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How Technology has Transformed Insurance

By Zaira Fernandez, CA Regional VP, Univista Insurance

Zaira Fernandez, CA Regional VP, Univista Insurance

Nowadays, we are no longer faced with handwriting insurance applications or forcing customers through what it seemed was a police interrogation process in order to obtain an accurate rate quote. Intelligent automation has provided a more advanced system for insurance companies to carry out repetitive tasks such as quotes, renewals, and claim processing. Instant electronic reports provide the client’s violation history, household members information, VIN numbers, and even any unpaid premium balances left with previous carriers. These pre-populated insurance applications allow agents to gather all the necessary information instantly, and thus, allowing us to place policies where they better fit.

"In an ever evolving, highly competitive world, it's important to leverage technology to gain competitive advantage"

New platforms have allowed companies to take advantage of paperless filing, which improves organization without filing cabinets and piles of folders in storage. Documents are stored digitally, which means the need for printing is often unnecessary.

Technology has reached our industry in a big way and we are nowhere near the finish line. As we wait to have the new solution come out and amaze us, we must recognize that the time for action is now. Regardless of the size of the agency, it is important to appreciate the programs available to us by using them efficiently. Recognizing our strengths and weaknesses are a great way to start; and identifying the type of business being written is as important as identifying what is not. In fact, writing three times as much of the same type of business may not add up to three times more revenue in the long run. While duplicating sales sounds like music to anyone’s ears, taking care of the existing policies better ensures that they will sustain another term. In the end, this tactic will result in a much healthier and therefore, more profitable book of business. Quickly identifying any glitch that interferes with policy retention will allow us to retain clients at a higher rate.

Using a software to manage your business is now a modern necessity to streamline overall operations. The platforms offered can give us the information needed in a matter of seconds. It is critical for us to understand our current needs, percentages, and performance stats. We need to know exactly where we stand in order to predict where we are heading in the future. Knowing the likelihood of surveillance for every policy written gives us the power of making wiser and better-informed decisions. Writing the policy is less than half of the work, the “follow up” has to continue long after the policy is issued. We need to make sure that we recognize the opportunity that the customer has provided us by maintaining a non-invasive way of communication with each insured. We need to prove to them that we care to protect their assets and well-being as much as we care for their business. Doing so will improve the chances of cross-selling and improve the life expectancy of the policies.

In an ever evolving, highly competitive world, it's important to leverage technology to gain competitive advantage. High insurance technology adoption, and advances in artificial intelligence will continue to blur the ever-thinning line between humans and machines in our industry.

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