ePayPolicy Helps Boutique Agency LEGISequine Boost AR

by Uncategorized

“Horsemen Insuring Horsemen.” That’s the motto of Burbank, California-based LEGISequine. LEGIS agents and staff are passionate about horses, each bringing firsthand experience owning, showing, training, officiating and/or managing equine events. They also have highly specialized insurance knowledge. If it’s a risk associated with a horse or horse business, LEGIS insures it.

Operations Manager Sarah Rajoy shares how ePayPolicy is helping this high-end niche agency.

“We’re a small boutique agency with about 2,000 active clients nationwide. We work with high-net-worth clients, who have high expectations. We’re a luxury item (insurance) for a luxury item (horses). Our clients expect superb service. LEGIS delivers, and ePayPolicy delivers for us.”

Prior to moving to ePayPolicy in August 2020, LEGIS had another online payment system that Sarah describes as “dumb,” because clients could submit a payment, but it did not track to an actual invoice. The agency found ePayPolicy through Vertafore. LEGIS uses Vertafore’s AMS360 management system and integration was (and still is) a major selling point.*

Who Benefits from ePayPolicy

LEGIS agents are happy to offer multiple payment options. “Horse people are on the road a lot for shows and such. Payment due alerts give them time to move money if they need to. And they can pay from anywhere,” Sarah says. “It’s more convenient than writing checks. We also encourage automated payments so our clients can ‘set it and forget it.’”

Sarah’s favorite benefit? Not having to chase down payments. “It’s not my staff’s favorite task,” she admits. ePayPolicy sends out receivables notices, thus automating the dunning process. Sarah comments on the impact:

“I was looking at the numbers. We have decreased our aging receivables by 75 percent. That’s huge!”

Above-and-Beyond Service

Sarah makes a point of mentioning ePayPolicy’s above-and-beyond service. “I know we’re not the typical ePayPolicy client. Sometimes you’ll get a vendor that throws up their hands at a request. They say, ‘No way. That’s impossible. It won’t work.’ Not ePayPolicy. They work with you.” As an example, LEGIS had a situation involving collaboration between ePayPolicy and Vertafore engineers. Sarah says: “It was tricky. But they stayed on it and they got it done.”

In fact, she says the whole team has been great to work with. “Our service rep (Al) stays in touch just to check in. Sarah explains: “The more you live in a high-service community, the more you refuse to tolerate poor service yourself. ePayPolicy provides a caliber of service that we’re proud to offer our clients.”

Advice to Other Agencies

If you’re not sure about offering online payments or about choosing a digital payment processor for your agency, consider LEGISequine’s experience. “The biggest thing we learned is how much we could allocate resources away from AR and use them to write new business. We put that staff time into quoting and issuing policies. When you’re small and lean like LEGIS, that’s been the biggest win of all.”

*ePayPolicy integrates with today’s most popular agency management systems. If you don’t see your AMS here, please ask. Likely we’re in negotiations with your system vendor right now!

It Pays to be In Our Payment Network

by Digital Payment Processing

There’s more to ePayPolicy than taking digital payments from insureds. You can also take—and make—payments across all insurance verticals. The ePayPolicy Payment Network connects independent agencies, brokers, MGAs and premium finance companies with each other, as well as to carriers and insureds.

 

How Network payables work

Sending payments to partners within the Payables Network

The Payables feature within the ePayPolicy dashboard lets you send funds to any agency, broker, MGA or premium finance company across the industry for only $ .50 per transaction (less than the cost of a stamp).

Anyone with a paid ePayPolicy subscription can both receive and send payments.

Sending payments to partners outside the Network

Need to send funds to an agency, broker, MGA or PFC that doesn’t use ePayPolicy to collect payments? No problem. Simply have them sign up with us for a  free payment account.

