Tech-savvy Alpha Direct Agency Gets Digital Payment Processing Right

by Client Spotlight Series

Alpha Direct Agency doesn’t just embrace InsurTech. Technology is one of their core values: “Driven to Win with Technology”.

The 17-year-old agency even offers (among other specialty lines) technology services insurance and drone liability. Licensed in 17 states, Alpha Direct Agency has offices in New York City, Raleigh and Miami, plus international presence in the Dominican Republic and soon in Ecuador. Clearly, technology is critical to the agency’s revenue, as well as connecting its producers to each other and to the flagship office in upper Manhattan.

Asked about his agency’s use of InsurTech solutions, Principal Emmanuel Osuyah chuckles. “We are the earliest of adopters! People look to me before they buy new software. They know if I’ve used it and recommend it, it’s going to work.” 

It’s not surprising, then, that Alpha Direct Agency started offering digital payment processing way back in 2006. Notwithstanding his agency’s international footprint, Emmanuel describes his agency as locally focused. “Customers would literally take the elevator up with baby carriage in tow to find our suite.” Most paid in cash or by money order. But carrying large amounts of cash around is a hassle. And, says Emmanuel, “the cashless world has forced change on all of us.” About the decision to offer online payment, he notes: “There was a time when if you could process ACH (check) payments, you were king. We had to go there.” As for credit cards, Alpha Direct Agency is “all plastic all day long.”

He tried out a series of payment processors over the years before becoming an early adopter of ePayPolicy (which he fondly refers to as “ePay3”). As one of ePayPolicy’s first clients, Emmanuel is clear about why he made the move: batching and fees.

None of his previous vendors had the capability to separate transaction fees as ePayPolicy does. He had to reconcile their fees monthly, decidedly “batch unfriendly.”

Prior to Insurance, Emmanuel worked as a banker, where he had to triple count cash for verification (those were the days before the desktop teller machines). When he founded his agency, he was no stranger to triple counting cash late into the night; and that’s when he knew there had to be a better way. With other merchant services vendors, he would take a month-and-a-half to reconcile credit card payments. Some vendors have two separate portals for credit cards and ACH transactions; which necessitates two different logins. In contrast, with ePayPolicy, mid-month and at the end of the month, his bookkeeper would run the reports, and “the transactions are right there. Both credit cards and ACH in the same transaction summary. With another click you hop into the batches. It’s so smooth, with easily searchable fields, which gives us more time in the month to focus on other things.”

Agent Reaction to ePayPolicy

His agents like the payment portal also. He says, “I lean on my 15 employees for feedback. My people were complaining about the old platform.” The Agents particularly like that refunds to customers are easy with ePayPolicy. Confirmation of the refund can be sent to the customer from the platform within minutes of processing, saving them from having to take follow-up calls about the refund’s status.

The ePayPolicy Experience

The transition from the previous payment processor vendor was smooth. ePayPolicy integrated easily with Alpha Direct Agency’s website. Emmanuel shares that, “right off the bat, I was impressed with the seamlessness of it all. My logo was in the portal, access to reports was painless and payments were hitting my bank account in the expected time frames.”

Emmanuel also gives thumbs up for:

  • Ease of payment (a big plus in redirecting customers away from cash payments)
  • Speed of payment (frees up agents to spend more time on sales)
  •  Web 2.0 friendly (it offers a clean look without a lot of “gibberish” on the screen)

Alpha Direct Agency hasn’t had to lean on ePayPolicy’s Customer Service often, but they’ve been very responsive when called or emailed. He cites this example: “Our customers know immediately when a transaction fee shows up in their account. Disputes are rare. But one customer contested a fee, even though he knew he was in the wrong. ePayPolicy shut it right down once we provided supporting documents.”

The “fees” theme continued throughout the interview. Emmanuel finds ePayPolicy’s flat fees for ACH transactions ($3 per) a major benefit. He recently had another vendor pitch him, but they charge a percentage of the ACH transaction. Needless to say, that company will not be getting the Emmanuel Osuyah stamp of approval.

Next Steps for Alpha Direct

Alpha Direct does not currently use the invoicing function, but Emmanuel looks forward to implementing it. In addition, he’s excited to know that ePayPolicy’s platform has plans to integrate with his agency management system (Hawksoft).

Advice to Other Insurance Agencies

To any agencies out there researching digital payment processors or dissatisfied with their current vendor, Emmanuel Osuyah does not mince words:

“Sign up with ePayPolicy. Go straight to where the future’s at.” 

How To Guide: Finding, Binding, and Delighting Young Policyholders

by Business Strategy

By now, your client base likely includes some young policyholders consisting of Millennials (ages 24–39) and possibly some older Gen Zers (ages 8–23). Millennials have already surpassed Baby Boomers as the largest generation, (72.1 million), with another 20 million Gen Z Americans right behind them. They are our future.

