Agents work to embrace insurtech, Vertafore

More than two-fifths of insurance professionals report feeling that their agency is doing okay with technological advancement but there is also room for improvement, according to a new survey from Vertafore, an insurtech.

The Insurance Agency Workforce: Evolving into the next normal by Vertafore surveyed 1,300 insurance professionals. The report focuses on various topics including how agencies are responding to technology.

Nearly 80% of respondents suggest insurtech has had a positive impact on their agencies as well as increasing efficiency and client relationships. However, some respondents reported that there is still room for improvement related to the use of insurance technology. 

“As insurance becomes even more technologically advanced and remote work standardizes, agencies that have not embraced technology designed for their success may find that they cannot keep up,” the report states.

The survey indicates the use of client apps, automated client communication and content management technology has a lower adoption than traditional tools like email. However, the survey shows that agents are communicating with clients differently. In 2022, 38% said they use portals and apps to communicate with clients, up from 17% in 2021.

“While it’s clear that the use of the client portals and apps is on the rise compared to previous years, the majority of respondents have not yet put a portal into place for their end-insureds to access documents–and nearly half of respondents who reported using a client portal are relying on the carriers’ portals to communicate with clients instead of their own,” the report states.

The report highlights the following solutions to improve the digital experience:

• Offer an online portal for self-service access to documents and various information. 
  
• Build mobile apps and mobile-friendly websites.
  
• Include chat tools in a website.
  
• Automate client communication.