 

Benefits of Payables Network membership

Many of the same benefits of ePayPolicy as a payment collection portal apply to leveraging ePayPolicy as a digital payment portal:

  • Enjoy fast, secure payments
  • Go paperless — Eliminate checks to insurance partners (and help save the planet)
  • Low per-payment fee — You can’t even mail a check for $.50
  • Easily track outgoing funds in the dashboard — Accounting staff love it!
  • Payee info is stored — No need to gather additional information 

Also:

  • Collect commissions and refunds faster, without waiting for a check
  • Simplify accounting — Funds from Network members go directly into your account

 

Join the Payables Network

Sign up for an ePayPolicy ePayPolicy subscription today.

Already have an ePayPolicy subscription? Learn more about paying with ePayPolicy.

Or, simply set up a free payment account* to exchange payments within the Network.

 

*Free accounts do not include a payment page.

 

 

Big Sky Underwriters: An Early Adopter of Digital Payments

by Client Spotlight Series

Todd Stoudt has been with Big Sky since 2018, but his history with ePayPolicy goes back to his previous job. They had ePayPolicy at his Hull & Company agency in Pennsylvania. When Todd was offered the Accounting Lead position at Big Sky, he thought digital payments/ePayPolicy would be something new he could bring to the table.

Turns out, Big Sky had been using ePayPolicy since our earliest days (2016)! 

Todd reflects, “Coming from another office, nothing caught me off guard. It was what I was used to.” That helped make his transition smooth.

Biggest Benefits 

“We didn’t have specific problems that we needed to fix with ePayPolicy,” Todd explains. “We have a diligent person doing our AR, so there’s little bad debt or collection issues here.”

Yet when one arises, ePayPolicy is a great tool for late receivables and debt collection. “We force our agents to use ePayPolicy to clear any bad debt. Once we start issuing cancellations, I see the automatic emails come in, letting us know the payment’s been made.”

Another benefit is lump sum payments. “Our agents get their statements, reconcile, and send one lump sum. We get an automatic email about the batches, then we manually apply the payments that come in through ePayPolicy,” explains Todd.

Who’s Paying Digitally

He says, “Most of our payments are from agencies. When an agent pays us, it’s almost always ACH. Our direct payers are a mix of ACH and credit card, but mostly ACH.”

Much as Todd would like to convert everyone to online payments, Big Sky still processes a lot of checks. They’ve put in a lock box to make it safe to drop them off during COVID-19. 

Favorite Features

Todd offers his thoughts without hesitation: “Auto emails. I see when something is or is not paid. I don’t have to log into the portal. All three of us in Accounting rely on the emails to know when payments are made.” 

He also likes that ePayPolicy is so simple to use. “We direct first-time payers to the website and they can figure it out. They have the option of using a card or ACH.”

For his team, too, Todd appreciates the simplicity. “You literally can’t get confused. The fields are there for a reason. We rarely get a payment where we don’t know where to apply it.”

Other features Todd likes about us:

  • Batch in the bank is easy
  • Having the payment link on the Big Sky website
  • Being able to access information in the portal and the emails both
  • Knowing when they’re approaching a bad debt

He also says good things about our customer service. “We rarely have an issue, but it’s always solved quickly.”:

Advice to Other Agencies

If you’re on the fence about offering digital payments, Todd suggests you use Big Sky as an example. “We pay $50 a month for it.* If you can absorb that cost, go for it.” 

* Monthly fee for our Custom Plan.

About Big Sky Underwriters

Big Sky Underwriters is an independent MGA based in Missoula, Montana. The agency has been in business since 1955, and is now a division of Hull & Company, LLC. Licensed in all 50 states, Big Sky’s business mix is primarily commercial and agribusiness, along with personal lines and some religious groups. Big Sky has 35 employees and made $5 million in revenue last year.

How Independent Agents Can Communicate with Today’s Digital Consumers

by Business Strategy

Today, the business world is increasingly digital. Consumers constantly turn to online resources to find information, and independent insurance agencies need to be part of that landscape if they want to connect with clients.

The sheer volume of options can make developing an online strategy challenging. After all, as an independent agent, your time is valuable, so you need to know which approaches are more likely to yield results and resonate with your clients.

If you aren’t sure where to begin, here are some standout options for communicating with today’s digital consumers as an independent insurance agency.

