Why You Should Hire an Independent Insurance Agency Consultant

by Business Strategy

Someone asks you what you do for a living. You answer:
(a) I sell insurance. OR
(b) I advise business owners on managing risk and protecting their assets.

True, your agency does “sell” insurance, but behind every policy recommendation is your valuable knowledge and experience. Your clients rely on you for insurance advice because they know they need insurance, and insurance is not their core competency. This is why you need an independent insurance agency consultant. 

Any responsible independent agent is constantly looking for ways to improve and grow their agency. It’s a given that you’re going to need specialized knowledge to guide you. Since such expertise is not likely to be found within the agency, you need a consultant. Your accountant and attorney are excellent examples of this because they are trusted business advisors (a.k.a. consultants).

How Else do Independent Insurance Agencies Use Outside Business Consultants?
Consultants can offer you advice in any number of areas including:

— Operations
— Strategic planning
— Sales
— Marketing
— InsurTech
— Efficiency
— Leadership
— Staff motivation
— Executive coaching/life coaching

Just to name a few!

When you’re seeking expertise in a particular area, it pays to contract the best you can find. The main benefits of using a top-notch insurance agency consultant include:

1. You don’t know what you don’t know, but consultants do. They offer an objective, insightful view of where you are now, logical next steps, and how to measure improvement.

2. Consultants are specialists in their field, bringing you a depth of knowledge as well as the latest trends and tools your agency can use for specific areas of improvement.

3. They can draw from what’s worked for clients similar to your agency, but they can also draw from clients outside of your industry. 

In short, business consultants make your business better.

Experience with Insurance Consultants
We say this from the vantage point of being part of the insurance industry’s ecosphere. ePayPolicy’s niche is IndieTech. As such, we get to rub elbows with and learn from experts across the spectrum of industry vendors and consultants.

One of our all-time favorite coaches/consultants is Mike Stromsoe at unstoppableprofitproducer.com.  Mike’s goal is to help independent insurance agencies become (wait for it …) “unstoppable.”

Things we love about Mike Stromsoe: 

1. He’s been there/done that when it comes to insurance and is still doing it. Mike joined his father’s agency in 1986 and then started his own agency from scratch. It grew from $0 to $1M in revenue in just nine years. He still runs this agency, along with two other businesses. 

2. Mike is the real deal. He delivers results based on practical, proven methods developed over decades in business. For example, Mike’s most recent book The Unstoppable Profit Producer offers “a proven 3-step blueprint to grow your business and live your life on your terms.”

3. Mike states that “millionaire agents and entrepreneurs think and act differently than others.” Do you think and act like a millionaire entrepreneur yet

4. Mike Stromsoe has graciously offered his services for the 2020 InsurTech Award, presented by ePayPolicy.

That’s right.The 2020 InsurTech Award grand prize winner will get cash, products and services valued at $7,500, including a full year of consulting with Mike Stromsoe. From niche marketing to client nurturing and goal setting, Mike can help you tackle any business challenge you’re facing, or any goal you’re looking to reach.

Want to Score Some Quality Time with Mike Stromsoe?
Start by going to the 2020 InsurTech Award website and applying for free—it only takes 15 minutes! Regardless of your score or if you win the Grand prize, every agency applicant will get a customized Insurance Technology Adoption (ITA) Score, with valuable tips to help you become more competitive. 

Read up on the award’s purpose and judging criteria. When you’re ready, apply here.

P.S You may also want to check out “Money Follows Trust,” a Mike Stromsoe podcast featuring our own Todd Sorrel.

7 Ways to Speed Up Your Agency’s Receivables

by Business Strategy

We’ve all had them. Chronic late payers. Clients who violate your payment terms can wreak havoc with your agency’s cash flow.  

Add to that the reality of COVID-19. It’s anything but business as usual. This makes it more important than ever to rev up your payment collection and make sure you get paid timely.  

You may know businesses that protect themselves against accounts receivable losses with A/R insurance/trade credit insurance. You may even be one of the specialty brokers that sell it. We hope you will never need such coverage. 

Yet you should not need to shield yourself from late- and non-paying policyholders. The key is to speed up the payment process and minimize the chance of non-payment. We’ve put together 7 tips to help with just that and speed up your agency’s receivables.

