The Complete Guide to Setting Up a Digital Insurance Agency Operating System

02.27.23 12:57 PM By Baird
Setting up a digital insurance agency operating system doesn't have to be difficult. With the right steps and resources, your agency can easily create an effective system that meets all of the regulatory requirements while managing customer data efficiently. We put together this guide so you can start maximizing your digital presence today!

Determine Optimal Insurance Agency Tech Stack.

One of the very first steps in setting up a digital insurance agency operating system is to determine your optimal tech stack. Take into account what you already have, what areas you need to focus on, and any new technology that will make processes easier in the long-run. Consider cloud computing solutions and data storage that meet your compliance requirements while allowing scalability and future customer growth. This will set the foundation for a successful digital insurance agency operating system.

Set Up The Insurance Agency Management Software Systems. 

After you’ve determined which technology solutions you need for your digital operating system, the next step is to set up the insurance agency management software systems. This includes an agent portal to manage all of your client information, workflow automation solutions to streamline processes like policy issuance, and carrier rating systems that show quotes – this will ensure agents have the best rate options available. Additionally, automated underwriting capabilities can also be beneficial in digital insurance agencies.

Utilize Video Conferencing Platforms.

Utilize video conferencing platforms such as Zoom, Google Hangouts, or Skype to bring your clients onboard. With a digital insurance agency operating system, you can create a personalized onboarding experience for every client. By leveraging these platforms, you will be able to discuss policy language, show customers scenarios for better understanding, and explain any terms that may be confusing. Additionally, this platform ensures all communication is documented ensuring high levels of customer service.

Automate Non-Essential Processes with AI Technology.

AI technology can help automate non-essential processes that normally require a lot of time and manpower to maintain. From streamlining payment processing, automating customer service inquiries, to setting emails to send at certain times or specific triggers, AI can help speed up the process and maintain your profits with the same level of efficiency. In addition, AI technologies such as natural language processing (NLP) can extend automation even further by quickly responding to voice queries using chatbots.  For ideas look at the ACT website.

Build Out the Agency Operating System to Maximize Agency Revenue and Customer Service.

Setting up the foundation for an agency operating system is essential for success. To get the most out of your AI-driven platform, make sure you build out specific components that maximize your customer service and optimize revenues from the start. Identify processes across all aspects of your business to leverage AI technologies, such as automation and NLP. With proper resource allocation, this will ensure that customers can interact with agents quickly and reliably while you focus on catapulting profit margins.