Insurance Agents Make BIG Investment In Tech – 2020 InsurTech Award Recap

by InsurTech Award

The 2020 InsurTech Award, presented by ePayPolicy, closed applications at the end of September. The award launched in May and received applications from 165 agencies across the country. This annual competition aims to recognize independent agencies that are going above and beyond to implement InsurTech solutions into their business.

We produced a two-page report highlighting topline statistics and data from this year’s InsurTech Award. It is clear that agencies, big and small, are investing in technology and embracing InsurTech tools and solutions. 

 

InsurTech Award Data
InsurTech Report Pg2
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5 Tips for Attending Your Next Big I Virtual Conference and Tradeshow

by Business Strategy

Virtual events in the insurance industry are popping up everywhere. They provide insurance agents, like yourself, the opportunity to receive timely advice, network with peers, and stay up to date with the industry’s newest trends and technologies, all with one added benefit: you can attend from anywhere. This means it’s easier than ever to access the resources these events are offering. However, in order to make the most of this new environment, you have to switch up your strategy — that’s why we’ve put together this list of 5 things to do to make the most out of your experience.

1. Be Proactive and Get on Social

Unlike in-person events, you have to get in on all of the event’s action early. The best way to do this is on social media. Prior to the start of the event, see what all the buzz is about, find the event hashtags, and follow people that are going to keep you updated on the event’s happenings — the organizers, keynote speakers and sponsors. You can stay in the know on the most important sessions to tune into, the prizes and giveaways, and join in on conversations with other attendees. 

2. Review the Sponsors

Event sponsors are there specifically to talk to you and give you key information on how to improve your agency, workflow, and tech stack. And, they’ll incentivize you to stop by their booth — even if it is only a virtual one. At an in-person event, you might just wander around the exhibit hall and stumble upon (or be approached by) an interesting sponsor. However, it’s a different story online. You have to do your research on the sponsors, their offerings, key benefits, etc. and then seek them out.

3. Check Out the Speakers

Virtual events can be just as hectic as in-person conferences. There may be a broad selection of sessions occurring simultaneously, and some may limit the number of attendees. That’s why it’s important to do your research on the sessions and speakers ahead of time. Find the topics that interest you — what’s going to help you streamline your operations and keep you engaged, take the opportunities to ask questions during live events, and give feedback!

4. Prioritize Your Time

If you want to make the most of the virtual conference, formalize your schedule just as you would for an in-person event. Choose the sessions you’d prefer to attend in advance, block out the time on your calendar, schedule reminders with the direct link to the session in a note, and take any other steps that help you stay organized and focus. And don’t forget to set aside some time to check out the vendors and sponsors!

5. Collaborate and Network Outside the Platform

While virtual conferences typically provide attendees with access to communication tools, they usually don’t remain available for long once the event draws to a close. If you enjoy a speaker’s presentation, are intrigued by a vendor’s product, or cross paths with a fellow independent insurance agent that you want to connect with, reach out. Schedule one-on-one meetings, either during the event or after, ensuring you have a chance to converse.

If you’re attending with a team, set up a Microsoft Teams or Slack channel to discuss your conference experience. Share information, divide up sessions, and strategize how to approach the event and make the most out of it for everyone.

Looking for More Independent Insurance Agency Tips?

Virtual events may be the norm for some time, so it’s wise to take advantage of what they have to offer. If you’re looking for more tips for attendees or guidance that can help you navigate the post-COVID-19 landscape, we have you covered. For more tips, tricks, and tidbits, follow us on Facebook.

The 2020 InsurTech Award Has Concluded

by InsurTech Award

… And the results are in! The 2020 InsurTech Award, presented by ePayPolicy, closed applications at the end of September. Since the award launched in May of this year, we have been receiving applications from agencies all over the country, reviewing answers and analyzing results. This year’s competition set a new record with 165 applications!

The InsurTech Award’s annual competition advocates for technology adoption in the insurance industry. It recognizes independent agencies that employ InsurTech solutions to advance their business.

We are excited by the 2020 results! Here are some topline statistics and observations from this year’s InsurTech Award.