#1 Go Digital 

We’ve said it before and we’ll say it again: consumers (including businesses) have long since embraced digital payments. They live in a 24/7 digital world and they expect to pay instantaneously for purchases. The keyword here is “instantaneously.” It’s 2020. It’s time. 

#2 Offer Payment Options 

The trends in payment choice are clear. Debit cards, credit cards, and ACH (direct payment) are on the rise. The move away from checks (and cash) was already accelerating before “touchless” payments became a public safety essential. Choice means clients are not tied to any one payment method. They can earn points on their Visa card this month or use their AmEx or a debit card next month.

#3 Make it Easy to Pay

Don’t stress about having to layer an e-commerce platform onto your website. You don’t need this in order to make online payments a breeze for your policyholders. First, be upfront about it. Don’t make people have to search for your payment page. They’ll get frustrated.  A link from your invoice template and a “pay now” button on your website will do the trick. Check out our PayNow page for an example. Once clients are aware you offer Credit Card/ACH payment, they’ll quickly convert into delighted digital payers.

#4 Deliver Help on Demand 

Sometimes even tech-savvy clients have questions or need help making their payment. They expect instant support (because they’re used to it from the other vendors). Be prepared to answer their questions, whether it is through chat, in an email, or over the phone, and have resources in hand that can help them solve problems on their own.

#5 Enable Automatic Payments

Many policies require multiple payments, either monthly, quarterly, or semiannually. This creates multiple opportunities for clients to put off making payments. And you can never predict which client or which payment will be late! Offering recurring payments is a “set it and forget it” convenience for them. Equally important, it makes your receivables timely and predictable.

#6 Automate the Dunning Process

Imagine freeing your staff from sending out hundreds of invoice reminders and late payment notices each month. It’s a necessary task but consumes a lot of staff time. Switching to automated emails makes sure these notices go out on schedule. At ePayPolicy, our invoice reminders feature makes it even easier by creating automated emails for your team.

#7 Integrate with your AMS

If you’re already using a management system, you know the power of automating business functions across your agency. While there are a number of industry-agnostic payment processors out there (e.g., PayPal, Square, etc.) you’ll be better served with one that is designed specifically for independent insurance agents/brokers and that integrates with your management system. We’re proud to partner with many of today’s most popular providers. 

The Bottom Line

We know it’s cliche, but time really is money. Your time, and your client’s time, is valuable. When it comes to paying insurance premiums, you both have a “need for speed.” If your goal is to turbocharge your receivables, you need to minimize slow-pay opportunities. The best way to do that is with client-pleasing digital payments.

ePayPolicy is here to help. Feel free to wander around our website. When you’re ready,  get started.

How Generation X Affects Your Insurance Agency

by Business Strategy

Generation X. You know them, even if you can’t picture them as easy as a ‘Baby Boomer’ or ‘Millennial.’ They are squeezed between those generations at home and in the workforce, and they are a massive market composed of business-owning, tech-using, money-making people with little time and careful trust. 

The bottom line is, Generation X affects your insurance agency as an independent agent’s largest target market. They need to be able to work with you authentically and efficiently in order to earn and keep their business.

What we Know About Generation X

They are sometimes referred to as the ‘Sandwich Generation’ because they’re squeezed between two generations at home. Gen X are the ones making life and healthcare decisions for elderly parents, while also raising their own families. Oh, and likely owning and running a business.

Not to be overshadowed by Baby Boomers and Millennials, they deserve notice in their own right. Marketers of all kinds of products, from financial planning to makeup, see them as a hot market segment. And as business owners, they’re prime candidates for commercial insurance.

How Generation X Could Affect Your Agency

There are plenty of reasons for independent insurance agencies to appeal to Generation X.

Size
There are 82 million of them in the U.S. That’s more than the aging Boomers (76 million).

Longevity
At 40-55 (in 2020), Gen X-ers have plenty of business-owning years ahead of them. They are also seeking long-term solutions and partnerships when it comes to business.

Financial status

— Gen Xers outspend all other generations.
— They earn 31 percent of all US income.
— They’re projected to hold 31 percent of US net wealth by the end of this decade.

Business
These are America’s small business owners and entrepreneurs. If you’re looking for decision-makers in the construction industry, financial services or real estate (among other entrepreneurial niches), you’ll find them in Generation X. 

