technology

Leverage technology to improve efficiency and agency profitability

Using Technology to Boost Agency Profitability

When it comes to leveraging new technologies in business, many insurance agency owners are still in the Industrial Age. Fewer than half of all independent insurance agents use e-newsletters, text messages, social networks or instant messaging, according to last year’s Insurance Digital Transformation Survey, which polled more than 4,300 independent insurance agents nationwide. The majority also admitted that their business lacked key technology tools, like client portals and claims download. Given that digital tools are practically ingrained in the DNA of Millennial clients and commonly used by Gen Xers, agency owners and brokers who omit these options could not only fall behind the competition, but flat out miss reaching a significant segment of the marketplace.

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Smart Strategies to Finance Insurance Agency Growth

One of the most exciting aspects of owning an independent insurance agency is growing the business. Building a solid team and expanding operations are gratifying experiences that make the long hours and effort needed to establish a strong client base worthwhile. But, growing an agency is not without its challenges, foremost of which often is finding the necessary capital for expansion. Learn where to look–and where not to–for the funds to grow your business.

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