How to Communicate with Today’s Digital Consumers

Facebook Groups

While traditional Facebook posts and comments can allow you to connect with your clients and prospects, adding a Facebook Group into the mix is beneficial. With a Facebook Group, you still get to communicate directly with your clients, but you also create a space where clients can help one another.

It provides a simple platform where clients can ask questions and share experiences. Along with getting responses from your team, they can also gather insights from other insureds.

Facebook Groups also make sharing major announcements simple. The information is accessible to an engaged audience who gets notifications, increasing the odds that it’ll get noticed.

Client Toolkits

A client toolkit is an online central repository of helpful information and tools. This can be anything from how-to guides, checklists, FAQs, or other resources that clients may find valuable.

With a client toolkit, selling isn’t the primary goal. Instead, it’s about positioning your independent insurance agency as a go-to resource for helpful tips, tricks, and insights, drawing clients in with the wealth of handy information, increasing engagement, and bolstering your brand.

Videos on Social Media

Today, video is the content-sharing approach du jour. It’s one of the most popular mechanisms for enhancing engagement on most social media platforms and is a solid option for developing your brand’s voice.

Video can be a great way to share updates and/or helpful resources. Plus, most social media video formats are embeddable on websites, allowing you to add valuable ones to your client toolkit with ease.

Email Newsletters and Surveys

Email newsletters are a classic option for sharing information with clients. One of the simplest approaches involves sharing an overview of a blog, announcement, or similar content and then including a link that directs the reader to the actual post to learn more. Not only does this let you keep your newsletter short and enticing, but it also boosts traffic to your other pages.

When it comes to follow-up, emailed survey links are one of the easiest options. You can use them to gauge the client experience, giving you the ability to find any areas where improvement is beneficial.

How to Increase Engagement with Your Online Resources

At times, if you want to boost engagement with your online resources, independent agents should consider incentivizing participation. By, for example, sending swag, an eBook, or something similar after a client signs up with your newsletter, you’re rewarding them for engaging with your agency.

The incentive doesn’t have to be expensive to be effective. As long as it is helpful or useful — providing value over being part of a sales pitch — it can potentially be a winner.

Looking for More Independent Insurance Agency Tips?

At ePayPolicy, we understand the importance of engaging with your clients. If you’d like more tips about how independent agents can connect with today’s digital consumers, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.

Arizona Agency Values the Simplicity of ePayPolicy

by Client Spotlight Series

Dick Gufstason founded Dickson Insurance in Mesa, Arizona in 1995. Today it is run by Dick’s sons Simon and Jake, who took the reins in 2010. Jake started with the agency in 1998, specializing in trucking insurance. He then branched out, now also selling personal lines and managing the agency’s accounting functions.

Jake says Dickson has had the ability to handle credit card and ACH payments for 10 years. The problem was, they had to be manually entered. The agency also took a lot of fax checks. Jake wanted a system to relieve the manual entry burden. He also didn’t want to worry about the high fees his credit card processor charged him.

How Dickson Chose ePayPolicy

Dickson Insurance is big on industry referrals. Their website lists recommended professionals ranging from real estate agents and title companies to janitorial and auto glass repair services. In this case, it was IIABAZ that connected Jake with ePayPolicy.

Jake saw ePayPolicy listed on the IIABAZ site as a recommended product. He says, “They called me. We went through a demo. I made the decision based on that interaction. Within a day it was up and running. It made total sense.”

The timing of that call was perfect. Dickson installed ePayPolicy in 2019. “It turned out to be great for us during COVID,” he mentions.

He also shares that Dickson’s business has doubled “three or four times” since 2012. Their business mix is 80 percent trucking/business insurance and 20 percent personal lines. Most of the growth comes from trucking. Jake is happy to have a secure payment system in place “with that kind of money flowing through the agency.”

Customer Response to Digital Payment

They did not promote credit card or ACH payment much prior to ePayPolicy because those payments were almost as time-intensive to process as checks (and expensive). 

He says, “I still have to promote it to my agents. They’re stuck in their old way of doing things.” But since COVID, that’s really changing.”

He says most customers who use ePayPolicy use ACH rather than credit or debit cards. There are still the occasional few who don’t want to pay even a $3 transaction fee* but otherwise, Dickson customers love the convenience.

