Consumers Expectations Fuel Growth of InsurTech Across Agencies & Brokers

The following post is written by ePayPolicy, one of IIANC’s newest solution provider that enables agents and brokers to accept credit card and ACH payments online, while also allowing the transaction fees to be covered by the payer.

If you’ve noticed a huge surge in automated insurance solutions, you’re absolutely right. Driven by today’s tech-savvy consumers, InsurTech is booming. While not the earliest adopters of technology, the insurance industry is rapidly catching up and making significant strides. According to industry statistics, some 90 percent of agencies use an AMS. Chances are you’re reaping the benefits of your AMS system (Vertafore, Applied 24, other) to streamline your operations even as you read this.

Welcome to the digital age of InsurTech!

You’re working smarter due to technology within your agency. So what about your client-facing technology? Quite frankly, clients are way ahead of all of us in the tech adoption department. Consumers today are not only demanding, but getting, service on-demand digitally, from a variety of sources.

A prime example is food delivery. Thanks to apps like GrubHub, Doordash, and Postmates, the term “take-out” now means ordering from your favorite restaurant and having the food delivered right to your door — for an extra fee.

Convenience can be defined in several ways:  time, accessibility, usability, design. Different consumers have their own definition, and it’s important a product or service caters to all their needs. It’s not just about the rate they pay, but the level of support, customer care, the ease of use of the company’s services. If consumers aren’t 100% satisfied with every aspect of the transaction — and every interaction with the vendor — they have plenty of other options that offer the same service.

This is the standard technology has set for service delivery in the digital age.

Your clients are mobile

With the growth of digital, consumers are conducting more business via their mobile devices. Some 40% of online transactions are happening via mobile.* A busy business owner orders supplies, books travel and even pays the company’s credit card bill with a few clicks of a button. Their business is not confined to “business hours,” because their phone/tablet allows them to multitask out in the field, or pay business bills from their home, hotel room or truck. It’s anything but business as usual.

Using InsurTech to bridge the convenience gap

Finding the middle ground of what the consumer is expecting and what can be delivered is key. Take for example payment processing, consumers prefer the convenience of digital payments over paper checks, however, historically accepting credit cards and ACH payments were either too costly or complicated. But with a company like ePayPolicy that passes the transaction fees onto the payer and not the broker or agency both parties can mutually benefit.

Where to start with InsurTech Providers

With so many InsurTech providers in the marketplace, it’s easy to get overwhelmed. The best place to start is internally. Working with your team and creating an action plan around your client’s needs will align your organization and provide significant value as you attend trade shows and product demos throughout the year.

The writer of this post, Todd Sorrel, has been serving the insurance industry since 2001. He’s currently co-founder of ePayPolicy in Austin, Texas. When he’s not speeding up insurance receivables, he loves hanging with Meghan and their three kids, Paige, John and Redford.

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