A no-nonsense guide for Main Street insurance businesses.
Tech isn’t a trendy accessory but a strategic necessity
By Landon Bentham
In the realm of Main Street insurance businesses, the integration of new technologies is less about glitz and glam and more about pragmatic steps towards growth. Agencies that have their roots set in generations gone by are understandably hesitant to jump into the fast-paced waters of insurtech and digital solutions. By and large, the owners and employees of these agencies have carved out their own piece of the pie and it’s satisfying enough.
However, as the industry shifts around us, our success (and dare I say survival) will depend heavily on matching traditional values with technology. While the prospect of evolving might seem like a challenge, this guide aims to offer a straightforward roadmap for small businesses looking to leverage technology effectively.
Here in our agency, we have taken a deliberately paced approach to how we think about our future. It has given new energy to our staff and is contributing to outsized growth on our balance sheet. It’s my hope that through these examples you will find practical applications and ways you can follow a similar path.
Acknowledging the shift
In a world where insurance businesses are at a crossroads between tradition and technology, the first step is acknowledging that tech isn’t a trendy accessory but a strategic necessity. Before jumping into the tech fray, take a moment to understand the shifts in customer expectations and the opportunities tech presents for your business. Even if you believe “my customers don’t want a text message,” think again!
You (agency owners and agents) have the fortune, or misfortune, of operating and working in a world in the age of Amazon and Apple. These corporations and many others have conditioned our entire national consumer base to want information fast and accurate, all while improving the speed in procuring anything you may want or desire. Here’s the secret: You serve these same people.
That said, you must also start to coach your team. For them, the shift necessitates changing processes and procedures. In our agency, we begin each morning with a team huddle. This allows us to inform the staff and talk about the changing landscape of insurance and the world at large. We intentionally drop information far in advance of any new tech being brought into the agency and how it might one day impact the way they do business. This helps them to better understand the need for change in their daily work.
When agency leadership and staff are all on the same page with shifts in our industry, there are fewer surprises when it demands a change.
Evaluating current practices
Before you start adopting new tech, take a step back to evaluate your current practices. No need for fancy metaphors—just identify what’s working and what’s not. This is about recognizing operational inefficiencies and understanding how technology can realistically enhance your workflow. When you start to dig in, you will be surprised just how much improvement can be made.
We recently made a much-needed switch in our AMS here in our office. This was born out of the pain that was being caused by our legacy system being flexed to do more than it was originally designed to do. In plain words, we had to duplicate notes, messages, risk information, and contact data endlessly.
As we began researching new tech, we realized just how much time was being wasted daily in the agency and flagged those practices to be corrected immediately.
Also, a theme you will notice: Get your team involved in this assessment! Their insights are invaluable for pinpointing the nitty-gritty issues that need addressing. The goal with this is to figure out where tech can genuinely make a difference, not to host a motivational workshop. Set up a time to jump headfirst into the lives of your CSRs and sales staff. It will be eye opening for you and will be invaluable in your evaluation of any new tech you hope to implement.
The future belongs to those who can seamlessly
blend tried-and-true service with technology,
creating a symphony that resonates
with both clients and team members.
Prioritizing tech investments
In the world of small budgets, strategic investment means focusing on immediate needs and long-term goals. Don’t go for a tech shopping spree; instead, tackle the pain points that are hindering your operational efficiency.
Start with quick wins. If client management is a hassle, look into a cost-effective AMS system. If your phone system is still patched together with wires and manila-colored phones … start there. These targeted moves lay the foundation for more comprehensive tech enhancements down the line.
You also must prioritize technology that more easily talks with other tech—think APIs for my tech-friendly audience. The smoother one system can talk to another the better. Now, it’s almost impossible to find affordable technology that always accomplishes this. Just make smart decisions after a review of whatever technology problem you are trying to solve.
One side note: I get it; doing business locally means seeking out people in your community to provide technology services that you may need. Just keep in mind, if their solutions don’t talk with mainstream systems, you will struggle with the investment. Working with mainstream tech might just have to outweigh working with your buddy who owns a computer technology outfit.
