: maintaining the status quo can seem easier than adapting new insurance tech. Despite this, insurance agencies tend to face a greater cybersecurity threat than other small to medium-sized businesses due to the sensitive and valuable data they collect from numerous avenues.

With cyberattacks on the rise, and the COVID-19 pandemic forcing many agencies to leave the traditional way of doing things behind, the need for insurers to maintain cyber regulation and compliance has never been greater.

With this in mind, here are four ways insurance agencies can secure their insurance tech to protect their business, employees, and clients.

What is Your Insurance Tech Cyber Security Plan? – The Top Elements to Include

by Strategic Insurance Software | Jan 27, 2022 | Cyber Security, Technology Trends

Cyber security has been a concern across industries for years, but the COVID-19 pandemic accelerated risk. With more businesses moving to online operations, more data became vulnerable. This is especially true in insurance, where the use of insurance tech skyrocketed in 2020, along with incidents of cyberattacks.

Insurance is second only to legal firms as cyber criminals’ preferred industry to attack. The average agency is targeted over 100 times per year, with more than 30% of attacks succeeding. And according to PwC’s Digital Trust Insights Pulse Survey, cybercrime is expected to cost companies $10.5 trillion annually over the next four years.

About Our Partner Allies: Top Insurance Agency Software Integrations

by Michael Doran | Jan 20, 2022 | Product Updates, Technology Trends

Since our founding, the Partner Platform Community has grown exponentially. What started as a group of agencies and dedicated staff has exploded to contain much more. One of those additions is our group of Partner Allies. This team of insurance agency software providers started as a collection of exciting integration possibilities and grew into an ever-expanding coalition of cutting-edge insurance tech.

What’s New in 2022 – The Top Digital Insurance Trends to Watch

by Sarah Deak | Jan 6, 2022 | Technology Trends

Another year is here, and we can already see what’s on the horizon for digital insurance—the last few years demonstrated the need for more data gathering and analysis, tech integration, and a focus on personalizing and streamlining customer service. The 2021 Independent Insurance Agent Survey found that, before the COVID-19 pandemic, about a third of agencies said they “lacked the financial or other support” to invest in digitization. However, by the end of 2020, 77% were investing in digitization, showing digital insurance is growing rapidly.

As we ring in the new year, let’s take a look at what’s on the digital insurance horizon for 2022.

Blog