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Contingency tools in the time of pandemic

In the midst of the COVID-19 pandemic, insurance agencies are adjusting to stay safe and operational. While it’s unclear how long the effects of the pandemic will last, it’s important for agency owners and employees to take measures to mitigate confusion, fear and loss.

This article outlines some InsurTech solutions that are available to help you maximize your agency’s effectiveness and efficiency. Though these measures are imperative for meeting today’s immediate needs, they also set up critical contingency structures for future unexpected disasters. Have you considered each of these tools for your agency? Cloud-based systems A cloud-based agency management system provides uninterrupted access to the hub of agency operations. Such anytime, anywhere, access means your agency can continue operations no matter where your team needs to relocate to stay safe. Integrated systems When all your systems (e.g., accounting, customer relationship management and proposal creator) talk to one another, you’re able to process information faster with less logging in and out and comparing data fields. System integration also helps mitigate your potential for an errors-and-omissions claim, so your team can be more confident in claims and policy processing, and integration with marketing efforts, among other procedures. Mobile access Almost everyone has a smartphone, and, according to J.D. Power’s 2019 Insurance Digital Experience Survey, nearly 75% of all insurance companies evaluated offered a mobile app. Your agency needs mobile access to provide immediate self-service and a convenient way to capture timely information during an accident, or when you need to get in touch with customers quickly. It also can be used to provide customers with regular updates and share FAQ answers to calm concerns. Client portal According to a 2019 report by Statista.com, close to 90% of U.S. consumers expect businesses to have a self-service online portal. These portals empower customers to meet their needs, and get to know your agency better in the process. And, client portals are available 24/7 to answer routine FAQ concerns, freeing up customer service representatives to spend more time on problems that require a human touch. When integrated with your agency management system, client portals sync customer activity in real-time, so you’re up-to-date with your customers, even during uncertain times. Integrated texting Integrated texting is an essential way for independent agents to communicate directly and immediately with clients without creating gaps in documentation. Texting can be used to alert customers when a policy is coming up for renewal, when a payment is late, or to update them on critical information regarding safety and operations. Paperless processing and eSignature During an emergency, it’s unlikely you’ll be able to print, fax, and mail documents in any timely manner. The ability to smoothly and securely bind coverage and submit applications digitally is critical to maintaining business operations during these times. With paperless document processing, including digital eSignature technology, your agency cannot only operate during a disaster, but can do so quickly, securely, and more efficiently than with paper forms. Secure infrastructure With so much data transferring via digital technology, your agency needs to be ready with secure infra-

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structure to protect your clients and employees from external data threats. According to the Clark School at the University of Maryland, a cyberattack occurs every 39 seconds. And 43% of those attacks are on small businesses, like local insurance agencies. To reap the benefits without being exposed to the risks, agencies need to invest in infrastructure and training to keep customer data safe. Essential contingency tips Beyond obtaining the right tools, your agency also needs to address areas like: Digital tools. It’s essential to train staff and allow customers to use digital tools, like virtual meetings apps or remote desktops. As the COVID-19 outbreak became a pandemic, virtual meeting platform Zoom saw a 109% surge in downloads according to a report by Crain’s New York Business. This surge was followed by a rush in how-to videos and tutorials to get new users up to speed. Have the same tactics in place for your agency, including providing laptops and IT support for those who may be new to working remotely. Create and update a disaster plan. Make sure to include a point person and structures for how to make decisions and deliver information to your employees, customers, and partners. This plan should be updated regularly as your agency grows and new contingency tools become available. Expect change. Based on what you, your agency, and the national and global economy faces during a disaster, be prepared for some of the changes your agency has made during the pandemic to become permanent. Additionally, agents should think about how COVID-19 will lead to a demand in coverage for pandemics and other biological disasters. Communication and connection At the heart of all these tools and tips are communication and connection. Staying in touch with your clients and employees can ease stress and reinforce meaningful connections during uncertain times. Leverage systems like marketing automation and integrated texting and email to stay in touch with your clients, and keep them updated on your efforts to keep operations safe and moving forward. Though we can’t predict when disasters will end or the longlasting outcomes, we can keep business as close to usual as possible when we connect and communicate. Deak is one of the founders of NuGrowth Solutions and CEO of Strategic Insurance Software, acquired by NuGrowth in 2009.

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