Whether you’re reaching out to them as prospective clients, or as agency staff/managers), the more you know about the young policyholder generations the better. Spoiler alert: technology plays a central role in their lives, making  InsurTech solutions increasingly vital.  

Where To Market To Young Policyholders 

Let’s start with the obvious. Millennials and Gen Z (especially) are digital natives. They are used to multitasking with more than one digital device:  Millennials up to three and Gen Zers up to five screens at once! That gives you multiple opportunities to engage with them on their mobile phone, tablet, laptop, desktop monitor and/or TV screen. 

And what are they doing on these devices? 

  • They’re doing research, which includes reading and writing product/vendor/service provider reviews online.
  • They’re making purchases and paying bills (ideally, including their insurance premiums). 
  • They’re checking out and logging into provider websites. 
  • They’re using apps. Gen Zers, in particular, are crazy for apps.
  • They are active on multiple social media platforms. Facebook is an all-purpose choice. Businesspeople gravitate to LinkedIn. But to get in front of Gen Z you’ll need to be on Instagram (and their #1 love: Snapchat).
  • They’re receptive to digital ads, but not overwhelmingly so.

What Young Policyholders Value

Convenience and authenticity top the list. Both generations are fans of on-demand services. Millennials are self-reliant and like to find answers on their own. FAQ sections and AI chatbots provide that autonomy. Gen Zers, on the other hand, balance their tech agility with a craving for personal attention. Often described as the loneliest generation, Gen Z welcomes a caring, human touch. For example, they prefer brick-and-mortar stores to buying online.

Convenience also means conducting business when, where and how they want. They demand digital…everything (document sharing and signing, digital payments, you name it). Paper is seen as an environmental no-no.

In terms of authenticity, it’s said that these generations can spot a phony from a mile away. So don’t attempt to use hipster phrases, and don’t market “to” them. Be your own brand, and make them feel a part of what you are doing. (Tip: Google “co-creation” for reference.)

How Young Policyholders Communicate

There are some differences of note in their communication styles.  

Millennials process information through verbal and written language.They use IM (instant messaging), text and email. 

Like Millennials, Gen Z use IM and text, along with social media (but not email) to keep in touch. Images and visual content are the way to interest them. YouTube is a favorite channel, and videos on websites work well, too. Bring them into your story.

But, like it or not, you have a very small window to capture both generations’ attention. Millennials average 12 seconds. For Gen Z, it’s only eight!

You may find it useful to compile  buyer personas based on known psychographics as well as your agency’s experience with these generations. The key is to recognize the subtle and not-so-subtle differences and focus your engagement and client retention strategies accordingly.

How to Keep Them Loyal to Your Insurance Agency

If you’re a regular reader of our blog posts, these tips should be pretty familiar:

  1. Client-centric=mobile first. Stay away from old school media channels. These generations don’t use them.
  2. Be mindful of each generation’s technology and communication preferences.
  3. Provide a superior user experience (UX) across platforms.
  4. Emphasize solutions built on speed, security and availability (feel free to use ePayPolicy as your model for this!)
  5. Offer self-service options to honor their independence (e.g., FAQ, chatbots).
  6. Balance automation with human interactions. Gen Z, in particular, crave human breaks from all tech all the time

For those who absorb information visually, this nifty infographic summarizes several of the points above.

We also offer a series of articles on automating various client-facing functions: 

You might want to (re)read these with these up-and-coming generations in mind.

2020 InsurTech Award Winners

by Industry News & Company UpdatesInsurTech Award

We’re excited to share the results of the 2020 InsurTech Award presented by ePayPolicy. A record-shattering 165 agencies entered, representing a diversity of agency sizes and locations.

Each entrant received an ITA (InsurTech Adoption) score report. ITA scores assess the use of technology in six specific areas: sales, marketing, team collaboration, client experience, customer support, and agency management.

Congratulations to our 2020 top scorers. These agencies truly exemplify the spirit of the award through innovative use of technology across agency functions. 

Meet Our 2020 Runner Ups

Insurance Brokers of Arizona, Gilbert, AZ

Insurance Brokers of Arizona was founded in 2005 by Cameron Brown. After 12 years of operating the agency “traditionally,” Cameron recognized multiple opportunities to modernize. Technology solutions help his team and his clients, making for a better experience for everyone. Cameron’s advice on technology adoption: “Start with your biggest pain point, find a solution that works for you, and implement it. Then move to the next pain point and keep going.”

ElmSure Insurance, New York, NY

ElmSure specializes in serving real estate investors, offering tailored risk mitigation solutions for properties at all stages of construction and occupancy. Spokesperson Lipi Raghunathan commented, “Building technology and processes take time, but as long as the organizational foundation is sound, it’s worth it to create these automated systems.” ElmSure views technology as increasingly essential as agents, staff, and clients balance working remotely and in person.

