August 12, 2020

Can this Radical New Approach for Agents Allow them to Compete with D2C Insurers?

The insurance industry hasn’t kept pace with today’s rate of innovation.

The world is changing - faster than ever. 2020 has accelerated the way industries are adopting technology to embrace change. Workspaces are changing their designs, companies are fully adopting remote work, and more businesses are moving online. While the insurance space has been reluctant to such change, it’s clear this year will have lasting impacts and cause everyone to rethink the norm. 

Technology has changed the way we communicate, shop and experience the world — completely transforming the way we interact with companies and each other. Since online interactions are the new norm, people now expect seamless digital experiences from businesses across industries. 

Technology has broken down information barriers and created new opportunities for the frictionless exchange of information between businesses and consumers — automating previously tedious and time-consuming tasks. From commerce to banking, many industries have  leveraged technology and embraced change, but the status-quo for insurance is not working. 

The insurance industry hasn’t kept pace with today’s rate of innovation. The way people interact with insurance agents hasn’t changed much in over 150 years. Today’s tech-savvy consumers shop online for insurance and seek the ease of digital experiences that are often very difficult and costly for agents to provide. Agents are still a pivotal piece in the overall insurance landscape and are one of the main distribution channels for insurance carriers. Consumer still need a trusted advisor to educate and consult with them on the best coverage and rate.

Technology for other industries have paved the way for the entire insurance space to elevate innovation in 2020. Agents don’t have to be left behind while new D2C insurance tech companies fill this digital gap for consumers. Spending weeks chasing people down for their information, only to get policy information with white out over premiums — or worse, no information at all —  can be a thing of the past.

We’re helping agents provide the digital experience consumers demand. InsurGrid is helping to ease and automate the way  agents collect insurance information from prospects and customers. Our secure, online tool enables agents to provide prospects and customers with a seamless digital experience that’s easy to quickly connect to and share information from their current insurance providers.

We’re giving time back to the agents and consumers. We’re making the insurance buying process frictionless, simple, and delightful. Instead of wasting hours manually chasing down insurance information via email, phone or text, our agent policy tool offers agents a quick and easy way to collect the accurate insurance information they need to present a quote. Faster access to complete insurance information means agents can quickly qualify leads, efficiently manage referrals, produce more competitive quotes and effectively shorten their sales cycle.

We’re also making it easier for agents to grow their business and expand their book of business. Once prospects connect to their current insurance provider through our agent policy tool, agents securely receive all their information presenting more opportunities to cross-sell other insurance policies (e.g. auto, home, renters, life, etc.) and effectively round-out current client accounts. And, because each agent has their own unique policy tool link, it can be used in digital ads as well as email and text — offering agents a new way to re-engage past prospects and attract new ones.  

While D2C insurance tech companies work towards removing the agent, agents are still a trivial part in the distribution of insurance. Agents issue 92% of all personal lines insurance and consumers will need a trusted advisor. Agent’s won’t necessarily go away, they will be used in new ways to support the consumer buying habits, and technology will only enable them to become stronger.

Charles is the co-founder and COO at InsurGrid. He has extensive experience at high growth tech startups. He's passionate about transforming outdated industries with technology.

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