User-friendly solutions
Forget about high-end fancy systems. In real life, your team needs tech that doesn’t require a computer science degree. Opt for solutions with user-friendly interfaces—it’s less about raw computing power and more about practicality. Your team needs to vet the system interfaces you are exploring. This will help you greatly when it’s time to implement.
The goal is smooth integration, not a tech-induced headache. Keep the learning curve gentle to ensure that your employees embrace, not resist, the change.
We developed a five-year plan to implement pieces of technology into our business. It started with basic things like VoIP, new PCs, multi-monitor setups that look and feel like today’s workstations, nice webcams, and LED lighting in the office spaces. These environmental upgrades primed the pump for workflow upgrades.
The computers had the processing capacity, and our people then had the emotional capacity to venture down uncharted paths.
Navigating compliance
While not the most thrilling aspect, compliance is crucial. No need for a grand ballroom metaphor here—just ensure that your tech moves comply with the necessary regulations. Consult with legal experts to simplify the process without compromising on compliance standards.
A great example here would be to check with your E&O carrier about how adding VAs to your workforce would potentially expose you. You can also have an independent set of eyes to help ensure that the documentation portion of your technology is satisfactory. Check with your state associations about how they might help. Much of the new tech out there requires fewer manual keystrokes. Just make sure you are capturing what you need.
Think of it as ticking the necessary boxes without drowning in bureaucratic red tape. Small agencies can adhere to basic standards without getting entangled in the complexities faced by their larger counterparts.
Practical training
This is the most important aspect of new technology. Training doesn’t have to be a fine dining experience. Keep it practical and focused on tangible benefits. Show your team how tech changes make their lives easier instead of bombarding them with tech jargon.
In our office, we tend to find that one or two people really enjoy getting used to the new technology. We immediately involve them in helping others in the office understand how specific technology can make their work lives easier. I mentioned before that we have huddles with our team every morning. This has been a perfect time for us to invite team members to share tips and tricks about the new systems they are working with.
This isn’t a gourmet cooking class; it’s a crash course in efficiency. Employees should see the practical implications of these changes in their day-to-day tasks. Keep it simple, keep it relevant, and then get out of the team’s way!
Measuring impact
Forget about fancy key performance indicators that require you to pull data from eight sources of information. Look at tangible results and how they are aligned with your business’s sales and service goals.
Regularly assess the effectiveness and gather feedback from your team. This isn’t about applause and accolades; it’s about understanding what’s working and what needs tweaking. Be ready to adapt based on the evolving needs of your business and the industry.
In conclusion
In the realm of Main Street insurance, where tradition meets the relentless march of technology, the need for evolution is undeniable. As our industry undergoes seismic shifts, our ability to match traditional values with cutting-edge technology becomes the linchpin of our success, if not our very survival. While the road to technological transformation may seem daunting, it’s one we’ve treaded deliberately here in our agency, and the results speak volumes—not just on the balance sheet but in rejuvenated energy among our staff.
Customers, conditioned by industry giants, now expect information at the speed of light, challenging our conventional practices. Yet, with intentional communication and a commitment to keeping our team in the loop, we’ve found that navigating this shift becomes a shared journey rather than a solo dance.
In the grand finale of our tech evolution, the stage is set not just for our agency but for every Main Street insurance business willing to embrace change. The future belongs to those who can seamlessly blend tried-and-true service with technology, creating a symphony that resonates with both clients and team members. So, as the curtains draw on this guide, the invitation is extended—step onto the tech dance floor, find your rhythm, and let the evolution unfold.
The author
Landon Bentham joined Callahan & Rice Insurance Group, Inc., in 2015. He has led the way in modernizing his family’s 50-plus year-old agency. From niche insurance markets to integrating new technologies into the sales and service processes, he has begun a transformation of the business with the hopes of building upon the legacy that previous generations built before him. Landon is the former chairman of the IIANC Young Agents Committee (iLEAD) and was just recently (2022) appointed to the Board of Directors for the IIANC. He won Young Agent of the Year for the IIANC in 2021 and 2022 and was named in the top 40 under 40 in 2015 from the Fayetteville Observer.He currently also serves the Rick Herrema Foundation (RHF) locally on their board of directors and executive committee.
