Ten years ago, the Apple iPad was a gadget of the future; now we can’t imagine a world without it. This is a testament to how undeniably fast technology is developing and changing the way we work.

Technology is continuously shifting the way workplaces operate, and the Insurance industry is no exception. In 2018 KPMG released a General Insurance Industry review, stating that technological changes have both short term and long term impact on the Insurance industry. CIO summarised this report and highlighted that technology is creating opportunities to deepen customer engagement, provide efficiency through automation and offer sophisticated products in the market. Here’s how Insurance Brokers can leverage technology to improve their businesses.

Improve Efficiency

In a competitive market, the pressure is on for Insurance Brokers to deliver a fast and perfect service. However, a common roadblock is time constraints, and many small businesses are seeking out solutions to work smarter, not harder. This is where technology can become a hero. As an Insurance Broker, you spend hours sifting through mountains of information to find the best cover for your clients. On top of that, the insurance market is continually evolving with new products at competitive prices – your tasks can seem endless!

However, imagine the time you would save if you implement software that can do most of this at a click of a button! This could reduce your overall workload and allow you to prioritise your tasks better. Additionally, you could have more time to focus on what’s essential to your business; your clients.

Initial Interaction

Your clients’ happiness should be your number one priority because, without them, your business has no purpose. Technology can support you in building a positive relationship with your clients and keep them coming back for more, see how below:

• Inquiries and quote requests are processed faster. Imagine your client submitting an inquiry and getting a reply within minutes, amazing!
• Instant communication will capture the clients’ interest while it’s fresh and encourage them to continue their conversation with you. Clients will either lose interest or go elsewhere if they have to wait too long.
• Using a software that is programmed to analyse a large amount of data will ensure accuracy in providing your clients with the best cover at a competitive price.

First impressions are important, so when your clients have a positive initial interaction with your business, they will be more likely to return.

Data Accuracy:

A prompt reply is useless if the information you supply is incorrect. Providing clients with accurate information is essential when it comes to maintaining your professionalism as well as creating trust between you and your clients. Technology in this scenario can help deliver the level of accuracy you need.

There are software similar to NowCerts that are programmed to automatically analyse and report on a large amount of data, therefore, eliminating human errors during the data input process. These programs are currently available overseas, so it will eventually find its way onto the Australian market. For example, you could implement a quoting system that collects information from the insurance market and analyse that against your clients’ risks to produce a quote that is accurate and relevant to your clients’ individual needs. The accuracy of your service will promote trust and reliability for your business.

Reduce Costs

All businesses have operational tasks that are essential but not necessarily exciting, such as bookkeeping where you are required to analyse a large set of figures to monitor your business’ financial stability. These tasks are time-consuming, and you’ll be tempted to hire an assistant who can complete them for you!

However, a more cost-effective alternative would be to implement a program such as a premium funding software to keep track of all incoming and outgoing payments. Using a premium funding program instead of hiring an assistant would significantly reduce your operational cost and allow you to invest in other aspects of your business, like hiring an Account Executive who can nurture the relationship with your clients and help your business flourish.

Claim Process

As an Insurance Broker, you know that claims can be a challenge and will often put your relationship with your clients to the test. So, how can technology help you improve the claim process and provide the best help for your clients when they need it most?

• Technology helps automate manual processes and allow urgent claim cases to be processed quickly.
• Some programs can segment claims cases based on complexity and assigned them to a co-ordinator with the appropriate skill set. This will create a more efficient workflow and allow experienced claims co-ordinators to spend more time on complex cases.
• Some programs can collect data from the insurance market to determine the best repairer for your client based on the insurer’s criteria. This will save you time having to call individual repairers.

Claims can be daunting for clients as they wait for the verdict, but you can ease this discomfort by providing a fast and seamless process. As you know, the better the service you can give your client in a time of need, the stronger your relationship with your client will be in the long run.

Capturing clients is one achievement, but keeping them is another, and this will all depend on their experience with your business. Therefore, leveraging on technology and implementing relevant software in your business will help you improve your client’s journey from the initial interaction, through to becoming a client, and any potential claims they might experience along the way. This will allow them to develop trust in your business to form a long and lasting relationship.

If you’re interested in improving your business or wanting to ease the workload in the accounting division, implementing FlexiFund It’s premium funding software can help. Contact us today for more information.

P: 1300 850 890
E: hello@flexifundit.com.au
W: www.flexifundit.com.au