Who Applied
The majority of agencies who applied are small businesses, employing 10 people or fewer, and writing less than $5M in premiums per year. Most applicants write a mix of business, with a small minority writing commercial policies only.

2020 InsurTech Award Who Applied 

Their Technology Standing
We scored each applicant on specific technologies in use at their agency. Agencies received individual scores for six business categories: sales, marketing, client experience, customer support, team collaboration and agency management, as well as one overall score.

The average of all entrants’ ITA scores was 7.2. Given the predominance of “small” agencies entering this year, this level of technology adoption is inspiring. 

2020 Insutech Award Scores

Some findings of note
Agencies cited marketing automation as the biggest problem they want to address with technology. This makes sense, given the diversity of opportunities (and competitive necessities) in this area. 

Organic social media, meaning free content posted on social platforms, is by far the top marketing method used. Almost universally, respondents create content and interact with prospects and clients on Facebook and LinkedIn. More than half also use Instagram and Twitter, with a sizable number employing YouTube.

2020 InsurTech Award Digital Marketing

Despite these numbers, 40% are not yet using a social planning platform to organize and schedule their posts. Automating this function frees up staff time while ensuring a consistent presence that increases audience engagement.

Team organization stands out as another high area of concern. Whether team members are collaborating within the same office or working remotely, automation tools can greatly enhance agency productivity. Respondents are most interested in ways to improve project management and tracking. As agencies start to grow from 5 employees to 10 or 20, tracking projects in notebooks becomes ineffective. To many applicants, we encouraged implementing task management tools like Trello and Asana to improve in this area.

The applications show an effort by agencies to make the online client experience as seamless as possible. Currently, 90% offer an eSignature solution and an outstanding 95% offer clients the ability to make digital payments. Though most agencies report high use of digital payments, one third say that less than half of their clients are using this capability. This emphasizes the importance of not only having a certain tool or solution in place, but also letting your team and clients know how it works!

Why Technology is Essential for Your Agency
Our industry is modernizing to work smarter, not harder. As these results demonstrate, InsurTech solutions are being embraced by agencies just like yours. Perhaps you identified with some of the applicants in terms of which solutions you’ve implemented and which automations are on your list. 

As you plan your budget for 2021 and beyond, make technology solutions a priority line item. Improvements in one or more areas can yield benefits right now and position you better for the future. Investment in InsurTech makes you more:

  • Competitive—the right tools will help you source, close and nurture more business
  • Attractive—be ready for the next wave of talent and clients, who are digital natives
  • Productive—equip your team to collaborate and track work from anywhere 

But the investment is just the first step. You don’t have to be an IT whiz to take advantage of advanced features and integrations. They are well worth exploring! And finally, encourage widespread adoption by your team and your clients. InsurTech exists to make their lives easier and their interactions with you smoother.

ePayPolicy congratulates all 165 applicants and we look forward to seeing momentum in next year’s scores. 

Want more data? Check out our latest post and download The 2020 Insurtech Award InfoGraphic! 

When Your Agency Goes Digital It’s Not Just Your Clients Who Will Be Thanking You.

by Business Strategy

The term “payment environment” is used a lot these days. It describes consumer preferences and trends in paying for goods and services. Notice that the phrase contains the word “environment.” It’s not by accident: paper-based billing and payments seriously impact the physical and natural environment!

We touched on these environmental drawbacks in our blog post on the hidden costs of paper checks. We understand your primary goal is to sell insurance and keep your clients happy⁠—saving the planet may not be a top, or even mid-tier, priority. However, it’s good business to think about reducing your agency’s carbon footprint. You might want to care because…

Your Clients Care
Environmental responsibility is expected from more than just larger companies. Even small business owners are becoming more aware and incorporating sustainability practices. 

Your Employees Care
 Who among us doesn’t know about “reduce, reuse, recycle,” which now includes a fourth “r”: rot (compost). As consumers themselves, employees want to support environmentally friendly businesses. Working for one can be a source of pride.

It Can Save You Money
As discussed in the “hidden costs” blog, paper checks are more expensive to process than other payment methods. If you can cut costs without cutting corners on the environment, it’s a win-win.