In short, these previously “invisible” go-getters have buying power and are decision-makers for their businesses. They have insurance needs that you can fill and they want to work with agents who will provide them resources that last years in the future. 

How to Engage with Generation X

If you think these middle-aged business owners are tech-averse, you couldn’t be more wrong. This generation are heavy tech users and early adopters. Remember, they’re the ones who first used personal computers and invented and shaped crucial technologies (e.g., the internet).

At the same time, they grew up in a pre-digital world, and they have not turned away from these roots. You can expect them to move fluidly between traditional media, digital devices, and apps. 

Here are some marketing insights to keep in mind as you plan your Gen X client outreach and retention strategies.

Where to Reach Them?

Online: They live online, on their mobile phones and handheld devices.

Social media: They’re obsessed with it—especially Facebook.

Videos: Not surprisingly, the ‘MTV’ generation watch a lot of videos. Primarily using YouTube and Facebook but increasingly watch TV shows and movies on their mobile devices.

Traditional Media: Members of this generation still consume non-digital media. They read newspapers and magazines, and listen to the radio. 

What’s Important to Them?

Information: They demand it, and do research both offline and online. If your website doesn’t deliver, they’ll click away and never look back.

Values: They’re all about work/life balance and family, family, family.

Authenticity: It’s the number one thing they respond to. They have enough business experience to know when something doesn’t ring true. So keep things real—and personal!

Personal Focus: See Values and Authenticity, above. Also, Gen Xers love stories.  Show them how your service will improve their life and business. Real-world narratives/case studies work well. 

Loyalty: They’ll reward you with it. Unlike their more skeptical and brand-agnostic kids, Generation X does not flit from brand to brand. They do research up front, including review reading and writing. Once you sign them and deliver value, they’re not likely to stray.

Maintaining humanity in a tech-driven world: The word humanity bubbles up in many articles about Generation X. They’re seen as the keepers of what was (and still is) good about connecting non-digitally and keeping tech-driven communication genuine and caring.

The world reminds us that even when tech-enhanced, insurance is by nature a relationship business. Remember that personal touch, and know that success today means meeting your clients where they live (online) and making it easy and convenient for them to do business with you. Generation X expects and deserves no less.

Are You Ready for Their Business?

As you can see, doing business with these busy, big-spenders requires a solid InsurTech foundation. It also requires sensitivity to their reality and their unique values. Gen X-ers are juggling high-pressure work, multi-generational families and financial demands.

Be sure you have a simple tech solution for your Gen X clients to bind their policy and make payments. Our online payment page makes this easy for you and your customers, with the added benefit of integrating with a majority of Agency Management Systems.

Check out your options for collecting digital payments, and give Gen X another reason to love your agency.

Optimizing Your Agency Tech Stack For Your New Remote Workforce

by Business Strategy

There’s one lesson we’ll all take away from the coronavirus pandemic: remote work is here to stay. It’s a viable and even preferable way of conducting business. Why? Because it expands our productivity outside the physical office. Even with your agents and staff engaging from home during this time, your operations didn’t grind to a halt. 

Going forward, it makes smart business sense to plan for more, not less remote work. With or without social distancing, there are many good reasons to enable remote work. For example, team members inevitably get stuck at home with a sick child or spouse. Rather than lose those work days (or weeks), why not let them access their office files and bind policies using auto-sign? Why shouldn’t agents Zoom into meetings or launch an email campaign from their hotel room or backyard? 

Tools for Remote Success

The key to a successful remote agency is having the right tools that let your team work from anywhere. Note these same tools improve team productivity inside the agency, too.

When we say the “right tools” we mean InsurTech solutions because remote work is by nature technology-driven.You simply can’t support a remote staff with manual procedures or low-tech half measures. In fact, you could end up causing more harm than good. 

Ramping Up to Remote: Where does your agency stand?
We’re here to help you plan your strategy and move into full remote agency mode. Let’s start by looking at what technologies your peers are using now by analyzing data from the InsurTech Award. We’ve extracted some key findings from the application survey related to “remote work readiness.” 

 

Using Technology to Improve Organizational Efficiency

Almost one-quarter of agencies identified team/company organization as the top problem they want to address with technology. Specifically, respondents cited project and task management as the top concern in this area, followed by team communication. 