Benefits to the Agency

According to Jake, the top three benefits Dickson Insurance gets from ePayPolicy are:

  1. “It’s a time saver for me, not having to deposit money.”
  2. “The ease of using it; it streamlines taking money from the customer.” 
  3. “If someone’s credit card payment isn’t approved, we know right away.”

He’s also pleased with ePayPolicy’s service. “CSR has been great. I had to switch banks and sent a message to support through the portal. We got a call back right away. No problem.”

Advice to Other Agencies

Jake is direct in his recommendation: “If you are taking a lot of payments in-house, this is a function that will ease the process for the entire agency. For your agents and your accounting staff, it eases the entire process.”

* ePayPolicy passes the transaction fee along to the payer, separating it out from the payment and depositing only what the agency is owed. This net funding process provides a simple and easy way for accounting to track and manage inbound digital payments.

 

Features Feature: AutoPay and Recurring Payments

by Digital Payment Processing

ePayPolicy offers two features that make payment a “set it, and forget it” proposition for those paying you. We get a lot of questions about the difference between AutoPay and Recurring Payments. Here’s a quick overview to take the mystery out of these convenient features:

Recurring Payments

Recurring payments are available with our Custom Payment Page subscription. The ability to set up recurring payments is embedded right on your payment page to make the payment experience seamless for your payer. Once the payer is logged in, a simple toggle turns it on and they can set up payments to occur on a set schedule. The payer sets the start date and end date, according to frequency (e.g., monthly, semiannually).

The payer can easily track payments directly through your payment page on the Recurring Payments page. You can also track their recurring payments through your dashboard.

Main benefits: Payers don’t have to remember when payments are due. They control the schedule of payments and can turn the feature on themselves and change the schedule at any time, if needed.

AutoPay

This feature is available to clients with an Integration. We integrate with today’s most popular management systems, with new ones being continuously added. (Here’s a list of current integrations.)
AutoPay is automatically enabled so your payers are ready to set up automatic payments for their account. Payment is made directly from the payer’s account (ACH or debit or credit card) as soon as an invoice is posted from the management system. The payer gets an automatic e-receipt of the transaction and the activity writes directly back into the management system.

Main benefit: It’s all done automatically—for your payer, and for you. It guarantees that your invoices will be paid as soon as you submit them to your payers—making things simple for you and your clients.

Which is better for your agency?

Both Recurring Payments and AutoPay add an extra layer of convenience—the whole point of offering digital insurance payments. Both reduce (or even eliminate) the problem of missed or late payments. Both offer you and the payer the ability to easily track when payments are made.

The difference is your ePayPolicy subscription. If you’re not ready to integrate ePayPolicy with your AMS (or if we don’t yet integrate with your management system), you can’t go wrong with a Custom Payment Page subscription, offering your payers the easy option of turning on recurring payments.

For more information on ePayPolicy features, follow us on Facebook. Already a client? Be sure to join our Facebook Users Group!

Tech Evangelist Stephanie Beninati Describes ePayPolicy in Two Words

by Client Spotlight Series

Strategic Insurance Services (SIS) is a woman-owned agency specializing in industry-specific insurance and hard to place risk. Based in Denver, SIS is licensed in 18 states.

Broker/owner Stephanie Beninati says she’s been trying to implement processes and technology “from day one.” But finding solutions for SIS hasn’t been easy. “We do construction and excess and surplus lines. We don’t write with the big carriers, where you can type in a few things and get a quote. Our policies don’t download into our system.” She adds: “Where other agents may talk to a client once a year, I’m on the phone all the time. Our clients constantly have urgent needs (e.g., subcontractor certificates). We love it—but it’s time-intensive. ”

Stephanie’s a big fan of third-party vendors. She’s always on the lookout for partners who can automate business functions and make things easier for her clients. Two years ago, she switched her agency management to EZLynx.