Portal Insurance, Mobile, AL

Bradley Flowers founded Portal Insurance in 2019 with a mission to make insurance more customer-centric. He suggests there are a lot of ‘shiny objects’ out there, and it’s easy to get distracted. Bradley’s threefold test for new technology:

  1. Does it integrate well with our other tech? Don’t buy systems that add work to your tech stack. 
  2. Who owns this technology? He prefers someone who is “indie all the way.” 
  3. Does this tech make it easier for my end consumer to do business with me? If the answer is not a resounding “yes,” don’t buy it. 

… and Our 2020 Grand Prize Winner:

CalNonprofits Insurance Services, Capitola, CA

This women-led, nonprofit brokerage helps nonprofits throughout California navigate the insurance market. When they hired Colleen Lazanich as CEO four years ago, little did they know they were getting a self-described insurance geek, techie, data lover, and avid benchmarker. In four short years, Colleen has replaced every piece of hardware and software used by her team.

Calnonprofits had been operating like so many nonprofit organizations: way behind the technology curve. They purchased their computers at a recycling center. Virtually everything was done manually. 

Colleen views integration with the AMS as the only way to have “one true source of data, one source of truth.” Replacing their management system was one of her first priorities. Many integrations and automation followed.

  1. As it happens, the new management system provider had just released a sales management application, which has been a boon to CalNonprofits’ agents. 
  2. CalNonprofits was using a tool that digitizes the insurance application and renewal process. Soon, that application provider was bought by the new AMS provider.
  3. Other key technology upgrades include:
    • A new enrollment platform
    • An automated ticketing process (not currently integrated with the AMS)
    • Replacing a well-known email marketing vendor. CalNonprofits recently purchased a new marketing automation system offered by … their AMS provider.
    • Digital payment processing. CalNonprofits was in a beta test through one of their technology vendors. That product never made it to production but led Colleen and her team to ePayPolicy.

Says Colleen, “Being paperless has greatly improved us.” She is proud that her team has embraced so much automation in such a short time. One such change is a team collaboration/project management solution replacement in 2018. The new system is “intuitively organized and really ramped up productivity.” Because of that—and the other internal and client-facing automation—CalNonprofits was able to pivot to remote work in a single day when the COVID pandemic hit.

Colleen Lazanich says she entered the InsurTech Award competition specifically to get the ITA score report. Her team is thrilled to be recognized. But as long as there are new areas to automate, new technology solutions to integrate, CalNonprofits will continue to pursue them—and seek to better their 2020 ITA score in future years.

Once again, thank you to our 165 entrants. Congratulations to CalNonprofits, and to runners-up Portal Insurance, Insurance Brokers of Arizona, and ElmSure.

If you’d like to be notified of our 2021 call for entries, follow us on Facebook and stay up to date on all things InsurTech.

5 LinkedIn Advertising Mistakes to Avoid

by Business Strategy

Why You Should Advertise on LinkedIn

LinkedIn advertising is an exceptional opportunity that many agency owners overlook. Independent agents, like yourself, often use LinkedIn to showcase their expertise. The thing is, the platform can do so much more.

By embracing LinkedIn advertising tools, you can connect with a broad audience brimming with all kinds of professionals and companies. It’s a marketing dream.

If you are wondering why you should advertise on LinkedIn, and want to avoid LinkedIn advertising mistakes that can derail your campaign, here’s what you need to know.

Unique Opportunities

LinkedIn gives you the ability to target audiences that you don’t necessarily find elsewhere. You can choose to focus on certain industries, job functions, interests, member skills, and a ton more. This gives you the ability to tap the specific kinds of professionals, increasing the odds that your ads will reach the right audience.

Lower Competition

In comparison to social media behemoths like Facebook, competition among advertisers on LinkedIn is ridiculously low. Not only can this make LinkedIn more affordable, but it also means your campaign isn’t as likely to get overrun (or outbid) by a competitor.

Ease-of-Use

LinkedIn’s advertising program is a breeze. With a few clicks, you can get a campaign going, even if you aren’t a marketing expert.

Less Clutter

While LinkedIn is increasingly displaying ads, most users’ feeds aren’t as cluttered here as they may be on other social platforms. That means there’s a better shot your ad will actually catch their eye, and that can boost engagement.

5 LinkedIn Advertising Mistakes to Avoid

1. Ineffective Targeting

The whole point of social media advertising for independent agents is to reach the right audience. If you don’t choose the right targets, you’re throwing your advertising dollars into a black hole.

Ideally, you want to strike a balance. If your audience is too broad, many of the people who see your ad might not be interested. If it’s too narrow, you may miss out on potential customers.

