A traditional part of the industry is fast disappearing: face-to-face client meetings and the mountain of paper associated with a policy and its maintenance.
For good or bad, it is the reality of operating a 21st century brokerage. One brokerage has made the transition, and offers these tips on how to make that transition as smooth as possible – and what brokers need to do to make themselves more available to today’s 24/7 client.
“Almost no existing clients come into our office anymore,” says Rick Dresher, who together with his wife Rima run Affiliated Insurance Management Inc. in Oakville, Ont., who adds that even documents like temporary liability slips are sent almost exclusively by email now, and documents like rate manuals and policy wordings are stored on portals.
“Policy changes is a huge part of our business,” says Dresher; “efficient handling of this time-consuming activity must be the end game.”
Dresher is seeing more new business inquiries coming from the website, and has made social media marketing a key component to his online presence.
An important part of Dresher’s strategy is investing in technology that has a positive impact on his return on investment – like his decision to implement eSignature to streamline the form process for new clients.
“Currently we email applications and payment forms to our new clients to print, sign, then fax or email back to us,” he says, adding that eSignature will allow him to receive signed documents securely, and require less effort on the part of the client.
Some of RSA’s cutting-edge technological solutions include capabilities such as its web chat feature – a live chat offering through which clients can have their questions instantly answered.
According to Bryan Mo, manager of Broker/B2B Technologies at
RSA Canada, RSA has taken traditional underwriting questions and pricing tools and placed them online so brokers can very quickly assess their clients’ needs.
“The future is definitely moving toward more technologically advanced brokerages, so brokers that adapt to technology will be able to stay competitive,” says Mo. “We are investing in systems and tools that will help make the process more seamless. It is essential for insurers to provide access to more information and tools that will help them service their customers better.”
In summary
Clients have moved to online to find the insurance products that meet their needs, and brokers who are positioning themselves on the web are reaping the benefits of not only connecting with new clients, but reducing the paperwork and workload that has traditionally been associated with the insurance industry.
These are exciting times – and the today’s technology promises a better tomorrow for brokers, like Rick and Rima Dresher.