Credit Card Payments

Next up on her list: a system to process credit card payments. Initially, she signed up with a credit card company. But they charged a hefty percentage per transaction. She knew there had to be a better way. She asked and asked. Finally, at a PIIAC event, she picked up an ePayPolicy brochure. And there was her answer: a digital payment portal designed exclusively for the insurance industry.

Stephanie describes ePayPolicy in two words: so easy. “I just called them up. It took five minutes. It was so easy to set it up. I did the 10-minute intro training and haven’t had to call them since.”

“ePayPolicy literally changed my life”

She mentions again that she outsources as much as possible. “I hired a guy to handle our AP/AR who was willing to learn our EZLynx and ePayPolicy. Ever since:

    • People have an easy way to pay
    • Everything gets paid on time
    • We no longer have to chase people down for money. We just give them the payment link and they can pay on the spot.
    • I don’t ever have to look at money!”

Advice on Technology

“As a society, we are moving faster and faster, and you have to adapt. You have to be smarter and quicker than others to survive. Technology is the revolution.”

Of her highly specialized work, Stephanie says, “I can train people on the business, but they have to have that fire in their belly, that “how do I make it better?” attitude. I look for people with tech backgrounds, or the willingness to learn new technologies—just like I’ve done myself.”

She’s so committed to speed, ease, and efficiency that she even switched SIS over to Macs and said goodbye to her PCs. Her employees were fully comfortable in just a few days. Like ePayPolicy, she describes Mac and the iOS operating system as “so easy.”

Advice on using ePayPolicy

ePayPolicy took a problem most insurance agencies didn’t yet see as a problem. And they engineered digital payment technology that’s easy to implement and use.

Stephanie says: “There is no reason in this day and age not to offer credit card and ACH payment.”

Her reasoning: “Taking money should be the easiest thing we do. Once we sell the product, if we can’t get paid for it, our cash flow suffers. Writing a big check makes you feel bad. No wonder clients drag that payment out. Digital payment is instant. When clients can pay quickly, they do. And they feel good.”

Plus, “It makes you look like a larger agency.”

5 Creative Ways to Connect with Leads

by Business Strategy

As an independent agent, you’re always on the hunt for new leads. But lead generation can be surprisingly tricky. Many of the classic techniques are a bit tired. They won’t help your small insurance agency stand out from the competition, causing you to miss out on potential new clients.

Luckily, by using some creative approaches, you can do more than boost lead generation; you can start genuinely nurturing leads. Not only will you get more interest, but your conversion rates will also improve, allowing you to turn more leads into customers.

If you are looking for fresh, effective ways to connect with leads, here are five outstanding options.

5 Creative Ways to Generate and Nurture New Leads

1. Create Engaging Content

Today, we live in a content-driven world. Videos, blog posts, infographics… they all help you connect with an audience, including new leads.

The key to content, though, is to focus on making it engaging. The quality of what you produce matters, as many prospective clients will view what you share as an indication of your attention-to-detail, knowledge level, and more.

Your content also establishes your independent agency’s voice. Make sure you define the personality of your agency’s online presence and work to align everything you do with that perspective. That way, where you post on a single platform or several, it all feels cohesive.

2. Share Thought Leader Insights

A thought leader is a recognized industry expert that’s usually seen as being on the cutting-edge of an industry. Along with being well-informed, they share unique, powerful insights with the masses. They may answer questions on forums, post informative social media or blog content, guest write for high-authority websites (with a backlink in the piece), and more.

By positioning yourself as a thought leader, you boost your independent insurance agency’s reach and standing. It allows you to establish your expertise in a way that can connect with new leads, driving interest and online traffic toward your agency organically.

3. Become a Knowledge Hub

While social media posts and blogs tend to focus on timely issues, not all of that content is evergreen. Some of the topics become less relevant as time passes, making it less likely to keep generating leads.

Luckily, by using a secondary approach, you can overcome that challenge. By establishing your independent agency as a knowledge hub, you’re viewed as a resource that’s worth returning to over the long-term. Make sure to publish certain evergreen content like white papers, informative articles, eBooks, and other pieces that will be as valuable today as they will be tomorrow.

