Exploit the hidden treasure of your Insurtech investment

0


Your agency may have a treasure trove of untapped potential with your unused insurance software. The good news is you can unlock that potential for more value for free, just spend some time remembering why your agency bought insurtech in the first place and choosing to explore its capabilities further.

In complex industries like insurance, B2B software often does more than agencies expect. After sprinting to set up basic workflows, it can be difficult to adjust to a steady marathon pace. Incremental experimentation, learning and training can easily go by the wayside.

Let’s look at several questions that can help you find out where these opportunities might exist.

Do employees know why you have the software?

It is not uncommon for those who decide to purchase the software to use it differently than those who will use it on a daily basis. Depending on an employee’s perspective, they may initially feel hesitant about new technology in the workplace if they don’t understand its value or rationale.

Take customer portals, for example. Many agencies want to provide self-service portals where tech-savvy clients can perform simple tasks that then reduce the time spent on paperwork and increase the opportunities for agents to act as trusted advisors. While this increases efficiency and can improve customer satisfaction for those who want quick and easy tools, agents who are used to having regular personal interactions with their customers may feel like their day-to-day communications with customers no longer have any value or may appear to be. replaced by technology.

This misperception can have cultural consequences that affect staff morale and retention and can negatively affect software adoption and use.

Without good upstream communication and a thoughtful onboarding process, your employees may view your purchase of new software as a threat or an obstacle to their work, jeopardizing the investment you made.

Are you making sufficient use of your supplier?

Dumb, headstrong agencies are often reluctant to rely too much on their software vendor because they don’t want to appear needy. But it’s essential for agencies to have regular, proactive communication with a software vendor to keep abreast of product updates, enhancements, and continuing education tools. It’s not uncommon for customers to contact us and ask us why our software can’t do what a competitor can do, when in reality our product has had the capability for years.

Here are some tips: Contact your vendor, give them your tech wishlist, and put them to work. If your supplier does not yet have a solution, you can convince them to include it on their roadmap.

Do you have a culture of learning and training?

Some agencies subject recruits to a single software tutorial. Then they ask employees to sacrifice a day a year for hands-on training laden with more material than anyone can hold on to. This means that employees are unlikely to learn new features and capabilities released throughout the year. Conversely, the agencies that benefit the most from these updates tend to have a culture of continuing education.

The key is to make training and learning part of your culture. This means making software training easily available and accessible. For example, share small, five-minute video lessons that employees can watch whenever they want, and encourage them to do so. Your provider should have a growing library of videos and be able to offer help for the best ways to use them.

The software is already yours.

The best way to make sure you get the most out of your software is through communication and training between your employees. Let employees know that the software will help them do what is most important – provide great customer service and build strong customer relationships. Communicate, implement and encourage continuing education. Agents will feel empowered to use it successfully, and uptake and satisfaction will be high. By reframing the use of software as a prized skill and cultural force, your agency will unleash untapped value and make employees happier.

The subjects
InsurTech Tech Mining

Interested in Insurtech?

Receive automatic alerts for this topic.


Leave A Reply

Your email address will not be published.