How Can Insurers Effectively Leverage Emerging Technologies?

How Can Insurers Effectively Leverage Emerging Technologies?

Technology has changed the face of most businesses, improving communications, managing data more efficiently, and changing expectations of customer service. The insurance industry is no exception. Independent insurance agents and brokers use technology to better manage their portfolio of accounts, analyze the price of their policies, and settle claims faster and more efficiently.

A big question this raises for many insurance agents and brokers is “How can insurers effectively leverage emerging technologies?” According to two insurance-focused 2014 outlook reports released in January by the Deloitte Center for Financial Services, insurers should be thinking about the transformational steps and technology solutions they can deploy to raise their game for long-term growth.

According to the outlook reports, technology upgrades should be priorities for insurers in 2014. Overall, organizations that have up until now made ad-hoc, shorter-term adjustments “should be considering how a bolder investment in more transformational upgrades might better position their companies to remain competitive not just in 2014, but for the remainder of the decade.”

The reports speak most specifically to digital strategies. Up until now, it’s merely been a goal of most insurance agents and brokers to have digital strategies that closely engage policyholders and focus on improving customer experiences. These digital strategies are now absolutely necessary in today’s mobile-driven culture and economy. More sophisticated smartphone apps and aggregated data bureaus are expected to level the playing field for smaller-sized insurers and challenge bigger carriers to raise their game and differentiate their brands on usage-based insurance. Likewise, mobile technology may transform the sales process as well in terms of better educating businesses and the public about product features.

So, to answer the question of how insurers effectively leverage emerging technologies, it’s important for insurance agents and brokers to stay ahead of the game. According to Deloitte, insurers must capitalize on emerging opportunities, whether that is through social media marketing or more efficient processes (such as remote claims adjusting) through mobile apps.

PLRisk Advisors is a leading wholesale insurance brokerage for Insurance Agents and Brokers covering the Professional Liability Market. Our team of seasoned professionals has the depth and breadth of knowledge to help our agency partners secure the best quality coverage for their clients. Please contact us today for more information at (855) 403-5982.