The climate within the insurance brokerage business is undergoing a significant transformation. And those who don’t evolve risk being left behind. Experts predict that brokers at the forefront of technology will have the greatest success, and I am inclined to agree.
Read on to learn more about today’s top five barriers between insurance brokerages and success in this shifting marketplace. And find out how a new wave of innovative technology, enterprise relationship management (ERM), can help your firm break through.
1. Speed of technological change, digital disruption
Machine learning and artificial intelligence, once science fiction, are now today’s in-demand technologies. That means that traditionally slow-to-adapt insurance brokerages and carriers need to move quickly to optimize their platforms.
“Technology will be a threat if you do not adapt to it,” Ashish Nangla, Senior Director of Insurtech and Digital Transformation at Synechron, told Insurance Business. “If a company is not looking into things like predictive analytics, and does not have an eye on AI, I would definitely say that technology is a threat to them.”
To make sure your firm is on the cutting edge, consider a scalable, AI-powered ERM platform, like Introhive. Introhive not only supports digital transformation by automatically increasing CRM user adoption, it also integrates with today’s most common third-party sales, marketing and business intelligence tools, so your firm gets the most value possible out of its existing tech stack.
Related Reading: How to Solve Your CRM Adoption Problems Once and For All
2. Increasing consolidation
As larger firms continue to absorb smaller firms, brokerages need help understanding who their clients are, and how to optimize these new relationships. then, most importantly, they can focus on retaining and expanding those client relationships.
If you’re facing down this challenge, ERM tools with relationship intelligence automation (RIA) can do a lot of heavy lifting for your firm. RIA tools, like Introhive, automatically collect, analyze, score and map all of your firm’s relationships to arm you with easy-to-decipher relationship assessments across all of your team members, suppliers, clients and prospects.
In the background, RIA passively collects any information it can from inside and outside your organization—from transactional data to customer service inquiries to social media profiles and other online activities. This gives you a more complete picture of who your customers and prospects are. (Request a demo from Introhive to see this in action).
Discovering “who knows who” and “who knows who best” through relationship mapping and scoring leads to stronger relationships—and can help you seal the deal when you meet prospects and clients face to face.
Related Reading: What is Relationship Mapping and How Does it Work?
3. Stale commodity label
For better or worse, the fact is insurance is seen as a commodity. As such, any significant added value that helps differentiate your firm and makes it easier for your clients to do business with you is a major plus.
ERM tools with relationship mapping can help you bring that additional value by making it easier to understand your current client base (who is talking to who and how much, see a relationship health score at a glance, etc.).
These valuable insights arm your sales teams with the data they need to maximize sales from your existing client roster via cross and upselling.
4. Market squeeze from new competitors
Companies with large amounts of data and capital are entering the insurance market, starting with sales and distribution, and with the potential to become actual risk bearers. Amazon is just one of the many potential threats. Uber, Lyft and Airbnb are also entering the field. How is your firm getting ahead of this trend?
An ERM solution with RIA and relationship mapping can help you grow your business and guard against this onslaught of newcomers, by increasing your visibility into the essential relationships that move the needle.
With tools like Introhive, finding out who in your network knows who—and how well, not only makes it easier to engage in warm introductions, but also equip your marketing team to always target the right audience with smart, relationship-centric marketing lists for targeted campaigns.
Related Reading: 3 Ways to Keep Sales, Marketing Contact Data Fresh
5. Looming over-regulation
Although over-regulation is not as big of an issue in the insurance brokerage space recently it can always become one. To get ahead of the curve, it’s key to invest in efficiency and sales growth. Unfortunately, few brokerages (or carriers) fully understand how to optimize the use of their CRMs to make this happen.
While there are several tools available to help firms in this regard, when dealing with sensitive contact data, and a host of regulations around the world, it’s critical to choose an ERM partner with strong data privacy and security credentials.
To that end, Introhive brings deep experience with data privacy and security regulations to the table. And you can rely on Introhive’s robust privacy model at both the server and individual levels.
Build stronger relationships faster with enterprise relationship management
Digital disruption and consolidation are shifting the sands of the insurance brokerage business. In this changing landscape, firms that maximize sales from the existing client base and address new market competitors will have the greatest success. Additionally, an enterprise relationship management platform with strong CRM optimization can help you navigate over-regulation, by adding transparency and clarity to client and prospect management.
To learn more about Introhive’s automation and artificial intelligence can help your firm push through your barriers to find success, contact me. You can also request a demo or download our Digital Transformation Playbook.