Users of every kind commonly overlook features or favor a small portion of functionalities within their existing technology. (iStock)

No. 1: Pay attention to features, and use your advocates.

Whether it's seamlessly transferring data from one entity to another, shortcuts and functions in your agency management system, or the ability to automatically populate form data when sending the information to the Carrier to underwrite a policy, users of every kind commonly overlook features or favor a small portion of functionalities within their existing technology. However, this doesn't stop those same users from buying into newer, shinier solutions that are marketed to their agency. Before pulling the trigger and deciding to upgrade your existing technology, utilize your advocates and know what your current tech is capable of. Most SaaS providers have an account manager or vendor advocate that's assigned to your account. These people are resources to provide education,guidance and ensure you're getting the most out of your solution. In addition, most vendors have a strong user group that can provide additional resources to improve adoption of your solutions within your agency. Rely on your technology vendors for their expertise and ask questions. You may learn your software is able to perform functions you were unaware of or has shortcuts available to reduce time spent on manual or time-consuming tasks in the latest release of their software. An excellent example comes from Dean Giem, business manager at Security First Insurance Agency in Littleton, Colo. I had a chance to sit down with him and talk a little more about the solutions he used and how he approached staying ahead in a competitive environment. "It became apparent that if we were going to grow, we needed processes in place to manage workflows and allocate resources," Giem said. "We looked for tools that were going to help us manage the business before it managed us, but still had the long term viability of a future-proof solution." To identify these tools, he was cognizant of several factors including: |

• Is it going to do what we're asking it to do?
• Is it cost effective?
• How much time does it save, what are the efficiency differentiators?
• Does it allow for more meaningful interactions with our customers?
• What support and resources are available to me and my team?

While these are all important questions to keep in mind as you begin evaluating solutions, he credits vendor resources to be the most important tools agencies should be aware of. Giem continued: "If you're not engaged and don't have a pulse on the product road map, you're going to fall behind and find yourself unsure of what your product is capable of. You need to have a network of support and peers you can rely on to guide you through your solutions and keep you informed on important updates that are happening in the industry." Regardless of what stage of the technology adoption your company is in, change is hard. Stability and consistency will be key success factors as your technology grows with your agency. "Every solution has its ups and downs, and there's no one size fits all. It's up to you as the decision maker to do your due diligence and utilize your network of resources to determine what's important to your teams, staff, and above all, what allows for more time building relationships with your customers," Giem said. |

No. 2: Be mindful of upcoming product enhancements.

Vendors are constantly thinking about how they can improve their current offerings, and frequently provide product enhancements and updated features. It's likely your current solution may be able to accommodate your needs in the near future, if not already. According to McKinsey & Company, 80% of insurance companies that have made significant progress on digital transformation have done so by transforming their existing business. As the insurance industry shifts towards a market empowered by technology, companies will continue to enhance their current solutions to match the changing landscape. Many independent agents and agencies use some form of agency and workflow management solution and these innovations are focused on driving process efficiency that improve their business to become an agency of choice. By adding features to existing solutions, tech vendors can offer significant reduction in the time it takes to perform administrative tasks. For example, by automatically combining information from management systems to generate client-ready proposal documents, users can significantly improve production of proposals and reduce liability risk to data entry errors. In addition, when documents shared between carrier and agency are automatically attached to a client policy, you're eliminating time spent manually routing eDocs messages, attachments and downloads. These features are just two examples of recent product enhancements that have completely up-leveled functions available to current users - without switching to a completely new solution. |

No. 3: Approach new technology with a critical eye.

Marketing and sales teams are excellent at targeting would-be customers and making their solution seem like a better option. It's their job to know how to appeal to common pain points and what buzzwords hit the mark. When approached with the opportunity to leave your current solution and "upgrade" to the latest software, here are a few questions to consider: |

• Will it speed up tasks, reduce cost and streamline existing workflows?
• How does this new software solution impact my customers?
• Will it execute on my client objectives and provide a better customer experience?
• Does it empower my workers to write better business, expand our books of business and build relationships?

Decision-makers should be focused on long-term objectives, evaluating current pain points and needs to determine if they will remain the same, change quickly, or evolve slowly over time. Take a magnifying glass to your organization's five and 10-year plan, identify opportunities for growth, barriers to success, upcoming threats, and what you envision will be the future of your operation. This can be done through a variety of methods, including a traditional SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to determine where your biggest technology opportunities and improvements lie. Other approaches involve soliciting anonymous feedback through a survey to gain genuine employee insight into the areas a company should focus on. Engaging with employees is critical in determining the best approach to adopting new technology. Even more importantly, businesses should seek customer feedback, whether it's speaking to them directly or through a survey, it's crucial to consider how your current, and potentially new, technology impacts the way your customer interacts with the organization. |

No. 4: You've decided you want to upgrade. Now what?

Making the call to upgrade your technology is a big move. Congrats on this monumental decision! Now that you've decided to upgrade your solution to better improve efficiency for your workforce and foster relationships with customers, there's a few things to remember as you begin the process. To ensure the transition is smooth for both employees and customers it's important to select technology that best matches the needs of your business. Consider the following: The last, and possibly most important step for your organization is to conduct a thorough audit of industry trends and strategy. For example, insurance is becoming increasingly more mobile, with an on-the-go workforce that is always available. Changes to your technology will need to accommodate the evolving insurance landscape and be able to adapt to industry standards. Moreover, with the increased reliance on AI in nearly every industry, agencies and independent agents alike will need to capitalize on its ability to enhance workflow management, carrier connectivity and the seamless transfer of data. It's okay to upgrade your technology when it's no longer suiting your needs or meeting the demands of today's industry. However, before you decide to spend the money on a potentially costly solution, remember to exhaust your efforts internally and ensure you're using your current technology to its fullest potential.

Doug Mohr is vice president of Industry Relations & Partnerships at Vertafore. Connect with him on LinkedIn, or by sending email to [email protected].

See also:

The state of insurance technology in 2018