Task and Project Management
We found mixed adoption rates for keeping track of company tasks and projects. Almost three-quarters of respondents are using calendar tools (Google Calendar, Outlook). Yet only 22% use task management tools like Trello or Asana. Not everyone is good at prioritizing or managing their to-dos, and the potential for missed meetings, deadlines and business increases with remote work. We can tell you from our own experience: project management software makes a huge difference. ePayPolicy was already using Trello when the pandemic hit, and our team members were grateful as they began to work from home.

Instant Messaging
Instant messaging is another “must-have” to keep remote workers connected. Our survey found mixed results in this area. The majority (63%) are using instant messaging. However, 17% said it “doesn’t work” or “it’s not used often.” What’s the point of having a tool that you can’t or don’t use? If you are not already one of the 63%, you owe it to your team (and your business) to migrate to instant messaging. Trust us, it’s faster and more accurate than searching through email threads.

Virtual Meetings
The ability to meet with team members virtually is a pillar of today’s remote agencies. 

And now that we’re all pro “Zoomers,” it’s hard to imagine going back to all in-person meetings or conference calls without video. We found that only 12% of agencies polled are not using virtual meeting tools like GoToMeeting, Zoom or Google Hangouts. Over half said they use virtual meetings often, and 22% said they started using them due to the coronavirus situation. During this time, personal use has skyrocketed, as people seek to connect safely with family and friends. So there should be little to no learning curve for using virtual meetings for agency business. 

Next Steps for Your Independent Agency

We share this information for only one reason: to help you focus, prioritize and equip your team for ongoing remote work—or to take your agency to the next level of virtual teamwork.

Which technologies are you using now, and which areas offer the biggest opportunities for a seamless remote team? Note that 75% of respondents told us they’ve increased their budget for technology solutions since the beginning of 2020. Technology is an investment that helps teams work smarter—wherever they’re working!

The  2020 InsurTech Award is still accepting entries. Check out the judging criteria, submit your application and get a customized report of your agency’s tech adoption progress. You may even win a grand prize worth over $7,500!

Is Your Agency’s Customer Experience at Risk with Paper Payments?

by Business Strategy

It’s Friday at 4:00 and you just ordered takeout from your favorite restaurant. Ideally, the ordering process was quick and easy, because your payment information was already in the system. Now, imagine instead that the restaurant would not accept your credit card and insisted you write a check.  Chances are you would look for another restaurant—not because you wanted to, but because this request made paying for your food such a hassle. 

You deserve a simple user experience (UX). And so do your insureds.

Here are 5 realities of today’s payment environment and why it’s important to offer digital payments instead of checks only. (Hint: it’s mostly about improving the customer experience, but also benefits your agency directly.) 

1) Catch a Rising Wave
The Federal Reserve has been tracking payment trends since 2001. Their most recent report states that debit and credit card payments have increased by 8.9%, while paper check usage has decreased by 7.2%. There’s no doubt which way the trend is heading.

2) Your Clients are Getting Younger
Think of the business owners you serve. Are they mostly 50+? 40-50 or 30’s? Under 30? These generations have very different payment preferences. And guess what? Checks are not the top choice of any group. Even the middle-aged Generation X are credit card-centric. Millennials and Gen Z consumers expect digital choices and the ability to pay from anywhere, anytime.

3) Checks are Expensive
Take a look at our blog post on the hidden costs of paper checks. Here’s a quick takeaway: Processing a check costs a business 10 times more than an ACH transfer, and receiving a check costs your agency five times more than an ACH payment. 
Contrary to paper checks, credit cards can actually benefit everyone involved in the payment process. Individuals (including business owners) often earn rewards for paying by credit card, and you can pass the processing fee on to the client using our payment platform. They are happy to pay it, because they are just happy to have the digital payment option—and the extra points can’t hurt!

4) Who’s Serving Whom?
We’re not avoiding the truth; people still do write checks—but it doesn’t mean they want to. It’s because some small businesses (including insurance agencies) are stuck in an old fashioned payment rut. Don’t be that small business! Be the agency that caters to your clients, or risk losing them to one that does.

5) Offer Instant Gratification
Insureds like to trace large payments. Checks are slow. They write and send (or hand deliver) the check, wait for you to deposit it, then wait for it to clear the bank. When submitting digital payments, a payment is confirmed immediately with an auto-populated confirmation, and typically an emailed receipt. ePayPolicy offers the same experience. Since our portal connects to most agency management systems, there’s automated documentation there, too.

