5 Insurtech Working to Improve Agency Processes, Efficiency
Independent insurance agents can find sifting through the many insurtech products to pinpoint ones suited to their needs is a daunting assignment.
But it’s an assignment they must tackle, according to agency consultant Chris Burand, founder of Chris Burand & Associates, who says that agencies themselves, not their carriers, must decide which insurtechs are best for them.
Burand last month convened a two-day Insurance Agency Showcase Summit (see Insurance Journal report: Why Agencies Shouldn’t Be Afraid of Insurtech and Need to Adopt It – Now) where several insurtech companies spoke to agency owners on the agency-specific options they offer, and the ease of deploying those different options in an agency.
Burand said that while there is no one-size-fits-all insurtech for agencies, the many different products can be integrated and tailored by agencies to their needs. “There is no single solution, is there? It’s going to take different people, different parts, different organizations to make it happen,” Burand said.
Five of the insurtechs at the summit are profiled here:
The company was formed in 2014 by insurance and technology experts who wanted to improve the independent agency system’s workflows. It currently offers ways to streamline processes and agency operations. Avyst connects with all industry stakeholders — including agents, brokers, carriers, MGAs, wholesalers and other tech vendors — through the secure sharing of data. Its first product – eForms Wizard – was designed to speed up the submission process by giving insurance professionals the ability to collect data at any time, even while offline. It also partners with other insurtech firms to help enable efficiency for agents. It currently has about 8,000 users and works with around 200 agencies.
The firm said it plans to release a new service called Avyst Interview that offers a guided interview process for agents to talk with applicants about products that are less common or have complex underwriting guidelines.
The company is always looking at agency-focused opportunities that enable the efficiency of independent agent channels, according to Kitty Ambers, chief growth officer for Avyst. “We position ourselves as what we call enablers. We want to enable you to be successful by just helping you transform your digital world. Nothing dramatic, a lot of times the things that we implement in our customer’s businesses are pretty simple things,” Ambers said.
As a young agent running his own insurance agency, Keagan Henson thought there had to be a better way for agents to market themselves and attract the business they want to write. So he built the BriteBee online directory that helps agents increase their digital exposure both locally and across the country and match them with customers in the niches they want to write. Henson has since sold his agency and is now completely focused on helping agents use technology and optimize their use of data.
“BriteBee is building technology to help insurance agents and carriers increase their exposure online,” Henson said.
He compared BriteBee to Yelp or Google My Business for agencies and agents. “We want you to shine bright to people when they’re searching online so that people can find you when they’re searching for a problem and a solution to their problem,” he said.
Customers searching for insurance can be directed to the BriteBee site, where agents and agencies can market themselves, complete with customer reviews and testimonials. “Once they land on the BriteBee site, we then use better connection tools to get each visitor quickly pointed to agencies and agents better equipped to meet their needs,” BriteBee says. He said that means agents are able to focus on accounts that best fit their expertise and product lines and, ultimately, better meet their customers needs while utilizing fewer resources.
This article originally appeared on insurancejournal.com To read the full article and see the images, click here.
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