Consumer demands continue to rise due to tech capabilities, but the insurance industry has been slow to accept change. Before the pandemic altered business etiquette, insurance agents established clients by working their network in person. Policies and other documents were mostly hard-copy and kept in filing cabinets. Even many insurance agencies lacked digital capabilities.

COVID-19 sparked a digital transformation in the industry with new solutions for all facets of the insurance value chain giving agents and carriers the edge to compete. While most insurance agents are open to new digital solutions, many prefer to adapt as they go. This piecemeal approach hinders effectiveness and limits the agent’s view of the entire client lifecycle; agents need a consolidated practice to best understand their clients.

Gradual Isn’t Good Enough 

The insurance industry recognizes that the hesitation to innovate caused many pitfalls. A Deloitte article explained that “forty-eight percent of 200 responding insurance executives agreed the pandemic showed how unprepared [the insurance] business was to weather this economic storm.” Now, those who scramble to find their footing in this upgraded industry will fall behind. To compete, insurance agents must change their entire business model.

According to a McKinsey study, insurance carriers can increase productivity and reduce costs by up to 40 percent while improving customer experience over the next decade. The industry must become centered around insurtech and the insights it provides to make that happen. McKinsey reinforces this by stating that “only a transformative approach will allow an insurer to survive and thrive in a post-coronavirus world.” Insurance agents and carriers need a complete solution that drives efficiency for the industry while refining the client experience at every stage of their journey.

A Complete Picture Leads to More Insights 

The majority of digital tools that agents use today focus on customer acquisition. Many agents lack a technology solution that preserves the client-advisor relationship after the initial sale. With an advisor-rich insurtech platform that provides next-level insights at all stages of the client lifecycle, agents can drive sales, build stronger client relationships, and increase referrals.

A fully encompassing platform to store and organize information at all stages of the buyer’s journey – from initial quoting and underwriting to future recommendations – produces insights that allow agents to be there for their clients at the perfect times. Major insurers are already making huge investments in insurtech with 86% of insurance companies working on insurance data analytics to optimize predictions. Not only do insights help the agent, but the relationship that forms as a result leads to serious value in a client’s eyes.

Client Insights Change Your Business 

Insights through data have improved the ability to assess risk and price policies, automate workflows, manage marketing campaigns, and deliver more personalized and compelling client experiences. Client insights are more than demographics; they are when and how clients view information, what they’re saving and what they’re not, and what items they look at after the sale is complete.

Agents who use comprehensive software to achieve higher visibility into their clients’ activities provide recommendations and make suggestions at the appropriate times, which leads to more sales. Being present and adding value at the right times also improves the relationship between agent and client. Clients view their agent as a trusted resource rather than an intermediary and are more willing to share important information and life details. They are also more likely to get their network of family, friends, and contacts involved.


An Insurtech Tool that Does it All 

Link by LegacyShield closes the last mile for insurance advisors by connecting them to their clients throughout the journey. Agents and clients can collaborate within the platform, securely share policies, message each other, and store files. Agents receive notifications when clients make changes within the platform and receive activity alerts for each client.

Link also provides agents with organic prospecting tools by giving clients the ability to connect and share information with their loved ones and allow access to that information by the right people when the time comes. When clients join with these people on Link, they become new referrals for the agent. By building a strong relationship with clients, agents can reach out and make connections naturally.

To learn more about Link, check out this video below.

Dan Pierson

Dan Pierson

Dan Pierson is an insurance industry veteran, having run several insurance businesses and eventually selling a nationally recognized life insurance general agency. Dan started LegacyShield to help other insurance advisors grow their practices by focusing on the consumer experience.