In the Digital Age, What’s Old is New Again for Traditional Insurance Brokers
Before digital transformation reached the insurance industry, traditional analog processes were very time and resource-consuming. And clunky. The promise of a new digital way, which could remove the piles of papers stacked on a producer’s desk and significantly improve the sales pipeline process, was so exciting that it led to an over-correction. In a short time, many sales, service and engagement processes became 100% digitized whether it made sense or not.
But the knee-jerk reaction to the analog problem was not the right answer. Not surprisingly, a solution that is driven by technology, and not by a clear understanding of what customers ultimately want, will not succeed.
Insurance, after all, is a diverse industry with many types of customers with varying needs. As such, there is no one-size-fits-all digital solution that could meet such a variety of demands. Insurance professionals soon realized that the right way forward was one that allowed consumers the choice to engage with digital channels when it was most effective for them during the customer journey but also have options to leverage more analog processes like having a call or setting up a meeting when that best suited them.
Finding the “Murky” Middle
Some insurance clients won’t go online. On the other end of the spectrum, some consumers are only interested in a digital insurance experience because it’s a necessity, not something they want. Then there’s everyone who falls in between. And don’t make the mistake of assuming these customer groups can be clearly identified by age,
Kyle Lowry, Head of Marketing at All-Risks Brokers (and a millennial himself) advises: “, You must find the “murky” middle, bridging the gap between all your client types and how they interact with your products and services.”
Considering client relationships are a broker’s best asset, you must figure out how to interact with all of them on their own terms. That can’t be done by only offering a digital experience.
Instead, mixing digital and analog will strike the ideal balance for your specific clientele.
Technology Isn’t Always The Only Answer–Especially for Insurance.
When a process is entirely digitized, something simple like a broker listing their phone number may get overlooked. Even those digital-first customers could feel frustrated if they have a question best answered by picking up the phone.
Look no further than millennials. They prioritize convenience and are the first true adopters of digital tech.
However, as millennials grow closer to 40-years-old and increase their wealth, their insurance needs grow more complicated. Sometimes, even these digital natives need personal attention that can only be provided through direct communication.
And the above notion rings true for most demographics.
Kyle advises, “Clients of all ages have different needs and expectations. So, brokers must figure out the ideal blend of tech-platform for their specific customers. Moreover, clients need a choice on how they engage with you (e.g., email, phone, text, video, in-person) while being serviced and sold to.”
How Can Insurance Brokers Find the “Murky Middle?”
Here’s a list of tips on how to find your murky middle, mixing analog and digital:
- Track your performance metrics and statistics. Focus on the details, too, such as client feedback to a producer.
- Marketing automation keeps you organized with your initiatives, offering insights on successful ways to contact clients.
- Automation works best when strengthening a producer’s already defined processes instead of reinventing the wheel, leading to a combined effort and buy-in.
Figuring out the analog/digital alignment and integrating the right technologies that support this flexibility can be challenging. This is where the Team at Goose Digital comes in. We help Insurance providers automate time-consuming processes that don’t impact customer value, allowing your team to focus on the more value add and personal approaches that only they can do, like making calls and touching base with their clients.
At Goose Digital, we understand that digital technology should be leveraged to improve how you sell and service clients. Contact us today so we can work with you to streamline your current marketing processes and help drive the value that your clients want and need.