Technology – Changing Your Business

By: Kitty Ambers, CPIA, CIC, CISR, NetVU

Over the last few centuries, technology has been revolutionized every 40 years or so. Beginning with the Industrial Revolution in the year 1771 to the age of coal steam in 1829. Steel and heavy engineering in 1875 to the automobile in 1908 to our current age of technology. It can be estimated that progressive technology is more than 300 years old!

Growth-minded Insurance agency principals are focusing efforts to sustain long term profitability with the help of technology and innovation. These agencies are compelling others to reshape their own business models and adopt new practices.

Innovation and creativity in insurance could be considered an oxymoron. Yet our industry showed innovative tendencies in the 1960’s when a variety of new products and services were created.  The introduction of standards and “simplified” policy forms are examples.  Those who adapted to these new ways early on, flourished. These agents expanded their customer volume by embracing new, more efficient business processes.

As automated technologies advance, it is wise for insurance agencies to again reassess their business processes with a focus on profitability.  Productivity is defined as the generation of revenue. Common productivity measures are "revenue per employee" and "spread."  By training personnel to effectively use technology tools, streamlining procedures that better leverage carrier interface capabilities, and validating efficiencies through reporting, agencies can expand their business to new segments and recognize new sales opportunities. To remain competitive — agencies should also consider how their customers are using technology to gain an advantage.

Another key to staying competitive is to be accessible and visible to clients. Today, this can be done through the use of social media. It is a tremendous tool that can help build and enhance strong relationships with customers, and others. It enables an agency to create easy and regular touches which strengthen the bond with the client. Digital media shouldn’t only be viewed as a great way to generate new leads and prospects — it's also an extremely helpful tool for the agency to use with current and prospective clients.

At NetVU, we understand the importance of the productive use of technology, and we are here to help you see all the benefits of your Vertafore system. Visit the NetVU

Education Calendar

to find educational opportunities and Chapter events designed to help your firm achieve a continuous return on your technology investment. On

January 21 & 22,

we will be co-hosting Agency University, where agency principals can learn the specific steps to take with marketing planning, social media, effective technology implementation, reporting and productive technology tasks that can help  drive profitability. 

Learn about this innovative, hands-on educational event.

NetVU Conference is right around the corner!  Attending this event is one of the best investments you can make in the future of your agency. At NetVU Conference, you not only increase the value of your technology, you also increase the value of your staff.

Need a few more reasons to convince you to join us in Indy?  Check out our Amazing Keynote Speakers - Peyton Manning and Robin Roberts, the 130+ Education Sessions, and networking opportunities with your peers, carriers and industry partners. Register Now!

For those who realize the value technology can bring to their agencies, the sky is the limit!