Yes, the infamous buzzword of "InsurTech" is still around and to some peoples' dismay it's not going anywhere.
So, rather than run and hide from this new technology it might be time to see if it's something that will truly assist your agency.
Also, yes, we know time and resources are limited so taking the time to investigate these technologies doesn't always seem like the best use of time, but hopefully these simple questions will help accelerate the process for you.
"As customer expectations for speed and customization continue to increase independent agents will need to adopt new technology to stay relevant. Forunately, there are technology companies that will make great partners by putting the agent first, and it's important that agents are asking the right questons to identify them."
1) Who is the technology targeted at? Find technology that is designed to help agents! That seems pretty basic, but a lot of technology is designed not for agents, but rathers carriers and customers.
Trying to fit technology into your agency that wasn't designed for your agency seems like a lot of work for minimal gains.
2) How does the technology integrate into existing systems? Ideally, new technology can easily merge with existing systems, but that is not always the case.
Some times Insurtech vendors tout their existing relationships and partnerships, but make sure they are continually driving to add more relationships and partners to make sure the technology can adapt to a variety of systems.
3) What are you trying to fix? If you don't have a defined problem you are trying to solve, then yes, the process of exploring tech companies can seem daunting. So, don't start with the tech, start with yourself first and discover areas where you need help.
Make sure any InsurTech you adopt can pull reports and metrics to showcase if the technology is truly solving the problem you set out to fix.
4) Where does the money go? If you cannot get a straight answer on initial pricing and renewal pricing, then cut bait and move on.
Why partner with a company that cannot be transparent right off the bat?
5) Is this company going to be around next year, next month, or next week? Yes, a lot of these InsurTech companies are start-ups, so there is inherently some risk, but do some due diligence to see what other companies are working with this new vendor or find out their long-term vision.
These are not the be-all end-all solutions, but these questions should help agents drastically cutdown on the time they spend looking at these InsurTech companies, and will help you find true partners and not just another company selling the hottest new thing.
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