Make INSURTECH Your Most Productive Employee

In today’s market shaped by tech giants, customer service expectations have significantly increased across all industries. And the reason is simple: Technology can perform tasks that humans alone cannot. To meet and exceed these heightened customer expectations, your agency must not only embrace but leverage advanced and innovative customer service insurtech, essentially making it your most productive employee—just like the tech giants.  

What is customer service insurtech?

Insurtech, or insurance technology, encompasses all the insurance software that helps you manage your agency and deliver better results to clients. From your management system to rating engine, these are the systems you use throughout the complete insurance customer lifecycle and beyond.

Customer service insurtech specifically refers to the use of innovative technology to enhance and streamline customer service in the insurance industry. This can include the use of texting, automated renewal quoting, digital payments and other solutions to improve the customer experience.

These different solutions provide personalized services, streamline claims processing, and simplify communication processes. The key goals of customer service insurtech are to enhance customer satisfaction, retain customers, and reduce operational costs.

Having delved deeper into the concept of customer service insurtech, let’s explore some of the best software that can elevate both your customers’ experience and your agency’s overall performance.

• Keep in touch with clients through text. Everyone texts nowadays. In fact, text messaging is the most used data service in the world. You can exceed customer expectations with convenient SMS and MMS messaging that’s integrated directly into your management system. Texting integration provides an instant and convenient touchpoint that can deliver information, documents and even quotes to customers anywhere, anytime.
  At the same time, the right texting technology can help your agency capture leads by securing client contact details, risk information and quotes and auto-populating them into your agency management system. Texting technology offers a personalized experience for your customers that allows you to easily tailor your responses to the unique needs and preferences of each client, truly elevating the customer communication process.
• Enhance retention with automated renewal quoting. The hard market has driven agencies to focus on retaining their customers more than ever. Your agency can ensure that customers—especially those at risk of shopping around—are given acute focus around renewal time with automated renewal quoting.
  Automated renewal quoting uses analytic risk models to pinpoint at-risk policies and provide those clients with the extra attention they need. It allows your agency to send timely and consistent communications, which help your at-risk clients understand their policy better and make informed decisions about renewals.
  The personalized approach also ensures that their specific needs and preferences are taken into account, enhancing their satisfaction and loyalty. The right automated renewal quoting technology can also streamline the remarketing workflow by automatically quoting at-risk renewals with alternate carriers, which saves you time from manually comparing policy details.
      Ultimately, investing in automated renewal quoting insurtech leads to increased efficiency for your agency and a more satisfactory and personalized service for at-risk clients, making it a win-win situation.
• Boost your customer service and operational efficiency with automation. As your agency experiences growth and success, the demands for superior service increase. These expectations for high-level service can become challenging for a growing agency. Automation software allows your team to provide excellent service even as your business gets larger. Investing in the right automation technology can help you keep up with insureds via timely automated communication for events like birthdays and policy term changes, making every client feel top of mind.
  Automation also saves time and increases productivity by eliminating repetitive tasks from your workflow. Automation tools can even manage document sorting and attachments, eliminating hours spent tracking paperwork and allowing you to easily send the right docs to clients exactly when needed. Best of all, automation technology frees up your team for more revenue-generating tasks so that your agency can expand and elevate customer satisfaction and loyalty at the same time.
• Provide a modern digital payments experience customers want. While paper checks have been the predominant method of paying insurance premiums for decades, other industries have moved to digital payments. Customers now expect the ease and convenience of paying electronically for any product they buy.
  When your agency can offer modern, online checkout pages from any device, you get a reduction in payment processing time, accelerated deposits, and the automation of accounts receivables. This significantly decreases back-office inefficiencies and provides customers with immediate peace of mind knowing their insurance premiums have been paid.
  Digital payments also standardize and consolidate payment data into a single location, creating a seamless end-to-end digital payment experience for the customer and your agency. Investing in the right digital payments technology provides a more convenient, efficient, integrated, and secure experience that meets the needs of modern customers and fosters retention.

By investing in the right customer service insurtech, your agency can deliver superior customer service, foster customer loyalty, and drive growth and success in today’s digital age.

The author

Michael Streit is the president of EZLynx. With nearly a decade of experience in private equity operations and an MBA from Harvard Business School, Streit has become well-versed in the mechanics of deals and integrations, offering invaluable insights and contributions to the insurance industry.