 

Give the People What They Want
Insureds want and deserve superior service, and you want to offer it. That includes payment options that deliver convenience, speed, simplicity, and security. By accepting only checks, you’re denying clients all five benefits. You’re putting “that’s how we’ve always done it” ahead of the reality of your clients’ payment needs. Offering digital payments shows you’re serious about serving all your client groups, and technologically ready for tomorrow’s digital-only expectations. 

InsurTech Pioneers, ePayPolicy & Veruna, Ink Integration

by Industry News & Company Updates

AUSTIN, TX– June 16, 2020 –  ePayPolicy and Veruna have entered into a vendor-partner agreement to add the digital payment processing capabilities of ePayPolicy to the Veruna AMR, the company’s open-platform agency management system (AMS).

Both companies are InsurTech pioneers, redefining how independent insurance agencies conduct business through the innovative development and application of technology, and are committed to greater agency control and paperless operation.

ePayPolicy is on a mission to replace paper checks with convenient, simple, online payments via credit card or ACH. While digital payments are ubiquitous across the spectrum of consumer and business transactions, insurance has traditionally been slow to offer alternatives to checks — even though most are using an AMS to automate other aspects of the business. ePayPolicy gives policyholders the convenience of digital payment options while handling the specific accounting, compliance, and reporting requirements of independent agents and brokers.

“To reach today’s independent agents, it’s essential that we integrate with the agency management systems that are continuing to develop agency first solutions,” said Milan Malkani, ePayPolicy co-founder. “Veruna offers an exciting, innovative AMS that’s feature-rich. We’re honored to be named as their integration partner for payment processing.”

“Our goal is to help agencies outperform the past,” said Jennifer Carroll, CEO of Veruna. “We are in tune with their evolving needs in an ever-changing world, and the Veruna AMR offers agencies a robust, yet nimble, suite of management functions. Digital payment processing is a welcome and timely addition, and ePayPolicy is the perfect partner for us.”

The Veruna platform revolutionizes agency operations and makes higher levels of productivity possible with the ability to make more rapid, informed decisions utilizing real-time data, robust analytics, and automated workflows. By coupling exceptional technology with industry expertise, Veruna delivers an AMS designed to meet the needs of modern insurance agencies by enhancing mobility, flexibility, customization, and integration capabilities.

“ePayPolicy is redefining insurance payments, and Veruna is redefining agency management,” said Carroll. “I see exciting implications for forward-thinking agencies — and our clients.”

###

About Veruna
Veruna delivers the insurance industry’s only modern agency management system (AMS) built on the Salesforce platform and capable of driving quicker decisions using real-time data, robust analytics, and automated workflows with increased mobility, flexibility, customization, and integration all backed by the expansion capabilities inherent to the Salesforce AppExchange. For more information, visit veruna.com. 

About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs and premium finance agencies. The company’s  innovative electronic payment processing portal enables its clients to accept  payment via credit card or ACH, without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide.
To find out more visit epaypolicy.com.

ePayPolicy Partners with Novidea’s SMART Management System

by Industry News & Company Updates

AUSTIN, TX – June 9, 2020 –  ePayPolicy now integrates with Novidea’s SMART AMS. ePayPolicy will extend e-payment capabilities to users of the cloud-based, Salesforce-powered agency management system that leverages automation and AI to help agencies scale faster and more efficiently than ever before.

ePayPolicy enables independent insurance agencies to collect payments instantly via credit card and ACH. The company’s digital payment portal is designed for independent insurance agents and brokers to handle their industry-specific  accounting, compliance and reporting requirements. Equally important, it’s convenient for customers. Policyholders can pay from any device, anywhere. They no longer need to track down a checkbook and wait for their check to clear, and for those trying to earn credit card points, they can do so on every transaction. Agents can bind policies faster and replace aging receivables with instant payment.

Milan Malkani, ePayPolicy Co-Founder, stated: “We have always advocated InsurTech solutions beyond our own, especially technology-driven agency management systems that utilize data to excel the workflow of today’s on-the-go agent . It’s exciting to be part of the Novidea SMART AMS, along with other integrated providers of AI-based SMS technology, digital marketing and e-signatures, to name a few.” 

