Insurance companies are no strangers to the digital revolution, and the industry has reaped the benefits from shiny new solutions in a high-tech niche space known as “insurtech.”
According to the World Insurtech Report 2021 by Cap Gemini, re-insurers are heavily funding insurtech industry development. Insurers are leveraging powerful tools like artificial intelligence and Big Data.
These exciting technologies deliver benchmark customer services. On the business side, adoption can significantly increase productivity and business efficiency while improving customer engagement and sales.
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Insurtech reaches insurance agents
Until now, innovations have targeted insurance carriers. This focus left insurance agents without appropriate digital resources. By “digital,” we’re not just talking about websites and emails. Instead, the term refers to automated digital technologies that encompass the entire agent-customer experience.
But recently, this has all changed, thanks to a disruptive new solution for insurance agents. An Israeli insurtech called Gefen International released a cloud-based platform that connects agents to both their insurance companies and customers.
Agents can now conduct business with customers through a private-label website, replete with integrated insurance company account access, product and sales offers, records, communications, account history and more.
Insurance technologies for beginners
Most of us use computers, yet we don’t care about computer programming. But to appreciate what Gefen’s technology can do, following is a bird’s eye view:
Artificial Intelligence
Artificial intelligence (AI) is one of the most exciting areas of computer science. AI software becomes exponentially more intelligent through the analysis of computer interactions. It identifies patterns, makes associations, and crunches numbers, and then it improves itself.
The result is an ever-increasing amount of efficiency and business performance. In the case of insurance agent customers, the Gefen AI provides an increasingly convenient and personalized interaction. In the insurance world, an online experience without personalization defeats the purpose of the all-important human touch component. Therefore, the goal of Gefen’s AI is to essentially create a virtual representation of the agent.
Automation
Gefen’s AI develops automated processes that can be applied across the entire network customer base. When “virtual agent” software can perform tasks on its own, it frees up time that can be spent on sales and leads. The customers’ needs are being met, and the personalization increases as if the agent is right there with them whenever they go online.
Interaction
AI can learn to answer customer questions. But if the customers can’t find what they are looking for, they can engage with the agent over multiple communication channels including chat, texting or video conference. All the essential customer’s needs are conveniently met through the agent’s website portal, which serves as a virtual insurance office.
Digital channels
Having a social presence is a necessity for most businesses but maintaining content and customer interaction is full time work. Gefen’s platform lets the insurance carrier distribute content directly through its network agents’ websites or social platforms like Facebook or WhatsApp. The regular appearance of fresh, new content is a cutting-edge form of automated engagement.
But the agent does have the freedom to push-out fresh content. Gefen’s platform gives the agent all sorts of publishing and distribution options, including scheduled releases, reminders and notifications, and newsletter templates.
Compliance
Insurance companies have high-level permissions administration for ensuring that agents are publishing or operating within the guidelines of industry or corporate compliance. This is an essential protocol for insurance companies, and it facilitates the viability of a shared platform.
Gefen’s technology gained a lot of traction in a remarkably short amount of time.
The company is first-to-market with its unique product offering, and that’s great news for insurance agents looking to expand their businesses.
In 2021 alone, Gefen saw an increase in end-customers from 65,000 to 296,000. Agent adoption increased by 66%, growing from 1,332 to 2,210 agency users.
According to Gefen, insurance agents using the system report that they have increased productivity and performance, while reducing costs and time spent managing operations. Gefen’s platform signals the beginning of insurance-agent-focused insurtech solutions. Now that the door is finally open, we can be sure to see new products and services finally reaching this traditionally underserved market.