Value over Cost: The True Worth of Software to Insurance Brokers

value of technology

In these austere times, we understand the general reticence about investing in new technology. After all, it can be perceived as a potentially expensive outlay. Especially when the legacy technology you’ve got installed has served you so well for so long.

We get the fact that you probably need convincing that the outlay is worth it. As indeed you should.

The reality however, is that the value of keeping pace with innovation can be critical to a business’ future prosperity. If the people within your company are its beating heart, then the technology you deploy are the arteries that keep the blood flowing and the beats regular.

And healthy, unclogged arteries are the way you maintain a healthy heart.

Our businesses need cholesterol-free software.

Why should we embrace technology in the workplace?

  • To maximise efficiency?
  • To improve productivity?
  • To drive sales?
  • Reduce costs?
  • Increase profits?

The overriding question we ask therefore, being: is your IT system and business software capable of unleashing the full potential of your staff, your products, and your services?

We’re living in an age of extraordinary technological change. Innovations in the way we communicate, the way we transact and the way we conduct general activities are brought to market on a virtually daily basis. The internet, mobile communication, the cloud, and digital applications permeate everything we do; no longer separate entities from the ‘real’ physical world, but a ubiquitous presence.

And this is where modern, insurance industry tailored software can deliver exponential value to a business.

Insurance brokers have never been averse to using technology in their business. It’s been a fundamental aspect of the industry since the first big computer boom of the 1980s. Legacy systems, designed in-house to make the office run a bit smoother, to help process claims and provide a data storage solution.

One of the limitations of a legacy system, however, is that, in order to keep pace with rapidly evolving technology, upgrades to equipment and software are required. Sometimes these upgrades are needed on frequent basis, just to keep up. Almost always with a cost – be it via business disruption, purchasing new licences, or the fees attached to implement the upgrade – and often in such a way that the overall system becomes disjointed. Where one piece of software is required for data storage, another for claims processing, another for reporting.

If this sounds familiar, then there’s a case for investigating your options.

The real value of modern insurance software

Software as a Service & The Cloud

Make no mistake, the impact that cloud technology has had on the world has been spectacular. And embracing it into your business make-up can deliver long-term returns.

It’s the platform for safe, secure and efficient data storage. But that’s only the starting point of its capability. As a platform for software as a service (SaaS) broker’s now have the facility to instantly access business critical software directly from the cloud. No need for time-sapping and costly upgrades, or the purchasing of updated licences.

Software that’s up-to-date – always – adding a layer of security (outdated software poses greater breach risks) and added cost-efficiencies.

How?

By removing redundant software that serves only to clog up a system, streamlining your system with integrated services tailored to meet your specific requirements.

Automation

Key to improved productivity is automation.

One need only look at the way in which society operates today to see the value placed in simplicity and unfussy processes. Our mobiles are full of apps to make life a bit easier, be it in practical needs or pursuits of pleasure: from Google Maps to our preferred betting app.

It’s one-click purchasing on Amazon, or the instant play of the next episode of our favourite Netflix show. Simple, unfussy – fast.

Modern insurance technology has the ability to deliver this valued commodity to its clients; providing simple, easy-to-follow processes through a series of automated systems. It’s a two-fold benefit, enhancing both the experience of the customer – crucial in customer retention and future business (particularly in a social media reviewing world) – while also improving productivity in the brokerage. If your system is taking care of the process and the paperwork (or lack thereof), there’s greater scope to follow up on leads, to engage with clients and to drive those sales forward.

Customer Relations

Speaking of customer engagement, let’s not forget that this remains the bedrock of success for all progressive brokerages.

There was a time, not so long ago, when agents for insurers and brokers would be the feet on the street, experts in their territory, engaging with clients in their homes about the policies relevant to them, their families and their properties.

The traditional success of brokerages has been founded upon strong relationships with their clients. And it’s a misnomer to think that the internet has changed that.

Service, engagement and faith that you are purchasing from a trusted supplier who’s an authority in their industry all have as high a value today as they did when the local agent used to stop in for tea and biscuits every Thursday evening, back in the 1970s.

New technology presents brokers with the facility to the deliver exactly this kind of insightful service, simplicity and effective after-sales care – all upon the instantly accessed digital platforms our customers are used to operating on in other areas of their life.

Technology that delivers relevant and valued interaction with customers; from social media engagement, to instant messaging and automated reporting. Presenting a service that demonstrates an understanding of its client needs, accurately, intuitively. And offering solutions based upon these needs, bespoke to the individual – increasing sales and customer retention potential.

But is it really affordable?

Yes, changing to a modern software package that delivers cloud-based, mobile-enabled and customer engaging services will require an investment. And it’s not a decision to be made lightly.

But it’s a consideration that’s growing increasingly important in such a rapidly innovating environment.

Automation equals efficiency in the workplace. And efficiency equates to improved productivity. Where staff are spending time on paperwork, admin and authority checks, they could be following up on new leads, delivering laser-targeted products and services based on big data customer insight.

Modernised software is not a luxury item; but an investment that delivers genuine, swiftly felt value to a business. An investment that offers returns, and delivers on productivity, engagement and profit.

An investment that meets the needs of today, while ready to embrace the challenges to come.