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Evolving the insurance industry with internet technology

Tech Trends · Apr 29, 2020

Insurance has been considered a stable, steady industry for years. In the wake of other traditional industries (like banking) seeing mass disruption, insurance agencies and brokerages have remained somewhat unchanged. But, the shift has started, and technology is the driving force. These brick-and-mortar insurance companies are not only competing with online self-serve websites, they’re working to adapt their own business practices to stay relevant, improve performance, and increase security. The rise of InsurTech is creating new competition, and the millennial generation is driving expectations around a more online-first customer experience. Insurance companies that are successful are shifting their operations to utilize connection and technology to their advantage. Technology for insurance companies starts with a strong, reliable internet connection that can support the critical applications within the office, and support any customer facing websites that are maintained in-house.

Insurance companies are evolving with technology

For an industry that has long been considered traditional, technology is playing a surprisingly large role. The insurance agencies and brokers that are staying competitive are taking advantage of the impact connectivity has on their performance. Many are going paperless, relying instead on online forms and websites to gather and save customer information. They’re using a strong internet connection to support critical applications like internal email, digital documentation, VoIP systems, and online portals. And, they’re doing so by choosing networks that allow them to get set up quickly and efficiently. The insurance business environment is changing for employees too. Many agents are embracing the BYOD (bring your own device) concept, relying on their own laptops and smart phones within the office, or choosing to work remotely— all while staying connected to the rest of their team and maintaining access to sensitive information on a secure network. Security is increasingly important for every business, and insurance companies are not immune to the threat. According to the 2018 Verizon Data Breach Investigations Report, 58% of cyber attack victims were small businesses. 

A typical insurance organization will face an average of undefined, a third of which will be successful.

With many brokers working from home and remotely, there’s an added level of security needed. Insurance companies need a connection that offers a secure network to combat any cyber threats for these remote employees as well, as they handle important customer data outside of the office space.

It’s vital for insurance companies to choose an internet provider that has an enterprise grade security solution included to protect sensitive data (like credit card info, mailing addresses, and driver license numbers) from viruses, malware, and other threats.

Risky business for insurance companies 

The risk of falling behind with technology doesn’t just leave insurance companies vulnerable to security threats. If their connection isn’t strong enough to maintain critical business applications or they experience any network down-time, they risk lost revenue, losing customers to a competitor, and even employee turnover. Customers expect a seamless experience—whether it’s digitally, in-person, or a combination of the two. Have you ever had to wait on the phone while a broker searches for records or policy options? Or, have you had to print, sign, and scan a document when it could have been done in half the time electronically? These pain points stick with customers, and impact their decision when choosing an advisor in the future.

Insurance companies must implement technologies that create a seamless digital experience for their customers—or risk losing them to a competitor who has already made that investment. This starts with a strong, reliable internet connection.

Blending online and offline for the best customer experience

If we consider car insurance businesses as an example, the use of technology by consumers is greatly on the rise. Technology has allowed customers to access information on how much they should be paying for car insurance based on their driving history, vehicle make and model, the city in which they live and work, and other traditional risk factors—all without leaving the comfort of their home. In fact, 80% of insurance customers claim they’re willing to use digital and remote channel options.Self-serve insurance websites may seem to indicate the looming demise of traditional brick-and-mortar insurance agencies, or even personal agents. But, when technology is used as a tool to enhance the customer experience, the personal touch provided by a real person can be invaluable. Technology offers brokers the opportunity to concentrate on the value they bring to clients—by freeing up the time spent on the quoting and documentation process. With technology being used seamlessly, advisors can spend more time speaking with their customers, build a personal connection and drive more revenue.

Connectivity is the foundation for high performance for insurance companies. The insurance companies that are successful, aren’t waiting and watching; they’re using technology to evolve and make their business better. Choosing the right providers for technology, internet, and security allows insurance companies to become more customer-centric, and provide a seamless combination of exceptional offline and online service.

If you’re an insurance business, you need a simple (and reliable) internet solution. TELUS Workplace as a Service Basic is Canada’s largest and fastest network, with Office Internet, Wi-Fi, security and collaboration solutions with one point of contact to support your business.

Learn more about TELUS Workplace as a Service Basic, and how it can help your business succeed.

Contact our Sales team to set up your free Workplace as a Service consultation and learn more about the TELUS small business plans available.

Authored by:
Matt Wong