Integration with popular agency management systems is essential to ePayPolicy’s growth strategy. Said Malkani, “We go where the action is. Whatever AMS your agency is using, ePayPolicy wants to be part of it.”

Novidea GM, Eric Ayala commented: “We created the SMART AMS to help agencies get to the future today. By selecting partners like ePayPolicy, we showcase how our open API architecture can easily integrate with best of breed new technologies, and further demonstrates our vision to help agencies scale by automating all processes. These capabilities go well beyond the typical AMS.”

Malkani concluded: “Digital payment is the norm in consumer and most business transactions today. ePayPolicy’s goal is to make it the norm in agency/customer transactions. We thank the Novidea team for not only choosing us, but promoting ePayPolicy along with the other Novidea-developed and integrated insurance agency capabilities available with the SMART AMS. ”

About Novidea
To compete in the digital economy, insurance agencies have to futurize – and fast. They must be able to offer the kind of customer experiences today’s consumers expect. But transforming an entire business at once seems radical, not to mention impossible with existing AMSs. Novidea makes it possible and painless for any agency. Our radical idea? The Smart AMS. It’s a cloud-based system like no other, designed to modernize every aspect of your business. From digital marketing to AI-based SMS to real-time analytics and self-service portals – nothing gets left behind. And you can offer the any-time, any-device experience your customers demand. A Salesforce Ventures portfolio company, Novidea operates in 16 countries globally and is now launching in the US.

For more information visit novideasoft.com

About ePayPolicy
ePayPolicy is the simplest way to collect digital insurance payments. Austin, Texas-based ePayPolicy is the nation’s foremost provider of payment processing developed exclusively for independent agencies, brokers/MGAs and premium finance agencies. The company’s  innovative electronic payment processing portal enables its clients to accept  payment via credit card or ACH, without messy merchant accounts or hidden fees. ePayPolicy sets up quickly, integrates seamlessly with leading management systems, and is endorsed by independent insurance associations nationwide. 

To find out more visit epaypolicy.com

Automating Your Agency Management

by InsurTech Award

Article 6 in a 6-part series

Agency Management is the last InsurTech category in our six-part series. We hope you have enjoyed learning about the strategies for investing in InsurTech and are getting ready to enter the 2020 InsurTech Award.

What is Agency Management?

An insurance agency management system (AMS) organizes all aspects of your agency’s book of business and increases operational efficiency. AMS automates the back office, carrier-facing and client-facing functions that agencies need to succeed.  

Why It’s Important to Use These Tools

As independent insurance agencies embrace InsurTech solutions, it makes sense to start with the most primary functions first. AMS typically perform insurance-specific functions that drive and support sales. These include:

  • Policy management
  • Claims management
  • Payment processing
  • Accounting
  • Commissions
  • Invoicing 

Once you get comfortable with your AMS, you can integrate function-specific apps and portals to manage allied functions such as team collaboration, customer support, payment processing, and more.  

As one AMS provider explains it, “Your AMS is the best employee you’ll ever hire.” This star “employee” gets work done faster and more accurately, freeing your agents and staff for more high-ROI activities, such as interacting with clients.

Agency Management Tools

Following are some of the tasks you can automate. We’ve also included some solution vendors as examples. Our list is not intended to be exhaustive of all the options out there, nor does ePayPolicy endorse or prefer one vendor over another.

Automate Key Agency Functions

These multifaceted systems are designed to make agencies look good because they’re built for efficiency. AMS companies Applied Systems and Vertafore are perhaps the most widely  known AMS solution providers. Both offer a variety of system options and features. Innovators like Hawksoft, Veruna, and NowCerts are carving out their own niches and earning accolades, as they build in more functionality and run on popular platforms like Salesforce.

Integrations

An AMS provides a central hub for specialized integration tools that increase sales and marketing, team collaboration, client support, and engagement with both clients and carriers. As you explore which capabilities you want to add to your technology stack (e.g., sales, chatbox, CRM, payment processing) start with your existing AMS provider or the provider(s) you’re evaluating. Different agency management systems integrate with particular vendors’ apps, and they’re usually featured on the AMS company’s website. That’s your assurance that:

  • You’re seeing a pre-vetted list of preferred integrations partners
  • The partner vendors listed will easily integrate with their AMS

Thinking Ahead

The right AMS for your agency is out there, whether you write P&C or life and health policies, are large or small, InsurTech-savvy or just starting your automation journey. Agency Management Systems are foundational, customizable, and easy to set up and use. With or without any add-on to automation tools, the AMS enables your whole team to work smarter, not harder. 

