Tech Boosting Your Agency Business in 2024

In 2024, insurance agencies focus on tools, renewals, learning, and AI for better operations and increased revenue.

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While the decade is all about tech transforming insurance, the year 2023 has definitely been all about Generative AI. As agencies connect individuals and businesses to the right insurance products - they will need all the help they can to provide superior experience to customers, forge stronger relationships with clients and increase sales. And the right toolkit is crucial to making this happen.

Here are four areas agencies should consider ‘technovating’ to boost their business in the coming years.

  1. Empowering Your Agent: Is your agent toolkit really helping them sell? The topmost priority for any seller tool is a mobile-first design. An agent is out building relationships, so storing all meeting information and returning to feed this into a CRM is a killjoy. It stymies productivity and lowers the enthusiasm of agents who enjoy the process of selling more than anything else. Think of tools that provide your agents a seamless mobile experience, with a single interface for all their needs - tracking client locations ahead of a meeting, searching for the right collateral to share at the next meeting, catching up with the manager for a quick chat before a meeting, capturing meeting notes, setting up reminders for follow-up. All done easily, quickly, and effortlessly on the mobile, via a single screen. 

Your agent will be ecstatic! 

  1. Nailing the Renewals Business: Now we all know that revenue from renewals are much higher than that from new business. So ensure that the tech you are using actually helps you strengthen your renewal process by,
    1. Auto-calendaring and tracking renewal dates of all products across your database
    2. Recommending the right time to follow-up on renewals based on previous history
    3. Nudging and reminding agents to engage with customers optimally

Simple fixes like this can ensure ~3x increase in revenues.

  1. Focusing on Learning and Development: With the global insurance industry trying to navigate competition, regulatory challenges and the need to innovate, it is important to weave in a culture of continuous learning within the organization to help agents and relationship managers stay ahead of their game. 

Is there a way to integrate learning into the same tool that your agents are using? Leveraging AI and ML can actually help build a strong database of winning agent behaviors and best practices which is a dynamic way of coaching agents while they are on the go. Nuggets of insightful advice and mentoring from tenured agents, managers, star performers can harbor a thriving learning culture across the agency. 

  1. Optimizing your Lead Management: A good way to rein in business is to ensure airtight lead management. Typically 5% of your leads convert. What are you doing about the remaining 95%? This is typically lost out due to various reasons. But here are the reasons you can actually fix:
    1. Leads that are not activated at the right time
    2. Leads that slip due to poor nurturing
    3. Leads that go sideways due to wrong allocation

AI and ML based technology are built to address these challenges. From pairing the right lead to the right agent based on several parameters, to nudging the agent to call them within the recommended time period, to following a strong lead nurture process backed by data insights, organizations have reported a 25% increase in conversions.

As we step into 2024 and chart our business goals, investing in the right tech can help in two ways: streamline and organize your internal processes and journeys, engage your agents with intuitive, easy-to-use technology,  and provide a roadmap to better revenues. 

 

Sponsored by ITL Partner: Vymo


ITL Partner: Vymo

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ITL Partner: Vymo

Vymo is an intelligence-driven Sales Engagement Platform built exclusively for insurance and financial services sellers and field managers. Enterprises large and small can drive higher sales productivity, build deeper client engagement, and address client needs with bottom-up insights and collaboration. 

65+ global enterprises such as Berkshire Hathaway, BNP Paribas, AIA, Generali, and Sunlife Financial have deployed the platform to deliver actionable, objective insights to its executive and their teams. Vymo has a proven revenue impact of 3-10% by improving key sales productivity metrics, such as conversion percentage, turnaround time, and sales activities per opportunity. 

Gartner recognizes Vymo as a Representative Vendor in the Sales Engagement Market Guide and by Forrester in the 2022 Wave report on sales engagement platforms.

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