Let’s do a quick comparison of payment methods and their impact on the environment.

Payments by Check

  • The process of making paper checks includes excess energy, water and chemicals (not to mention the trees themselves).
  • Transportation (mainly driving) of the check itself creates air pollution.
  • As discussed in our companion blog on security, the process of mailing (or hand-delivering) and taking the check in for deposit enlarges your carbon footprint.
  • Envelopes and stamps are added paper waste (and expensive).

If your agency has a paper recycling program in place, that’s great, but this cannot help in the other various ways paper checks have a negative effect on the environment. 

Digital Payments

  • There is no “production” involved (no use of natural resources or chemicals).
  • There is no transportation involved (zero carbon footprint).
  • There is no paper waste, because there is no paper, postage, or printed receipts (receipts are generated automatically and transmitted electronically)

From an environmental responsibility standpoint, the choice is clear, clean and sustainable. Digital payments are the way to go, and ePayPolicy makes those payments even more secure and sustainable.

Choosing the Green Option
Our payment environment is rapidly shifting to a digital payment environment. You might want to conduct a quick sustainability audit and show your business clients (and employees) you’re doing your part to support their efforts.

Switching from paper payments to electronic payments is easy with ePayPolicy, because we integrate with your AMS. It’s faster, simpler, and more convenient for your insureds. Additionally, it’s a positive green-business practice that will bring more literal “green” to your agency.  

Are Paper Checks Putting Your Insureds and Agency At Risk?

by Business Strategy

Why do people buy insurance? For protection. It’s ironic, then, that paying for insurance could leave them—as well as your agency—exposed. (Spoiler alert: it doesn’t have to.)

We’re referring to the security risks of paper checks. The insured writes a premium check and drops it in the mail. If everything goes right, the check takes a few days to reach your agency. If it doesn’t, the check could end up… who knows where. Once inside the agency, the check has more opportunities to get stuck in a file folder, under a pile of mail, or accidentally picked up off someone’s desk. It may turn up weeks or even months later. At that point, the check may no longer be cashable. In fact, you could get charged a “deposit item returned” fee from the bank.

Risks to the Insured
The main problem is not the amount of the check; it’s the information on the check. All someone needs to raid your client’s bank account is the routing and account number. Often enough, they don’t even need the name to write an electronic check from the account. But checks also contain other personally identifying information (PII) that thieves steal to wreak havoc with someone’s finances and credit. 

Name and address, both printed on a check, are PII. Some people have even been known to include their driver’s license number or Social Security number on their checks (although that’s highly unlikely for a business account). All of this PII is an open invitation for bad actors. Any enterprising imposter can simply copy the information off your client’s check, and they’re off and running. 

Risks to the Agency and the Insured
The insured is putting their PII, along with a large amount of money, at risk when they write you a check. Every pair of hands that touches the check could fraudulently cash it and/or steal the insured’s identity. This might not be likely to happen within your agency, we know you manage a  top-notch, respectable workforce. But the risk of really anyone (e.g., technicians, sales reps or other visitors) taking a paper check is there. 

As the payee, you assume some risk for that payment as well. If something happens to the check along the way, the insured could hold your agency responsible. It costs them money to put a stop payment on the check, and if you do find the check and deposit it at the wrong time for the client, it can bounce. Nobody wants those extra bank fees.

The Better, Safer Payment Option
Of course we’re not going to leave you without a solution to these security risks! You can eliminate them by accepting digital payments with ePayPolicy. On top of being faster, simpler and more convenient for the client, digital payments are incredibly more secure than checks. 

ePayPolicy is also PCI compliant. That means we take full responsibility for the data security of your insureds’ digital  payments. We don’t store payment information unless they ask to set up an account. Even then, it’s all encrypted. We never see it, and cyber thieves never could

Here’s a link, in case you missed our blog on the importance of PCI compliance for your agency.

In Summary
Whereas checks are inherently risky, we make digital payments safe. The ePayPolicy platform is hack-proof, and we’re constantly testing it to ensure the highest level of security. If you’re ready to provide the safest payment option to your insureds, sign up or schedule a demo here.