Where Does Your Agency Stand?

Find out! ePayPolicy’s annual 2020 InsurTech Award is now open for entries. Top scorers will get cash and other awesome prizes. All entrants receive their InsurTech adoption score, along with valuable feedback. Enter today and find out how your agency stacks up against others (and how you’ve improved over time, if you’ve entered before). Judges even offer tips on specific ways to leverage automation for:

  1. Sales
    2. Marketing
    3. Team Collaboration
    4. Client Experience
    5. Customer Support
    6.Agency Management Systems

Our 6-part series covers all of these InsurTech solution categories. We invite you to explore them all.

Automating Your Customer Support

by InsurTech Award

Article 5 in a 6-part series

Customer support automation is one of six primary categories we recommend independent insurance agencies invest in to build out their InsurTech strategy in 2020.

What is Customer Support?

Customer support tools engage clients and prospects through virtual assistance, enhanced personal interaction and multi-channel communication.

Why It’s Important to Use These Tools

Insurance is a service business. You want to help prospects and clients efficiently, while not burdening your staff needlessly.  Enter, automated customer support (ACX). ACX tools do two important things:

  1. They facilitate client communication, AND
  2. Allow you to help prospects and clients at scale without increasing staff count.

The New Model of Customer Support

Gone are the days when client support meant fielding calls or in-person visits during business hours. Clients have questions at all hours and expect instant answers. They access your agency via your website, text, mobile phone, even social media.

Today, customer support means engaging with your clients when, where and how they choose. The results are happier, empowered clients and happier, less stressed agents and staff.

Customer Support Tools

Here are some of the major work tasks you can automate. We’ve included representative solutions vendors as well. These are just examples. Our list is not intended to be exhaustive of all the options out there, nor does ePayPolicy endorse or prefer one vendor over another.

Live Chat

Live chat is like having a fully staffed customer service department. One live chat agent can handle multiple inquiries, while other employees attend to other business. And research shows customers are more satisfied with live chat than phone or email support. Companies like Zendesk,  Podium,  and Intercom help your agency:

  • Engage people via websites, mobile, or social media — even before they ask a question
  • Build credibility and trust with clients and prospects through personalized and non-intrusive interaction
  • Track who’s using the service and how, including who’s asking to chat with “Sales” or “Support”
Self-Service

Save staff from answering the same questions over and over. A good first step is to add a Frequently Asked Questions (FAQ) section to your website. FAQs:

  • Encourage prospects and clients to find their own answers
  • Cut down on the number of inquiries staff must handle

AI-powered chatbots are also a useful tool for self-service customer support. Chatbots use sophisticated natural language processing to simulate a human interaction. Vendors such as ChatBot, LivePerson, ada, and Bold360 make it easy to:

  • Tailor a ready-to-go bot template to industry-specific use cases
  • Assure that each inquiry triggers the right bot response
  • Engage your visitors with a seamless, conversational experience
Phone Service

Today’s virtual (internet-based) platforms bring multiple communication channels together. VoIp phone service providers such as RingCentral, Grasshopper, Nextiva, and Ooma amp up your business interactions. You and your staff can present a consistent business brand as you:

  • Conduct business via phone call, text message, or high-quality video session
  • Serve clients with greater ease and reliability
  • Do it all from your preferred device, anywhere you happen to be

Thinking Ahead

Your clients are quickly becoming used to automated support from other vendors and service providers. Adopting customer support solutions such as Live Chat, Self-Service and VoIP Phone Service shows clients you’re modern, highly responsive, and communication savvy for their convenience.

Where Does Your Agency Stand?

Find out! The InsurTech Award presented by ePayPolicy is now open for entries. Top scorers will get cash and other awesome prizes. All entrants receive their InsurTech adoption score, along with valuable feedback. Enter today and find out how your agency stacks up against others (and how you’ve improved over time, if you’ve entered before). Judges even offer tips on specific ways to leverage automation for:

  1. Sales
  2. Marketing
  3. Team Collaboration
  4. Client Experience
  5. Customer Support
  6. Agency Management Systems

Our 6-part series covers all of these InsurTech solution categories. We invite you to explore them all.

