01 Sep 3 Trends In Insurtech That Insurance Agents Need To Know
The insurance industry is leaning toward advancements in insurtech to meet evolving client needs and preferences. Insurtech trends are impacting the insurance industry as a whole, and are likely to mold business decisions as insurance agencies adapt to changing preferences following the industry disruptions of the last several years. These new innovations and adaptations shouldn’t be overlooked by insurance agency owners and decision-makers who want to accelerate their agency growth. Read on to learn more about three insurtech trends that are gaining traction in the insurance industry, helping insurance agents focus on scaling sales and growing their business, particularly with a quality lead partner, like ZipQuote.
1) Usage-Based Insurance Rates Make Telematics A Growing Insurance Trend
Usage-based auto insurance (UBI) is gaining in popularity. UBI is a type of auto insurance that tracks mileage and driving behaviors with telematics, offering personalized premiums based on data. Many consumers who are driving less in recent years, and who prefer a more personalized plan, are attracted to UBI, and could be targeted if your agency offers this type of insurance. By targeting consumers shopping for lower rates that are receptive to the telematic technology, auto insurance agencies that offer UBI may be able to attract another audience and close more policies, scaling sales. Additionally, UBI is a trendy and interesting new technology, likely to get other agencies talking and resonate with in-the-know consumers who will share the ins and outs with their friends and family.
2) Mobile Enrollment Appeals To Younger And Busy Insurance Consumers
An effective lead generation campaign for any insurance agency should take a cross-channel approach, including how consumers research and enroll in policies. Auto insurance agencies already engaging in email or SMS, should definitely consider mobile enrollment as an option, especially when targeting younger or time-strapped consumers who are more likely to start auto insurance shopping on their phones. Customers are increasingly looking for ways to save time when shopping for insurance, using comparison sites to find rates and enrolling online. A mobile enrollment option is likely to resonate with younger generations and should be something insurance agents consider as they ramp up their technology and streamlined services at their agencies. A fast-growing agency will only benefit from mobile enrollment, creating more streamlined options to close more policies.
3) Chatbots And AI Are Gaining Popularity For Their Seamless Customer Interactions
More and more insurance agencies are trying out AI chatbots, which help interested consumers work through simple questions, connecting them to the right department if questions get trickier or more sales-specific. Chatbots can help streamline customer service, simple claims issues, and even basic rate quotes, while freeing up team members at your agency for more complex tasks, ultimately increasing “speed to lead.” Additionally, customer retention is an important part of any growing agency, and chatbots can offer customers the quick solutions and satisfaction they need to feel confident renewing their policies or referring friends. With the quality leads offered when insurance agencies partner with ZipQuote, chatbots can be a useful tool for increasing customer satisfaction.
Insurtech Can Help Drive Growth, But Make Sure You Also Have The Right Lead Partner
Adopting insurtech trends can certainly help insurance agents to drive growth, however, agents must also work a steady flow of new prospective clients. The experienced ZipQuote team is committed to helping you connect with high-intent prospects through lead generation and live call transfers, so you can write more policies and scale your ROI. From first lead to a strong customer experience strategy, your agency can build from the ground up.
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