Keeping up with the Evolving Insurance Industry

The buzz of late about insurance has a lot to do with the changes taking place, and the resulting impact. Competition from between both old and new companies is getting tough, and even as technology improves, keeping up with new developments is essential. If you work for a managed general agent (MGA) company, the future will likely depend on having a strategy in place to keep up with the evolving insurance industry.

Here are some of the top trends going on today, and what they can mean for insurance companies, and how to handle them.

Software
Advisors across North America are working continuously on way to keep up with changing technology. It seems lie a new version with new features is being released monthly, and gives companies the sense that they’re falling behind if they don’t stay on top of their software updates. If your company manages to keep up-to-date with their software and licenses, and provides training to employees as use changes, they’re ahead of the curve. Social media is an important aspect, and MGA who want to stay on top are familiar with how to leverage it. If they aren’t, it’s important to get them involed (stats)

Mobile quotes
The public these days is turning away from their laptops and computers to embrace mobile devices. By 2014, mobile users accounted for more online activity than computer users. They are being used more often to do more things online as new apps appear. This includes, or should include, buying insurance from your company. It comes with the need for rapid call-backs, quick processing, and the ability to offer more services, as rivals are already providing quotes that be delivered via email in minutes from info entered into a few simple forms. More and more often, getting a series of quotes and signing up for a policy is something done in minutes, and it can be done from anywhere at any time of day.

Security
Secure customer information has become a big problem in today’s business. Even the police are being targeted by hackers. Headlines from a successful cyber breach can send a company’s stock tumbling and drive away customers. Any insurance company has to take steps to ensure their user data is protected, in storage and in transit, with the latest software and techniques. Failure to do so can mean fines from the federal government, who insist on certain guidelines for consumer protection. In the event of successful data theft, usually done a massive scale, loss of reputation and possible litigation could ruin many firms.

Regardless of what industry is involved, keeping up with the digital world and its ever-changing nature is an essential part of success.