Analyzing your data and metrics will help you discover critical insights your agency needs to grow. Data analytics applications will help you gather, process and analyze your data in real time for greater insights into your efforts and outcomes. Data metrics can also help your agency become a data-powered organization to help drive greater employee productivity, identify new sales opportunities, identify and act on approaching renewals, and focus time on valuable insurer relationships. Agencies that utilize Data analytics are 20% more profitable than
There are roughly about 4.3 billion email users worldwide accounting for 149,153 emails being sent out every minute. Considering that an average email user receives about 88 emails per day, chances are, the marketing emails that you send out are most likely unread or go straight to trash. Like it or not, that’s the reality. But don’t give up on your email marketing strategy yet. Email drip campaigns are a promising new way for agencies to tackle this issue. In case
In 2016, the estimated total number of independent Agencies in the United States stood at 38,000, according to Independent Insurance Agents & Brokers of America Inc. Given the huge number, it comes as no surprise that the competition is extensive to run an agency profitably. Today, we will examine 7 steps that can guide an agent towards success.
1. Be available:
We all know the success story of the half bitten Apple. At InsuredMine we are not kidding when we draw the analogy with what happened at Insuretech Connect 2018 (ITC2018). Despite a complete experience with two days of exposure, meetings, and attending sessions, we know we only took a bite of the apple; we know there is so much more to explore and experience, but most importantly, to learn and grow.
Insurance customer expectation and engagement was way different than it is today and is changing at a rapid pace. Companies like Google, Amazon eBay, and Netflix have leveraged technology and flipped business models completely upside down. Since technology is fostering “I want it when I want it and how I want it” motto, we can’t expect the customers to demand any less when it comes to insurance.
Today 4 out of 5 customers are way different than Jack’s customers years ago, because though they trust Jack just as equally today, they still compare and verify
Engagement is a tricky term. It is halfway to a promise, but a long way from commitment. Agent-customer relationships also work in a similar fashion. Customer engagement is the depth of the relationship a customer has with a brand. Although engagement is a good sign that leads to a prospective customer, how we navigate from the first interaction until the customer commits plays a key role. Some strategies on how we can achieve customer engagement are discussed here and we are confident these strategies will work for all agents.
It is next to impossible to find an industry that technology has not penetrated. Especially with the insurance industry, gone are the days of making appointments with the insurance agents, negotiating in person on the price, or making frequent trips to pay your premiums. With digitization, the click of a few buttons brings everything to your fingertips through downloading an app or logging in to a website. Transacting online has become the norm today for most people. The Insurance sector, in particular, has benefited from this dramatic shift to
It is said that extinction is the rule and survival is the exception!
But when it comes to the dinosaurs of the insurance industry, you can’t help but wonder about what it is that makes them so resistant to extinction, even though nothing about them has changed for about a century. Have they adapted so exceptionally well or did modern day economics fail to penetrate them through technology, process, or people? This also deepens the curiosity when you notice that the average age of top 45 insurance companies on the
It takes a lot of hard work and determination to set up a small business. Startups face many challenges such as getting funding, finding innovative product ideas, and competing in an already established market. These challenges keep surfacing and every hindrance that decides the future of the startup. Running a newly established business also has an unknown number of risks. It is extremely important to determine your risk absorbing capacity and start an insurance plan for your business. A startup also implies continuous changes to the structure of the business and it is crucial to notice
It was more than 20 years ago that IBM’s chess-playing computer Deep Blue won a game against Garry Kasparov, the then chess world champion. It was a striking triumph for artificial intelligence (AI) and was a wake-up call to the AI community.
Because chess is a combination of pure calculation and deep strategy borne of experience, Deep Blue’s victory demonstrated that such “hybrid” logical/experiential realms are for the taking in the AI world.