Times have changed. As a result, digitization has become that buzzword we now hear every day, especially during this COVID-19 period when we must work from home. This word could mean different things to different people working in different industries. However, for insurance agents, it ought to mean optimization and improvement of workflows.
Let’s talk about John, for example. John is a seasoned freelance insurance agent who has worked in the insurance industry for more than fifteen years. During these years, he has built a huge client portfolio that he handles on a day-to-day basis. Which is great for him, because it means that his income stream has been consistent. However, he still feels that he could do better. He has bigger financial goals to meet before his retirement, which he has set for ten years from now. His only challenge is that tackling paper-heavy, manual processes barely leaves him the time to focus on chasing new sales leads. Therefore, John has started looking into digitization as a solution to optimize and improve his workflow. He believes that digitization will save him time and allow him to focus on achieving his financial goals.
This brings us to the aim of this article. Why John, and other insurance agents should, optimize and improve their workflow through digitization.
How digitization improves insurance workflows
- Record management
You want to meet your sales and financial goals. On the other hand, your clients want fast results – for you to quickly handle their claims and other queries. So, you’ll never be able to find time to concentrate on your sales and financial goals if you’re spending most of your time tackling a lot of paperwork or searching for clients’ records. Efficient record management of data, files, and claims, is the foundation of a successful business. Meaning that you need a process management system that will help you store records in one database and instantly give you access to client information in real time. As a result, you won’t lose any records and will be able to process your clients’ queries and fast-track their claims without delay.
- Impact on revenue
A process management tool will significantly improve the communication between you and the insurer. It will allow you to interact with them on the go instead of having to schedule physical meetings, which means you’ll get faster responses from insurers. As a result, you’ll be able to quickly provide your clients with answers. From a customer service perspective, this means that you’ll be able to delight your customers with timely service, leading to a great reputation. A great reputation then leads to increased referrals, enabling additional income.
- Reduced expenses
According to the Harvard Business Review, well-designed optimization and digitization programs for insurance processes can lead to sixty five percent in cost reduction. They can also improve the turnaround time by ninety percent. How? When you gather and store records and data in one database you’ll save time because you’ll be able to pull up files at the click of a button. And if you have huge amounts of records, like in the case of John above, you’ll reduce costs because you won’t need to buy manual files to keep your records.
- Time wastage
Digitization will help you save the time spent on long queues trying to get documents from insurers. This is because some digital tools are able to give you detailed quotes and enable you to guide your prospects and close your deals on the go. As a result, you can focus on finding the best products for your prospects and closing deals.
Conclusion
Spending a lot of time working hard on manual processes instead of using automated insurance tools will easily result in burnout. It may also mean that you’ll not be able to meet your sales or financial goals. Digitization solves this by optimizing your insurance processes or workflow, allowing you to concentrate on meeting your goals and growing. Therefore, if you haven’t already gone digital, there’s no better time like the present. You’ll improve your business relationships, gain a competitive edge in the market, and increase your revenue.
Do you want to stay ahead of the curve by digitizing your insurance processes but don’t know where to begin? Talk to an Agencify expert today. Email info@agencify.insure
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