Change In The Insurance Industry Is Constant, But That Doesn’t Make It Easy

0
294

The best advice I’ve had the pleasure of stumbling upon came from Tony Robbins, who said that progress equals happiness. He also said that our daily habits will determine our future and our desire to succeed must be stronger than our fear of failure.

If someone spends every day improving techniques, learning new technology and gaining authority in their industry, they will become successful. Progress requires change, and while change might not always be easy, it is required for success.

The only thing that never changes is that everything changes. Life isn’t about always getting what you want; it is about becoming more. Whether it is a business or a personal goal, when change happens, growth happens. No matter how the circumstances change, it is important to look at the benefits. Life doesn’t happen to us; it happens for us. To be successful, you need to be an industry innovator, always adapting to the changing market.

The Importance Of Change In Insurance

I can think of a time when an insurance agent would go to the home of a client to pick up the monthly premium. The practicality of door-to-door customer service just isn’t there anymore. The convenience of insurance today has made it more accessible to people — even those in rural areas.

When the insurance industry advances with society, we can meet the needs of our clients more efficiently. It’s easier to adapt to the changing times than it is to fight the change.

MORE FROM FORBES

Technology

The best thing about technological advances is that we can accomplish more work in less time. For the insurance industry, technology has made everything, from getting a policy started for a client to looking up insurance claims and coverage, easier.

The way we go about insurance today is much different than it was 60 years ago. Insurance agents do not need to go to a customer’s house to do paperwork, and the client doesn’t have to worry about writing a check every month. In as little as a fifteen-minute phone call, you could have health, dental or life insurance. Many companies can even set up an automatic draft, allowing you to never have a lapse in coverage or a need to bust out the checkbook. Telesales in the insurance industry has allowed people who otherwise may not have enrolled in coverage to receive quality benefits and care.

Drones are even becoming a part of claims processing. With the unending list of natural disasters, insurance companies are looking for tools to save time and money. The drones keep adjusters safe and, in some cases, save insurance companies millions of dollars in claim costs.

With the seeming increase in disasters and rising cost of insurance, it’s important that all industries become experience-led and make their customers’ lives better as technology advances. There are plenty of ways insurance companies can adopt technological advances into their companies, saving them time and, even more importantly, money.

Creating Processes

If you want to create lasting success, you need to build better processes. Transitioning from the day-to-day operations into a leadership role requires a system of repeatable processes that others can easily follow.

Planning for change is necessary. If you want to grow your business, plan for someone else to take on your position. As the business grows, where you are needed the most can shift. By having a process in place, additional tasks can be done without errors. When such organization is put into place, a legacy is created. It’s important that each task is documented to create an accurate process; do not assume that certain actions are obvious. Get the team involved, and you will be able to gather valuable insights and feedback. This will also allow you to hold them accountable for sticking to improvements.

When our tasks and our processes change, it’s important that we update the organization to show the adjustments. Change is always constant and never easy.

Marketing

There was a point in time when billboards were the thing, and everyone dreamed of having their face or business on a billboard. Then there were TV commercials and magazine advertisements that allowed companies to get their names out there. These methods of marketing failed to create lasting relationships between consumers and businesses, however.

Social media websites and applications benefit consumers as well as businesses. These platforms give consumers the chance to see who is running the company and what the company is doing for society, as well as give feedback to businesses on how to better improve quality or customer service. In today’s era of technology, you can get more views on a social media platform than you can with a drive-by billboard. Many companies have their own Twitter, Instagram and Facebook accounts. All of these platforms provide marketing opportunities that are essentially free.

And it’s no wonder that people are utilizing social media marketing opportunities: With the abilities to share, like and comment, users can connect to the products they already love and share those products or services with friends and family members who may have never heard of the company.

How To Be Successful In An Ever-Changing Environment

As technology advances and society adapts, the insurance companies that move swiftly and decisively are most likely to be the insurance companies that flourish. The top companies will be those that lead innovations in digital technologies.

Customer expectations are also rising with technology. Clients want simplicity, 24-hour access, quick delivery and relevant information. Digitizing business can remove significant cost across the board and increase customer lifetime value. It’s vital to the success of insurance companies that they constantly improve the accuracy of their pricing and underwriting to improve loss ratios.

The most successful companies will be the ones that let go of slow decision making processes and adopt a new talent base that is comfortable with experimentation, testing, learning — and even comfortable with failing. The insurance companies that act decisively will be among the leaders in the industry.

ReadMore…

LEAVE A REPLY

Please enter your comment!
Please enter your name here