Understanding Insurance Agency Goals

Understanding Insurance Agency Goals

According to Cline of ACTS, not everyone needs to be a technical specialist to know what they need in their agency technology.

“So when you think about an agent, most went into insurance because they wanted to be insurance professionals or they wanted to work in the industry but now they have to be a marketing professional, a cyber insurance professional, a data privacy professional,” she added. “Now we’re telling them they need to be technologists.”

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According to Mulcahy of SIAA, while attempting to streamline efficiency in independent agencies, it is critical to remember to get back to the basics.

“First, we inform everyone… I wish I didn’t have to inform everyone… “However, you must have a website, a Google profile, and an agency management system,” he stated. “Yes, we still run into people who don’t have these things, unfortunately.”

Mulcahy observes certain agencies making errors because they lack a proper mechanism for keeping their data up to date, downloaded, reconciled, and consistent. “That’s a big problem and I think a lot of people don’t focus on having the process in place by which they use their technology.”

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He also believes that there is a substantial requirement for agencies to have a robust CRM in place today. “I think in this day and age, most people should have one to manage your communications with your current customers, and with your prospects.”

If you haven’t already, make the switch to paperless and VOIP phone systems, according to Mulchay. When it comes to agency E&O exposures, both are good risk management tools for documentation.

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However, Mulcahy emphasized that technology is not the final aim.

“Technology helps you to achieve a business goal,” he went on to say. Any management system will improve efficiency. “It just comes down to understanding the system and implementing the right processes.”

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