The pandemic has accelerated this change, with 42% of agents overall saying they saw an increase in business opportunities since the start of 2020. 48% of respondents also said their agencies have made a 180-degree turn from brick and mortar to virtual operations. The study surveyed 351 officers between March and April this year.
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“Agents now see how technology can be a tool that enables them, rather than something that replaces them. The survey tells us, ultimately, that the agent is ready for technology to step in and help them take some of the hassle out of their work because they can be useful for the small business owner,” Charles-Pierre told Insurance Business.
While agents are generally satisfied with the marketing and sales technologies they use today, many recognize gaps in their digital operations. Search engine optimization (SEO), new and faster ways to gauge insurer appetite and efficiently obtaining quotes from multiple carriers were cited as areas that needed further improvement.
Just under half (49%) of agents used SEO to boost their business. Most cited a lack of time and understanding to implement an SEO strategy.
Earning and placing business online is also a major hurdle, with 56% of agents saying they have a challenge finding a marketplace that fits their needs. Additionally, 52% said getting quotes from carriers, MGAs and wholesalers is a barrier to closing deals. For Charles-Pierre, this is an opportunity for operators to provide real-time transparency on “who does what and when.”
“In most other industries, you know the inventory in real time,” commented Charles-Pierre. He said inventory, in this case, refers to lines of business, products or risks that a carrier may or may not want to take. “One of the interesting challenges for the industry is helping agents understand what markets are available to them, so they can find what might be the best fit for their client.”
Opportunity for carriers
It’s not just agents who need to prepare for the shift online: operators need to step up too. The Semsee and TrustedChoice.com survey showed that agents were not thrilled with the carriers’ agent-facing technologies, with 47% rating them as good and 35% giving them an average rating. Only 6% of agents believe that existing transport platforms are excellent.
The problem? Lack of portal-to-portal consistency, limited interaction with underwriters and no initial indication of whether operators will accept new business. More carriers need to be “tech-friendly” to connect to multiple platforms, but simplifying product lines will also make agents’ jobs easier.
“One of the things the survey talks about is that carriers need to be more transparent, faster and more agile to serve the agent,” explained Charles-Pierre. “Carriers and their products are more dynamic, changing much more frequently than before. In the old days, agents could shop by memory. They knew which carriers they offered, which products [were available] and around what price.”
Read more: Insurtechs: We also need agent-facing platforms
Innovative digital platforms could free agents to do more. Most respondents acknowledge this: 62% said they are looking to use a quote platform in the future, preferably one that is fast and easy to use.
“For carriers, it’s about enabling ways for the agent to not only get a quote easily, but to meet agents where they are and where they do business,” said Charles-Pierre. “If operators don’t change, they won’t be able to serve agents who need to be flexible to reach a constantly changing market.”
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