Defining Insurtech and How It Can Elevate Your Business
It’s a year into the new decade, and the insurance industry is speeding up. New insurtech emerges daily, offering modern solutions to age-old insurance processes.
What exactly is insurtech? How can it help your agency advance into the future? GoGiles Consultants are insurance technology experts, here to guide you through the ins and outs of what the market has to offer.
Insurtech, as you may have guessed, is insurance technology. There are technology solutions for every insurance process. Applications become webforms. Spreadsheets become digital customer profiles. Workflows become automations. From new leads to endorsements to binding a policy, the entire insurance process can be handled online.
Agencies using insurtech have more opportunities to cross-sell, eliminate data entry mistakes and errors, and maximize profits to grow their business. MGAs can calculate risk faster and deliver proposals in minutes. All of this technology equals more quality time to dedicate to your customers.
So how do you decide which tech-based solution will be the best return on investment for your business? Well, that’s why GoGiles is here. We help you identify the areas in your business that can be brought into the twenty-first century with an insurtech solution.
Here are the main categories of insurtech with unique solutions for the insurance industry:
Agency Management Systems (AMS)
An Agency Management System is typically an online software service that insurance agencies use to organize their book of business and run day-to-day operations. Agency Management Systems are a step beyond Customer Relationship Management (CRM) systems in that they collect all customer contact information, insured and asset data, and can hold policy documentation all in one place. Many AMS’s also enable additional sales tracking or marketing tools into their platforms. Every insurance business should be using a “Software As A Service (SaaS)” Agency Management System.
Appetite Engines
An Appetite Engine is an insurance solution that allows agents and brokers to shop for products across multiple carriers for your individual customer. They are a marketplace for carriers, agents and brokers to connect with one another to sell and write insurance more efficiently. Appetite Engines save you time by providing a single platform to gather partnered carriers, and reduce the energy of generating countless proposals through separate carrier processes.
Data Solutions
Insurance data solutions serve two purposes: to store data and to analyze data. Many online data solutions do both. Data is at the heart of the insurance industry — it drives every insurance process. Data solutions give users places to house, view, analyze and take action on reported insured information.
Payment Processors
Paying for services online isn’t just for retailers. Customers and agencies alike need convenient solutions to process credit card and ACH payments. Payment processors exist on the market specifically for insurance transactions — some are even integrated directly into your AMS! Simplify financial transactions with automated digital payments to increase efficiency and maximize money coming into your business.
Quoting Platforms
Quoting platforms, similar to appetite engines, have been developed for agents to shop insurance quotes on one online system. Quoting solutions allow for a single point of data entry that returns quotes from the carrier in an instant. Eliminate time wasted on countless supplemental forms or waiting days for responses from carriers. Leverage your digital data and online automations to simplify your quoting process and improve your relationships with your customers.
Reach out to our insurance technology experts for a free consultation on the perfect strategy for your business. GoGiles Consultants will help you sift through the overwhelming number of options and guide you to the best insurtech solution for your agency.
Are you an insurtech solution provider? GoGiles consults on insurance market needs for software startups too! We love connecting industry leaders to market needs. Let us help you develop your software services to target what agents and brokers actually want for their businesses.
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