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Agency Tech: Using the Right Tool for the Job

Technological advancements were a huge driver of growth in 2012-13 for 77 percent of insurance agencies, with mid-sized agencies growing faster than their small and large counterparts, according to a recent survey by Vertafore conducted at the NetVU (Network of Vertafore Users) conference in March.

By Bruce Winterburn | Updated on August 01, 2013
Technological advancements were a huge driver of growth in 2012-13 for 77 percent of insurance agencies, with mid-sized agencies growing faster than their small and large counterparts, according to a recent survey by Vertafore conducted at the NetVU (Network of Vertafore Users) conference in March.

As evidenced by these key findings, agencies are continuing to find that the right tech can help them increase sales and improve customer service, among other benefits. To increase sales opportunities, for example, they are taking advantage of data collection and analytics and automation. For convenience and service, they are looking to mobile capabilities and integrated technology platforms.

PUTTING ANALYTICS TO WORK

The business of insurance is based in analyzing data associated with understanding and assessing risk. Increasing amounts of data in concert with advanced insurance technologies have opened up new opportunities for producers. Using analytics, producers can better understand the behavior of their clients and prospects and more efficiently identify their needs. They can then use that information to upsell and cross-sell different products and services. It’s worth noting that roughly half of consumers prefer to buy multiple products from the same provider, citing value and convenience as the key factors, according to the Ernst & Young 2013 U.S. Property/Casualty Insurance Outlook.

Automation can also boost sales efforts. Product lines that were once unprofitable because of lengthy, inefficient application and underwriting processes can now be sold more quickly and inexpensively. Previously unproductive lines may be potential growth markets.

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