Getting the “point” across
With the way dot-coms have come and gone, I was asked the other day to take a look at InsurePoint (www.insurepoint. com). And as I opened up my browser, I realized that I mentioned them in a column a while back.
A little digging through my old columns revealed that I had mentioned the site as part of a review I did on Bolton & Company”s Web site almost two years ago. I didn”t really say much about InsurePoint except that they had the right idea. If you translated it, it probably meant, “Let”s see how they do before we pass judgement.”
Well, from looking over the site and looking at who they see as their primary customer, InsurePoint is right on and shows what agencies can do to really make the Internet open up new areas of business.
Putting the tech face forward
InsurePoint targets the emerging technology firms and startups. They go after these companies of developers, Internet services, designers and IT people that are more inexperienced with insurance products. However, they are completely at ease with the technology.
So, hit them where they live. InsurePoint provides them with the ability to learn, apply, manage, and pay for policies as well as make claims all through a single browser interface. Did I say single? I also mean simple. I walked through their application online in a matter of minutes-it allowed me to provide all of the basic information but also gave me space to make comments on my business processes and products and what would/could happen if something went wrong.
This in itself is very handy as the insurable arena of technology/intellectual property continues to expand. Talking with an intellectual property attorney recently, he noted that more than 50 percent of their new business comes from infringement, cease and desist or other litigation in the areas of technology. That could have some interesting effects on a startup”s business or loss of business.
Why bring this up? In an age where even business processes can be patented and others made to stop, insurance has become a necessity for these groups. InsurePoint is positioning themselves to be the solution.
Another reason is that the site is up 24/7. IT people don”t always work 8 to 5 like many of us. They need to be able to access their information or make a claim at 2 a.m. after a data storage unit crashes. InsurePoint makes it easy.
Does it work? They are now represented in almost 30 states. That”s up from five states two years ago. They also reported that since their start, 46 percent of their leads had turned into sales. For the Internet, that is great.
Factor in that all of this occurs without any paper-further reducing costs-and it is phenomenal.
So what about me?
This is not to say that everybody needs to go out and join InsurePoint, but it is to say that if you have been looking for ways to open new markets or expand your area of service or build a niche market you might consider their model.
Look at the companies you work with and what they have to offer. Talk with them about developing something for a specific niche. That”s what Bolton & Company and Atlantic Mutual did.
Look at giving that product its own identity and Web site. I mean, with the opening of the market for domain name registration, you can register a name for $25 or less. Develop the site so that by its design, layout and content, it specifically targets the audiences you want to reach.
If we are really part of a global community, then it is time for insurance agents to build in that global community and the Web is the medium for it.
Consumers—whether personal or business—want more from the Web. They want to learn, shop, buy and manage their resources-including insurance. You need to consider whether or not you want to be there.
Technocracy is a regular column designed to examine and explain new technology and how it applies to the insurance industry. Readers are encouraged to e-mail questions or comments to John Chivvis at ijwest@insurancejournal.com.