How Agents and Insurtechs Can Work Together

Independent insurance agents today are different. They’re not your parents’ agencies. Yes, they still provide insurance and build strong client relationships. But they’re also relying on technology more and more. More agencies have adopted digital solutions and incorporated them into their workflows.

And they’re not just using technology — they’re applying solutions in sophisticated ways. Agency management systems, for example, are adding new features that take the tools well beyond basic levels. It’s no surprise that technology is making a strong showing inside the agency. Agents are used to a variety of solutions in all aspects of their lives.

The result: agents’ expectations about technology are growing. Insurtechs working with agents need to step up to the challenge to work with them to solve real issues.

Many insurtechs are started by entrepreneurs for the tech part, and not necessarily the insurance part. These founders see real problems and want to create solutions that can solve them. However, once the product gets into market, the real test begins. Sometimes the problem isn’t as big as they had anticipated, requiring little need for the tool in its current form. Or perhaps they discover that the way they approached solving the problem isn’t working for agents, and they need to readjust.

This is where agents’ insights can steer the insurtech in the right direction. Agents are on the frontlines using the products. They know how a new solution fits into their workflows. Does it save them time? Do they need to develop workarounds because it doesn’t meet their needs? Is the tool adding any real value? If it doesn’t, are there changes that would make it more useful?

These are all questions that an agent can answer.

Insurtechs have to be willing to listen. We’ve experienced this first-hand at Semsee. Our initial thesis was that agents needed a faster way to quote small commercial. This was a real problem; we were right about that. But we didn’t stop there. Through a continuous loop of feedback with our agent and carrier partners, we evolved the solution to make it easier to bring new products to market and find out which carriers have market appetite.

Key to developing a strong symbiotic relationship is robust two-way communication, as well as recognizing that tool development is never done. It’s important for insurtechs to maintain a constant open dialogue with their customers. It’s equally critical for agents to be open with insurtechs about what’s working, what’s not and what they would like to see.

Here are some of the ways agents can make their voices heard:

Maximize time spent in forums and demo sessions. It’s important for agents to speak up about what they want from the solution they are using. Most platforms have agent support and customer service personnel who will listen to feedback. If a vendor is unresponsive to input or reluctant to change, it might signal that the agency needs to rethink the solution provider.

Be proactive when it comes to the product. Don’t just sign up for a solution, pay the bill, and reach out if there is a problem. You can ask for more frequent meetings with the vendor, biannually or even quarterly, to discuss how you’re using the product and features you’d like to see. This will also give the vendor a chance to show you what they’re working on.

Remember, feedback is a two-way street. The agency team needs to be involved. Have a plan in place for implementation that includes training and internal huddles to talk about what’s working and what’s not. Make the huddles a regular thing, not just during implementation. All these insights can be shared with the vendor.

No solution is perfect, especially on day one. But digital tools can’t improve without critical input from agents that are actively using the tools. With strong two-way relationships between agents and insurtechs, solutions that solve real industry challenges can be created.