The power of data and the ‘enlightened’ agency
Jason Keck, founder and CEO of Broker Buddha, joins us for a discussion on modernizing agency practices and effectively using data.
In a 2021 KPMG survey, 96% of global insurance CEOs said that the COVID-19 pandemic accelerated the digitization of their operations, and it’s safe to say that the importance of this modernization and digital integration for insurers has only grown since.
From data security, to customer experience, to streamlined processes, insurance agents and brokers are finding themselves investing in digitization more than ever before in order to keep up with the changing needs of their business and their clients. However, the digitization journey can be overwhelming, and it’s important insurance professionals fully understand how to implement and align their operations to best serve their customers and manage their workflow.
To offer some guidance on the digitization process and how insurers can best utilize data, we were joined by Jason Keck, founder and CEO of digital client engagement platform Broker Buddha, for the latest episode of the Insurance Speak podcast.
Keck created what he calls the “Enlightened Agency Pyramid” to guide agencies to digitization.
“The Enlightened Agency Pyramid is something that I came up with after doing this for…over six years now,” Keck explained. “It sort of combines a lot of the lessons from being an entrepreneur and having a startup with what I’ve learned about the insurance industry and talking to agencies, watching the consolidation that’s taking place over the last probably closer to 10 years now, and ultimately it’s a combination of those two things that is kind of a high-level guidance for, particularly, the large agencies who are going through this consolidation.”
The pyramid acts as a guide to help agencies understand their digital maturity, and is comprised of four levels:
- Level 1 (the base of the pyramid): Organize around customer segments
- Level 2: Standardize core agency management systems
- Level 3: Standardize workflows to support customer segments
- Level 4: Digitize and automate workflows
To hear our full conversation with Keck, in which he breaks down the levels of the Enlightened Agency Pyramid and shares his expertise on the modernization and digitization of insurance, listen to the podcast episode above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.