The insurance broker market is currently fairly stable. However, like any industry it is likely to be affected by future shifts in political circumstances, economic change, as well as tech disruption. A focus on boosting sales and retention is a must in this industry and software has a big part to play in helping anyone in the insurance broker business to do this efficiently and effectively so as to future proof against incoming change.
Why is software so essential to insurance brokers?
40% of insurance brokers think that the sector hasn’t done enough to embrace innovation. There have been plenty of issues for the industry to deal with, from legacy systems to the problems that can arise when it comes to new technology and customer service However, solutions exist to these obstacles today and the right software can help insurance brokers become more innovative, finding new ways to boost sales and retention to drive the business forward.
A single interface to deliver better customer service
For any business, the challenge of ensuring that those who have direct contact with customers are able to provide a seamless customer experience is a common one. Working with software means that there is a single user interface from which all other processes and actions can be controlled. Agents have access to tools that allow interactions to be managed across numerous channels, from risk services through to CRM and digital channels, such as social media. By centralising everything it’s possible to deliver a superior customer service that will contribute significantly to increased sales and retention for the business.
Driving up efficiency to bring costs down
With insurance broker software it’s possible to streamline operations to make them more efficient, freeing up resources to plough into driving up sales. From document management, through to creating quotes and setting appointments – even managing the onboarding process – everything can be handled in a centralised and holistic way when there is software in place to manage this.
Reducing departmental silos
In any business, departmental silos can be problematic and undermine the process of growth and better selling. Software enables insurance broker businesses to eliminate silos by making information and data accessible right across the business. No matter where key data is stored it is available to anyone in the business, not just those who operate in the department it relates to. This opens up opportunities for improving customer service and retention, as well as identifying new ways to make key sales.
Most of the conversations around data have concerned compliance with regulations such as the GDPR in the past year. However, it’s important to remember that data also holds the key to business growth. Data generated about customer behaviours, goals, wants, needs and preferences can be crucial to driving marketing and sales and improving retention rates. Software not only provides options for organising data for compliance purposes but also so that it can be used to input into strategic decision making too.
Software has an essential role to play in insurance broker businesses and has many benefits for those looking to increase sales and retention. Contact us to find out more.