Agency owners want to use their technology to its fullest. But as teams grow, the tech stack grows, and new features get added. Eventually, you might notice you have solutions that fit problems but that don’t fit together.
Fine-tuning processes can solve integration problems and improve agency management efficiency. Here are several best practices to get your tech working together and your agency humming at top efficiency.
1: Conduct an insurance technology assessment
First, map out everything your agency uses technology for—including email for client communications and your website for marketing and quoting—and list what functions those serve. For many agencies, the three most foundational pieces of their tech stack are a customer relationship management tool (CRM), an agency management system (AMS), and a website.
Through this process, it might become clear that some functions are duplicated or that there are holes where tech is being used for something it’s not designed for. Complete the technology audit with a professional assessment or market research to see where your agency might be able to grow. Catalyit’s State of Tech report provides an overview of what tech agencies of different sizes typically use. While the report isn’t intended to be a shopping list, it can provide some insight into what comparably sized agencies use.
2: Maximize the potential of your agency technology
A well utilized CRM can be as powerful as adding two new people to your agency. With functions that handle data management, automated communications, sales reporting, and renewal alerts, a CRM can automate many tasks and free up time for your team to focus on more valuable tasks.
Getting the most out of your current tech investment is a quick win for many agencies. Power users take advantage of forums, tech demos, and support to learn the tips and tricks in their technology. Put your technology to work by making the time investment in training, staying up to date on capabilities, and trusting your InsurTech provider to get you up to speed.
3: Formalize your processes
What would you say to a new hire who wanted resources to understand your agency’s workflows? Many agencies don’t have all their processes written down, creating several problems: Without those processes documented, it's more challenging to onboard staff, set expectations, develop reliable metrics and analytics, or ensure consistent client service.
Vertafore’s Project Impact documented the processes of hundreds of agency servicers to observe workflows and find efficiencies. Those efficiencies resulted in saving almost an hour a day for servicers. To find efficiencies at your own agency, document workflows and consider where the hurdles are and what other applications in your technology ecosystem might help.
4: Use API integrations to speed up workflows and keep data clean
One of the biggest efficiency killers is having disconnected technology systems, which equals disconnected data and repetitive data entry. That's why agencies increasingly turn to solutions and technology providers with an “enter data once” strategy. On the ground, it looks like this: Collect data at the beginning of a client interaction, such as quoting or renewal, and have it flow through every system that needs it.
Once systems are integrated, there is little need for manual data entry, which means fewer human errors and more time for other tasks. Where there is room to expand your tech stack, use a platform that integrates software using APIs. That investment means cleaner data and higher efficiency.
5: Use insurance agency analytics to put data to work
Only 18% of agencies make decisions by using data analytics tools. But reliable data analytics can give the clearest view of what’s going on in an agency and take the guesswork out of agency management.
Once you’ve adopted best practices that formalize workflows and integrate data, it’s possible to collect data that results in reliable information and informed decisions. Data analytics can track everything that’s going on in the agency, from where a client is in their policy renewal cycle to what tasks take the most time for producers. Managers can identify obstacles in the sales process and train staff to make them more effective.
How best practices make a better agency
The insurance agency landscape is evolving rapidly, with new technology solutions launching all the time. Success isn't about having the most tools—it's about using the right tools for your agency. The agencies set up to thrive beyond 2025 are those that view technology as an integrated ecosystem that can save time and help them make smarter decisions.
Hear how Vertafore’s Project Impact is finding workflow efficiencies and saving agency servicers two hours a day. And if you’re ready to optimize your own workflows, get started with Vertafore agency solutions.