If you want to go the extra mile, offer some of it up on your website, but harness the best pieces’ potential by using them as lead magnets. For example, send the eBook only after a person signs up for your email newsletter. That way, you can get contact details for new leads.

4. Leverage Your Client Base

Your existing clients can be a great resource when you’re focusing on lead generations. Customer reviews are great for generating positive buzz, while webinars can keep clients engaged over the longer term. Case studies can also be powerful, allowing you to show others how your current clients benefit from your services.

When you go this route, you’re making your agency more authentic and tangible. Plus, it can bump up your relatability, humanizing your agency just a bit more.

5. Provide Useful Templates and Checklists

Simple templates and checklists can be great options for drawing in and nurturing leads. They provide the current or prospective clients with immediate value by helping them accomplish a task or handle a situation.

For potential clients, a quick checklist that helps people make sure they have all of the insurance bases covered could be a great start. Budgeting spreadsheets, how-to guides for choosing insurance plans, and similar options are excellent, too.

Just make sure that the templates and checklists are about providing value above all else. It isn’t about being salesy; it’s about being helpful. That way, your content is supportive and caring, a position that can work in your favor.

Looking for More Independent Insurance Agency Tips?

At ePayPolicy, we understand the importance of lead generation and lead nurturing. If you’d like more tips about how independent agents can capture new leads and increase conversions, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.

Updating Your Tech Stack for 2021

by Business Strategy

Today, technology is at the heart of nearly every insurance agency. Independent agents rely heavily on a range of systems, allowing them to organize operations, manage client data, attract new customers, and work more efficiently.

While your current technology may have served you well in the past, new advances emerge seemingly every day. If you don’t update your tech stack regularly, you’re missing out on cutting-edge features and capabilities that can take your agency to the next level.

Luckily, updating your tech stack for 2021 doesn’t have to be difficult. If you aren’t sure how to tackle it, here’s what you need to know.

What Is a Tech Stack?

Generally speaking, a tech stack is a set of technology tools that helps you manage your independent insurance agency. Usually, it features a combination of solutions, ensuring all of your major needs are covered by an effective and efficient tech system.

Precisely what you’ll be in your tech stack can vary from one agency to the next. However, for independent agents, most of the solutions are going to be Software-as-a-Service (SaaS) solutions, allowing you to get robust tech at a fraction of the price of managing it on-site.

Updating your tech stack lets you tap emerging trends and harness cutting-edge technologies. You’re creating an opportunity to get the best of what the SaaS landscape has to offer, ensuring you aren’t held back by old-school software that isn’t designed to meet the needs of today’s leading agencies.

How to Choose New SaaS Technology

When you’re selecting new SaaS solutions, your main goal should be to simplify your technology and automate as much of your workflow as possible. It’s all about enhancing operational ease while simultaneously boosting the quality of your work.

If you aren’t sure how to begin building your tech stack for 2021, here’s a step-by-step process you can follow.

Understand the Tech Stack Categories

Updating your tech stack shouldn’t be a haphazard undertaking. It’s all about ensuring your critical bases are covered. One way to make that as easy as possible is to take a moment to learn about tech stack categories.

Each tech stack category is essentially a single functional business area independent agents usually need to manage. Here’s a quick overview of each one, as well as some example solutions.

Sales

Sales solutions make it easier to manage prospects, qualify leads, and pursue new clients. They provide opportunities for task automation, allowing you to streamline workflows, boost the efficiency of your sales team, and generate better results.

Some popular sales tools include:

  • Relationship Management (CRM) – Salesforce, Hubspot, Pipedrive
  • Meeting Software – Calendly, Google Calendar, GoToMeeting
  • Tracking and Analytics – Google Analytics, Tableau

Marketing

With marketing software, it’s all about generating highly qualified leads, crafting personalized purchasing journeys, and creating meaningful interactions that move contacts through the funnel.

Some widely used marketing tools include:

  • Email Automation (MailChimp, HubSpot, Marketo)
  • Social Media Management (Sprout Social, HubSpot, Hootsuite)
  • Social Media Presence (Facebook, Twitter, LinkedIn, Instagram, Pinterest, TikTok)
  • Digital Advertising (Google Marketing, Google Ads, AdRoll, AdHawk)

Collaboration

Collaboration SaaS solutions ease communication between your team members. These support messaging, file-sharing, video conferencing, and more.

