Launching Your Brokerage Into the Next Generation of Insurance

The insurance industry is entering an exciting new chapter that we’re calling the Next Generation of Insurance. This phase is the next step in the Digital Roundtrip of Insurance, which has empowered brokerages to gain a competitive edge and enhance customer service.

The Next Generation of Insurance is focused on the opportunity to transform operations, improve customer experience capabilities, increase efficiency and productivity, and provide unmatched business insights for decision-making.

Here's an overview of how the Next Generation of Insurance will unlock new possibilities and create new value for brokerages and clients.

Key Factors to the Next Generation of Insurance

The Next Generation of Insurance is here, fueled by data and artificial intelligence (AI) working across the Digital Roundtrip of Insurance. Are you ready to join brokers who are using this technology to grow exponentially while adding value to their teams, partners, and customers?

Let's explore the factors that will impact all of us in the industry as we transition into this new era.

• Data and Business Intelligence:

Insights are invaluable, and brokers want to spend their time advising rather than gathering data. How do we make data easier to access?

• Insurance Industry Talent Gap:

Looking ahead, the industry will see many of its leaders retire in the next five years. How will we address these gaps and what tools do we need to attract new insurance professionals?

• Seamless Experience for All Stakeholders:

Workflows in the industry have historically been time-consuming. How can we make those tasks and experiences faster and simpler?

• Real-Time Connectivity:

Workflows between the brokerage, clients, and insurer partners must have a strong sense of connectivity. How can intelligent workflows help brokers plan for new opportunities and expand their business?

Innovating for Next-Gen Insurance

To succeed in the Next Generation of Insurance, brokerages need their workflows to be intelligent and connected across all functions. Each aspect of the business must seize the available technology and harness its abilities. And while using technology such as AI solutions is helpful, the type of AI applications matters.

Vertical AI solutions are industry-specific and tailored to your specific needs or pain points, such as providing enhanced risk assessment based on historical data or automating routine, time-consuming tasks.

We can understand where and how this technology will usher brokerages into the next generation of insurance by looking at each stage of the Digital Roundtrip. Here's a quick breakdown.

• Sales and Marketing:

Insurance-specific technology embedded in email and campaign-building workflows will give brokerage teams time back while creating engaging content to retain customers.

• Submissions and Underwriting:

The manual exchange of information between an insurer and brokerage is out, and automated AI-powered solutions to strengthen processing are in.

• Policy Management:

Integrated technology in the brokerage system helps increase the premium value of every account and generate more profit for books of business.

• Financial Management:

AI-powered technology will automate finance and accounting teams to help move money faster, reduce back-office costs, and drive revenue.

• Servicing:

Being able to quickly find and understand information to help your clients while keeping records updated will improve your customer service.

• Core Innovation and Connectivity:

Next-gen technology focused on core innovation and connectivity will unite each area of a business to produce peak efficiency and a sound foundation for future growth.

Join the Next Generation of Insurance

We have discussed the key factors of this next era and what it takes to succeed, but what technology will enable you to be a more tech-savvy business?

Here is some next-gen tech you can use to usher your business into this next era of insurance.

Epic Dashboards integrates seamlessly into Applied Epic® to provide tailored insights for brokerages and allows a deeper understanding of vital trends. This platform will transform how you access data analytics and make your next necessary steps crystal clear.

Epic Quotes Commercial Lines makes simple commercial quoting easier and scalable in Applied Epic. You'll see your workflows streamlined for consistency and access to the top business segments in commercial lines, and more.

Applied Financial Management or Applied Pay®, the industry's most versatile digital payments platform, allows insureds to pay their premiums online from any device. Applied Pay now offers comprehensive payment solutions and automated physical cheque processing to speed up tasks that were previously time-consuming.

Applied AI Lab has been collaborating with our colleagues at Planck and other broker partners to harness the power of AI. A highlight from our lab includes email summarization, which will allow you to access essential information, making your email responses consistent and efficient, all while maintaining a high-level of customer service and accuracy.

Embracing the Next Generation of Insurance

When you win, we win, and we’re here to make that happen. Integrating modern tech into your day-to-day operations and embracing the Next Generation of Insurance will create new opportunities that benefit everyone. But you don't have to do it alone. We're here to help you seize the opportunities this new era offers, and create value for not only you and your team, but the entire insurance industry. Read our eBook for more insights on unleashing even greater business value for your organization.