* What is insurtech? It's a recently created name for a growing class of apps, software and insurance startups that use cutting edge technology to quickly and efficiently provide insurance, customer service and customer engagement.
If you think insurtech is the answer to writing insurance you're sadly mistaken. Insurtech is merely a tool to make the job quicker and more efficient. Just like a nail gun replaces a hammer in building a house.
The important thing is that in both cases the tool is no good unless it's used by a professional craftsman or woman. They are the real genius that allows the consumer to get the best product possible.
So as an agent or broker, especially a new one, it's important you realize that insurtech only allows you to spend more time creating relationships and building trust with clients and prospects. Even insurtech companies realize that the technology is most effective when supported by a direct working relationship between customer and insurance professional.
I realize there are some insurance providers that depend solely on insurtech, AI and psychological selling methods to capture and retain new clients. They seem to be most attractive to younger consumers who are used to buying things online and don't understand the danger of buying insurance protection that way.
As a professional insurance agent and advisor, you need to use social media, your website and your blog to educate those consumers that would buy direct of the potential of both too little coverage and missing coverage. Not all buyers will listen, however as time goes on more and more of them will be financially hurt and learn the hard way the need for professional advice from a trusted and knowledgeable agent.
So, what does all this mean? Is insurtech not important?
The answer is insurtech is important for the most efficient and effective operation of an agency. The speed and service it provides allows more time for working directly with clients and prospects.
Many prospects like It because it offers them quick and easy pricing. The issue is that frequently they select coverage that may not adequately protect them. That's where you as a professional producer can build trust by helping a prospect understand insurance coverage and then helping them select the protection they want and need at a competitive price.
You want your agency to have the most effective insurtech available however cost, time and people resources sometimes get in the way...