Here’s a list at some popular collaboration tools:

  • Messaging (Slack, Skype for Business, Microsoft Teams)
  • File-Sharing / Document Collaboration (Dropbox, Google Drive, OneDrive)
  • Virtual Work / Video Conferencing (GoToMeeting, Zoom, Google Hangouts)
  • Task / Project Management (Trello, Asana, Google Calendar, Accelo)

Client Experience

Client experience solutions make it easy for people to do business with you. They simplify contact, payments, and similar needs, ensuring you can offer an optimal customer experience (CX).

Some widely preferred client experience tools include:

  • Payment Gateways (ePayPolicy, PayPal, ApplePay, etc.)
  • Website (Browser/device compatibility, website building tools)
  • Data Security (McAfee, DUO Security, Oracle, IBM Security, LastPass)
  • Client Referral Management (Rocket Referrals) 

Customer Support

With customer support tech, it’s all about boosting CX. These systems focus on critical areas like client communication and customer interaction, ensuring you can be reached whenever the need arises.

Here’s a list of popular customer support tools:

  • Live Chat (InterCom, Zendesk, Podium, LiveChat, Drift)
  • Self-Service (Chatbots, Online FAQs)
  • Phone-Based Support (VoIP, Text Messaging, RingCentral)

Review Your Current Tech Stack

After you get to know the types of solutions present in an independent agency tech stack, it’s time to review what you have in place today. Consider whether each system you have actually meets your needs, as well as what category it represents.

Essentially, you want to audit your tech stack to identify missing segments and to determine if it’s the best setup for you. If you’ve ever found yourself frustrated with a system, including because of clunky operation, a subpar toolset, or anything else, then it could be time to make a switch.

Keep It Simple and Effective

When you’re building your tech stack for 2021, keep it simple. It isn’t about getting every solution; it’s about choosing the right mix of systems based on your needs and goals.

When you decide to add a new piece of tech, or replace an existing solution with something better suited to your operations, create a roadmap for implementation before you begin. You don’t want to overwhelm your team by bringing in a ton of new systems all at once. Instead, pace yourself, bringing in new solutions after your team has had a chance to get comfortable with the last implementation.

By using that approach, you can update your tech stack efficiently, keeping everything simple and boosting your agency’s effectiveness every step of the way.

Looking for More Independent Insurance Agency Tips?

At ePayPolicy, we understand the power of a great tech stack. If you’d like more tips about how independent agents can update their tech stack for the new year or how they can boost their business, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.

Updating Your Tech Stack for 2021

by Canada

Today, technology is at the heart of nearly every insurance brokerage.  Brokers rely heavily on a range of systems, allowing them to organize operations, manage client data, attract new customers, and work more efficiently.

While your current technology may have served you well in the past, new advances emerge seemingly every day. If you don’t update your tech stack regularly, you’re missing out on cutting-edge features and capabilities that can take your brokerage to the next level.

Luckily, updating your tech stack for 2021 doesn’t have to be difficult. If you aren’t sure how to tackle it, here’s what you need to know.

What Is a Tech Stack?

Generally speaking, a tech stack is a set of technology tools that helps you manage your  insurance brokerage. Usually, it features a combination of solutions, ensuring all of your major needs are covered by an effective and efficient tech system.

Precisely what you’ll be in your tech stack can vary from one brokerage to the next. However, for  brokers, most of the solutions are going to be Software-as-a-Service (SaaS) solutions, allowing you to get robust tech at a fraction of the price of managing it on-site.

Updating your tech stack lets you tap emerging trends and harness cutting-edge technologies. You’re creating an opportunity to get the best of what the SaaS landscape has to offer, ensuring you aren’t held back by old-school software that isn’t designed to meet the needs of today’s leading brokerages.

How to Choose New SaaS Technology

When you’re selecting new SaaS solutions, your main goal should be to simplify your technology and automate as much of your workflow as possible. It’s all about enhancing operational ease while simultaneously boosting the quality of your work.