Additionally, you don’t have to settle for just one audience. Instead, create several. That way, you can use different messaging in your ads, with each one focusing on what resonates with that specific group.

2. Overwhelming Visual Elements

Many entrepreneurs who are new to the social media advertising game put too much in their ads. If you have a ton of text, buttons, graphics, and other elements, looking at your ad might be visually painful.

Keep your ads simple. Make sure any images are clear, and that text remains readable. Limit the number of elements to just a few. That way, your ads aren’t a confusing mess.

3. Only Creating One or Two Ads

When it comes to LinkedIn advertising success, every independent agent or agency owner needs to embrace A/B testing. That process involves producing and publishing two ads, allowing you to see which one wins out when it comes to engagement.

Then, you can use that information to create two more ads. Do an A/B test with those. See what happens over the month. After that, refine again.

This approach creates an opportunity for continuous improvement. You just keep tweaking away, ensuring you achieve the best results possible.

4. Ignoring Performance Analytics

Performance analytics is a must-use tool. It lets you see what is and isn’t working. When an ad is doing great, you can direct more of your ad-spend to it. If one’s floundering, scrap it and try something new.

5. Overlooking Mobile Compatibility

Most people visit LinkedIn on their mobile devices. If your ad goes to a landing page that isn’t mobile compatible, it won’t look good if the viewer is using a smartphone.

Before you publish a campaign, see if the page looks good on different devices. If it does, great! If not, adjust it until it does.

 

Looking for More Digital Marketing Tips For Your Independent Insurance Agency?

LinkedIn advertising is an amazing tool for any business, including insurance agencies and independent agents. Take advantage of what it offers, ensuring you can reach your ideal audience with ease.

If you’d like more tips about independent insurance agency advertising, we’ve got you covered. Follow up on Facebook for more tidbits, tricks, and insights.

How Bryan Insurance Transformed the User Payment Experience

by Client Spotlight Series

Bryan Insurance has been putting clients first since 1921. Since 2017, that commitment includes offering clients the choice to pay electronically via credit card or ACH.

Planning For The Future

Tommy Dies, CEO, CFO said it was not client demand that drove the decision. Very few clients were asking for a digital payment option. But Tommy saw it as essential to the customer experience; and he did not want to lose business to larger agencies. So he made the move proactively. 

Tommy had been keeping an eye on the digital payment landscape. He says, “I pay attention to technology. We need to stay current with it. If something intrigues me, I research it. I see who is using it, what vendors offer it, who has the best service.”

In this case, Tommy’s research included talking to other members of Combined Agents of America. CAA is an aggregator of 68 independent agencies located in Texas and other Midwest states. He also inquired within his AMS user group. And, as a board member of IIAT, Tommy had association members to tap as well.

Tommy interviewed several digital payment vendors. Then he met Todd Sorrell, ePayPolicy co-founder. He says, “I don’t remember if Todd called me or I called him. But ePayPolicy was the one that offered 100 percent of our money up front.”

The Agency’s ePayPolicy Experience

From a seamless launch to ease and simplicity of use, ePayPolicy keeps delivering for Bryan Insurance Agency and their clients. Tommy opted for the “Custom” ePayPolicy plan, which brands their payment page with the Bryan Insurance logo. The agency also has a branded app through Applied Systems. Now that ePayPolicy integrates with the Applied CSR24 app, Bryan Insurance clients can pay directly through the app.

In terms of ongoing service, Tommy’s team has rarely had to reach out. But when called, “their customer support bends over backwards, they’re Johnny on the spot.” Tommy recalls a minor roadblock early on. They had a client that needed to make a large payment above ePayPolicy’s payment threshold (which is there for the agency’s protection). A quick call explaining the situation to Support and the threshold was temporarily raised. Tommy also attends a lot of industry conferences and sees ePayPolicy there. He says, “It’s amazing how friendly and welcoming they are. They seem to love their clients. They really want to do a good job.”

Client Response to Digital Payments

The agency has pushed electronic payment with their commercial lines clients. He says the biggest users are service people to the oil and gas industry (a Bryan Insurance specialty market). These 20- to 30-year-old consultants do everything through their phone. “We make it easy for them. They can use our app and it takes them right to the ePayPolicy portal.”

He believes more personal lines clients would convert if he promoted electronic payment more. He notes that with people stuck at home and working remotely during the pandemic, the agency successfully pushed digital payment through social media and email.

Main Benefits 

Tommy names three primary benefits to his agency:

  1. It offers a good electronic experience, which increases the overall customer experience.
  2. Having it available puts us up there with the larger agencies.
  3. It’s attractive (even essential) to younger clients. Our older clients still want to write a check. What matters is they have a choice.

… and some advice 

Tommy offers this advice to independent agencies: “You just have to offer digital payments. Period. ePayPolicy is the best. It works. Call and talk to them.”