Insurance technology is now evolving at a faster pace than most industry professionals are accustomed to. However, with change being inevitable, the question that arises is, “Are you investing wisely in your business?” In this article, we will discuss the importance of insurance technology, the best insurance technology to invest in and why, and what to look forward to in the future.
Just as a chef makes the restaurant world revolve alongside other kitchen staff – agents make the insurance industry revolve alongside MGAs, carriers, and wholesalers. If the other entities of a restaurant do not communicate with the chef, the flow of business will be altered. The same is true for the insurance industry if the voices of agents are not considered.
As technology advances, so should your company’s agency management system. If you were to evaluate your company’s overall success, you would be drawn to the data stored within your agency management system to determine the real numbers. With that in mind, having the proper software implementations and digital resources available to retrieve and process data is essential. In this article, we will determine what a healthy agency management system looks like, how the proper evaluations, upgrades, and user interactions are vital, as well as the next steps that you can take to improve your agency management system now.
Many major companies are diving into API. In this article, we will discuss what an API is, its benefits to the insurance industry, and how MGAs and Carriers are using API to create a more effective workflow and become more successful. Let’s start by uncovering the mystery of API and see why everyone is so excited about it.
As we know, standard loss run requests are conducted by sending a letter to previous insurers or brokers asking for detailed policy information which includes a disclosure of all claims processed – a very time-consuming process. Loss run requests of the future will provide a more streamlined approach and provide more discretion for the insured requesting to obtain the necessary data. How will this process be enhanced in the days, months, and years to come? Or, has this innovation already been implemented? In this article, we will discuss what the future of loss runs will look like, how it will benefit the insurance industry, and how you can get your business on board with it NOW!