Automating the Client Experience

by InsurTech Award
Article 4 in a 6-part series

Client Experience is one of six primary categories we recommend independent insurance agencies invest in to build out their InsurTech strategy in 2020.

What Is Client Experience?

Client experience is anything that gives your clients ease and comfort when doing business with you. 

Why It’s Important to Use These Tools

You’ve worked hard to build an agency your clients trust.  But in today’s digital world, more business is conducted virtually for buyer convenience. This presents opportunities for you to “up your game” and delight clients in new, tech-enhanced ways. 

The Importance of Client Experience

The agent/client relationship can never be replaced. However, today that relationship extends beyond personal interactions. It encompasses every single touchpoint a prospect or client has with your agency.

InsurTech both guides and reflects this trend. Technology that supports responsive service and puts clients at ease is a good thing. It also gives you greater control of your brand. 

Client Experience Automation Tools

Here are some of the major work tasks you can automate, and we’ve included representative solutions vendors as well. These are just examples. Our list is not intended to be exhaustive of all the options out there, nor does ePayPolicy endorse or prefer one vendor over another.*

Payment Gateways 

Today’s shoppers expect convenient, cashless payment options.  Most payment gateways, PayPal and Apple Pay, for example, are industry agnostic. These services let consumers:

  • Make purchases via mobile device or computer
  • Be assured of payment security
  • Send or receive money instantly

Other portals (e.g., ePayPolicy)* are designed specifically for the insurance industry. They:

  • Offer check-free payment convenience while speeding up agency receivables
  • Handle the unique fiduciary and compliance requirements of the insurance industry
  • Integrate into your Account Management System
Website

People access websites on computers, laptops, tablets, and phones. They use browsers like Chrome, Microsoft Edge, and Safari. You:

  • Do want to provide a seamless experience on your website across all devices
  • Don’t want anyone to have to switch devices to visit your site

Likewise, you want your website to offer fresh, accurate and useful information. Web building platforms like Wix and WordPress:

  • Let you be your own web designer (no coding needed)
  • Make updating content a breeze
  • Give you control over the user experience (UX) of your site
Data Security 

Security threats are getting more aggressive. Give everyone peace of mind that all of their PII (Personally Identifiable Information), financial records, passwords, devices and applications are safe and secure. 

McAfee, Duo Security, LastPass, and IBM Security are just a few of the powerful data security platforms you can choose to:

  • Protect your agency
  • Protect your staff
  • Protect your clients
Client Onboarding

Once you bring on a new client it’s now time to create a successful onboarding strategy. This can be anything from a dedicated landing page highlighting how to “Get Started” to setting up automated email drips to keep your new clients engaged. Remember at the end of any good onboarding strategy is the request for a review. Although this seems slightly awkward it’s the most beneficial thing a new client can offer your agency. There are services out there like Rocket Referrals that have this down to a science. Those referral platforms help you:

  • Simplify and automate client communications (e.g., personalized notes)
  • Stand out online (rank higher with search engines, get more reviews)
  • Track your performance and act on client insights
Integration Portals (client-facing)

This six-part series covers both agency-facing and client-facing integration portals. These are a few examples related to Client Experience. 

Customer support integrations enhance:

  • Client communication
  • Client engagement
  • Client satisfaction

And Sales and Marketing don’t stop when you ink a contract. You have ongoing opportunities to stay connected, keep learning about your clients, and build loyalty (including client referrals).

Thinking Ahead

There are many functions that individually and collectively work to create the client experience. Whether that experience is good or bad is determined by the tech solutions you have in place. The Client Experience tools mentioned above are designed to enhance client satisfaction. Enhancing internal satisfaction is just another InsurTech bonus!

Where Does Your Agency Stand?

Find out! The InsurTech Award presented by ePayPolicy is now open for entries. Top scorers will get cash and other awesome prizes. All entrants receive their InsurTech adoption score, along with valuable feedback. Enter today and find out how your agency stacks up against others (and how you’ve improved over time, if you’ve entered before):

  1. Sales
    2. Marketing
    3. Team Collaboration
    4. Client Experience
    5. Customer Support
    6. Agency Management Systems

Our 6-part series covers all of these InsurTech solution categories. We invite you to explore them all.