Leveraging Tech for Talent Management in Insurance

The insurance industry continues to face talent shortages, so agencies are increasingly turning to technology to help bridge the gap. AI and other software tools can improve productivity, help with hiring, and facilitate better communication with clients.

There are several benefits of adopting new tech tools, but it’s important to know how to choose the right packages and facilitate a smooth rollout.

What can tech tools do for an insurance agency? If there’s a task to be done in an insurance office, there’s almost certainly a technology tool to address it. AI tools embedded with predictive analysis capabilities can improve underwriting by forecasting future claims and identifying high-risk customers. Chatbots can answer routine questions from customers, freeing up agents to resolve more complex issues. Small language models can be used to personalize marketing and sales communications. Administrative tasks such as time tracking and project management can be streamlined with technology tools. Claims management can be automated. And all these time-saving tools allow agents to have more time for meaningful engagement with clients and prospects.

Finding the right tools. Just because a technology tool is powerful, it’s not necessarily a good fit for every situation. Each agency is different, and that means their technology needs vary, too. To find the best tools, agency owners need to identify what their greatest needs are. What are the staff’s pain points? Where are the biggest time sinks for team members, and how could those be alleviated with technology? What are producers’ biggest impediments to growing the agency’s book of business?

Once those needs are delineated, it’s possible to identify software tools designed to address them. Then comparisons can begin to determine the package that provides the best solutions at the most attractive price.

Overcoming pushback. Bringing new technology tools into an agency can be met with uncertainty. To ensure a smooth rollout, it’s important to help staff learn how new tools can save them time and help them be more efficient.

It helps to start by introducing small elements of the new tools first, rather than unleashing the entire suite of services all at once. In this way, team members experience small wins without major disruption to their workflows. It also creates a pathway for staff to inject their own thought processes into making the technology work for the agency, which promotes buy-in.

Team members also need to understand the “why” behind the adoption of new systems. For example, demonstrating a tool’s ability to provide data intelligence that leads to faster closes can help the team grasp the value of the new system.

Connecting remote teams with technology. In agencies with remote workers or satellite offices, team members may become disconnected. That can be a real problem in a people-oriented profession like insurance. Agency owners need to be proactive in keeping teams in touch with one another, not just through business engagements but by facilitating social interactions, as well.

Using technology in recruiting. Hiring managers have been using applicant tracking systems for years. These tools have become even more powerful with the addition of AI capabilities. It’s important, however, that these tools be used in conjunction with a strong interview process, as applicants are now using AI not just to create perfectly polished resumes but to provide them with answers during remote interviews.

To get a full picture of a candidate’s suitability for hire, there’s no substitute for in-person interviews. Seeing how they interact with other team members can go a long way in determining if they are a good fit with the agency’s culture.

Choosing the right technology that meets an agency’s specific needs is key to a smooth rollout, as is addressing team members’ nervousness about adopting new tools and systems. With the right tools and a well-planned introduction, new technology tools can drive agency growth.

Dennen is founder and CEO of Indianapolis-based Oak Street Funding, a First Financial Bank company, with customized loan products and services for specialty lines of business including certified public accountants, registered investment advisors and insurance agents nationwide.