President's Message | Digital Innovation

DIGITAL PRESIDENT’S MESSAGE INNOVATION

The Summer of 2021 will be one for the history books, as we round the corner in Oregon with Covid 19 restrictions and after many month’s By: Mark Atkinson Big I Oregon President Atkinson Insurance Group of what psychologists call “languishing” some where between depression and hope, we can finally see the light at the end of the tunnel. While life may not be quite the same there are many things we have learned during this pandemic. Covid-19 put us to the test of the century, and I am proud of how we were able to adjust and pivot during an extraordinary time. I recognize that so many businesses have been negatively impacted, many to the point of closure. This time has reinforced that our industry is uniquely resilient and vital. This is a little ironic given that our industry has historically been seen as slow to change and innovate. We have always been the trusted advisers to our clients. But for the past year we have been the “reassurers” as well as the focus of a spin-off industry, InsurTech. Atkinson Insurance Group has prided itself in being innovative in the digital space. A recent report released on the Rise of the Digital Insurance Agency, a study commissioned by Liberty Mutual and Safeco Insurance, surveyed 600 independent agents and brokers and have concluded staggering support for agency digitization.

• Digital Adoption leads to faster growth

• Low digital adopter agencies average growth rate year over year was 7.4% compared to high adopters growing at 12%. • This means highly digital agencies grow at a 60% higher growth rate. • Growth is driven through various digital capabilities: • Social Media Marketing and interface • Online Quoting capabilities • Self Service Portals • Live on-line chat capabilities • Paid Social Media Ads • Video Quotes and policy reviews • AI and Chatbots • 81% of high digital adoption agencies plan to increase their digital marketing efforts but more importantly, 48% of the low digital adopters are planning to increase their digital marketing efforts. • COVID has proven to the doubters that they truly can and MUST learn to sell and service clients in a more digital and virtual way.

• Video remains a largely untapped opportunity

• Much of the Insurtech solution sets to date have focused on data and workflow efficiencies but there is a growing trend to use more video to create deeper client connections and develop a sense of trust that is not as easily portrayed by a photo or written words.

• Digital agencies can invest more in the customer and employee experience

• High Digital Adoption Agencies are hiring at twice the rate of Low Digital Adopters and they are increasing their geographic area from which they draw new clients.

• The customer of the present and the future will

demand a better client experience. One that is uniquely possible through the independent agency channel’s ability to blend deep personal relationships and competent advice with streamlined client experiences that can only be offered through maximizing digital capabilities in service of the insurance consumer.

As the president of Big I Oregon I am extremely excited about the future of our association as they constantly are investing in resources that enhance and support growth minded agencies to be better and do better for their clients. Big “I” has rich resources for agencies of all sizes through ACT (Agency Council for Technology). This includes the industry’s leading technology with blueprints on customer experiences, cybersecurity and disaster planning as well as addressing many of the areas of expertise including social media marketing through Trusted Choice. This is indeed a time for stretching our capacity and realizing our greatest potential. Connect with Tyra Dressel our Executive Director or LeeAnn Smelley our Membership guru to see how you can supercharge your agency through utilizing your Big I Oregon Membership!