If you aren’t sure how to begin building your tech stack for 2021, here’s a step-by-step process you can follow.

Understand the Tech Stack Categories

Updating your tech stack shouldn’t be a haphazard undertaking. It’s all about ensuring your critical bases are covered. One way to make that as easy as possible is to take a moment to learn about tech stack categories.

Each tech stack category is essentially a single functional business area  brokers usually need to manage. Here’s a quick overview of each one, as well as some example solutions.

Sales

Sales solutions make it easier to manage prospects, qualify leads, and pursue new clients. They provide opportunities for task automation, allowing you to streamline workflows, boost the efficiency of your sales team, and generate better results.

Some popular sales tools include:

·        Customer Relationship Management (CRM) – Salesforce, Hubspot, Pipedrive

·        Meeting Software – Calendly, Google Calendar, GoToMeeting

·        Tracking and Analytics – Google Analytics, Tableau

Marketing

With marketing software, it’s all about generating highly qualified leads, crafting personalized purchasing journeys, and creating meaningful interactions that move contacts through the funnel.

Some widely used marketing tools include:

·        Email Automation (MailChimp, HubSpot, Marketo)

·        Social Media Management (Sprout Social, HubSpot, Hootsuite)

·        Social Media Presence (Facebook, Twitter, LinkedIn, Instagram, Pinterest, TikTok)

·        Digital Advertising (Google Marketing, Google Ads, AdRoll, AdHawk)

Collaboration

Collaboration SaaS solutions ease communication between your team members. These support messaging, file-sharing, video conferencing, and more.

Here’s a list at some popular collaboration tools:

·        Messaging (Slack, Skype for Business, Microsoft Teams)

·        File-Sharing / Document Collaboration (Dropbox, Google Drive, OneDrive)

·        Virtual Work / Video Conferencing (GoToMeeting, Zoom, Google Hangouts)

·        Task / Project Management (Trello, Asana, Google Calendar, Accelo)

Client Experience

Client experience solutions make it easy for people to do business with you. They simplify contact, payments, and similar needs, ensuring you can offer an optimal customer experience (CX).

Some widely preferred client experience tools include:

·        Payment Gateways (ePayPolicy, PayPal, ApplePay, etc.)

·       Website (Browser/device compatibility, website, building tools)

·       Data Security (McAfee, DUO Security, Oracle, IBM, Security, LastPass)

·       Client Referral Management (Rocket Referrals) 

Customer Support

With customer support tech, it’s all about boosting CX. These systems focus on critical areas like client communication and customer interaction, ensuring you can be reached whenever the need arises.

Here’s a list of popular customer support tools:

·        Live Chat (InterCom, Zendesk, Podium, LiveChat, Drift)

·        Self-Service (Chatbots, Online FAQs)

·        Phone-Based Support (VoIP, Text Messaging, RingCentral)

Review Your Current Tech Stack

After you get to know the types of solutions present in an  brokerage tech stack, it’s time to review what you have in place today. Consider whether each system you have actually meets your needs, as well as what category it represents.

Essentially, you want to audit your tech stack to identify missing segments and to determine if it’s the best setup for you. If you’ve ever found yourself frustrated with a system, including because of clunky operation, a subpar toolset, or anything else, then it could be time to make a switch.

Keep It Simple and Effective

When you’re building your tech stack for 2021, keep it simple. It isn’t about getting every solution; it’s about choosing the right mix of systems based on your needs and goals.

When you decide to add a new piece of tech, or replace an existing solution with something better suited to your operations, create a roadmap for implementation before you begin. You don’t want to overwhelm your team by bringing in a ton of new systems all at once. Instead, pace yourself, bringing in new solutions after your team has had a chance to get comfortable with the last implementation.

By using that approach, you can update your tech stack efficiently, keeping everything simple and boosting your brokerage’s effectiveness every step of the way.

Looking for More Insurance Brokerage Tips?

At ePayPolicy, we understand the power of a great tech stack. If you’d like more tips about how  brokers can update their tech stack for the new year or how they can boost their business, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.