First Mid Bank & Trust Agency Finance recently did an internal and external survey about technology use among insurance agents, and we wanted to share our results. Digital technology is vital to helping your insurance agency grow, and the majority (86%) of our respondents believe so as well. With more information online for customers to compare insurance policies, carriers, and agents in your area, your digital presence is important. Being active online and providing useful information will help your agency stand out.
The majority (76%) of agents felt that they were not getting the most out of their digital technology. Agents understand that their digital presence is important, but they don’t think they are doing enough online. Creating a comprehensive strategy for implementing new technology into your agency is important. Your strategy should include the objectives of the technology, implementation timeline and costs, and how you will measure the effectiveness. You may only be able to implement one piece at a time, so planning what will give you the most bang for your buck is important.
Social media is a great way to connect with clients. The different platforms are generally user friendly and are being used daily by potential clients. When it comes to using social media to market their business, most agents said that they used Facebook (39%) or LinkedIn (31%). These two platforms can be used in many ways to help gain new clients and engage with current clients. A smaller percentage of agents use Twitter (11%) and Instagram (8%). Besides social media, e-newsletters and automated text messages are also used by insurance agents to connect with clients. E-newsletters allow your agency to give weekly or monthly updates to clients about various insurance topics that could affect them. Text messages are a great way to send out reminders about bills or appointments.
Social media is a great marketing tool; however, your website is the best digital tool to see your agency, your story, and yourself. Potential clients will visit your website to learn more information and determine whether they will use your services. Our survey showed that most of respondents felt that their website was just average (62%). Making sure that your website not only performs well but looks appealing is very important. Investing in the functionality and design of your website will ensure that current clients are happy and that potential clients can make informed decisions.
Another useful digital tool is a client portal or mobile app. These allow your clients to view all their insurance information in one place, pay bills or learn more about their coverage. The majority of respondents indicated that they do not use a client portal or mobile app for their clients (62%). Client portals can be extremely helpful to your agency. They allow you to easily create an internal database of your clients with all their information in one place to better meet their needs.
The insurance industry is moving more digital every day, yet our results show most agents aren’t keeping up. Having a website is not enough anymore. If your agency needs to do more to increase your digital presence, but doesn’t have the working capital to hire someone to manage it or you need financing to implement your strategy, reach out to us. First Mid Bank & Trust Agency Finance has the resources to help take you from strategy to results.
