Blog
Challenges (and solutions) for insurance advisors - part 1
Discover practical solutions to advisors' biggest challenges, and how smart technology can help.
2 December 2024
The insurance industry is under pressure, and advisors face an increasingly complex landscape full of regulations and technological developments. It raises questions and concerns for many advisors.
We have talked extensively about it with a lot of advisors. In this two-part series, we zoom in on five common challenges these insurance advisors are struggling with - and offer practical solutions to emerge stronger.
In part 1, the challenges around technology.
Technology and the digital
Technology - not every insurance advisor's favourite word. Yet it is an important part of everyday (professional) life, and it does not have to be a big item. Here are the biggest challenges, according to advisors, and ways to deal with them.
Lack of good IT solutions
Many insurance advisors say they are still working with outdated systems. They are struggling to innovate, despite seeing that IT and automation are crucial to be future-proof.
Many advisors say there are mostly loose partial solutions, which makes it difficult to fully automate processes. In addition, employees' technical knowledge is often not enough to tie together separate programmes efficiently, or to understand complex software.
This leads to inefficiencies, delays in processes, and sometimes even loss of customers if the technology does not properly match their needs.
How do I deal with the lack of good IT solutions?
Those looking to take the first steps towards modernisation will end up with parties offering multiple services. Or parties that are fully developing and evolving into a total solution. At Alicia, for instance, we constantly work with our partners to expand and optimise our services.
Digitisation without loss of personal contact
Digitalisation is necessary for scalability and efficiency, many insurance advisors agree. Yet there remains the fear that this comes at the expense of personal contact with the customer. And personal contact is not only seen as a core value, it is also important for duty of care.
This challenge highlights the need for technology that combines digital convenience with a personal touch, so advisors can continue to provide their good and personal service.
How can I digitise without losing personal contact?
Digitising can actually help personal contact immensely! Working ‘hybrid’ with smart solutions can ease the workload of the insurance advisor. By saving that time, you as an advisor have more time left for that personal service.
In addition, digital solutions help advisors approach customers at the right time. Think of major life changes, or the periodic discussion about their coverage and risks. In this way, digital solutions can further support advisors and strengthen personal service.
By working ‘hybrid’ with smart solutions, the workload can be eased, and you as an advisor have more time for personal service.
Automation of routine tasks
Much work is still done manually by the insurance advisor and support colleagues, which could also be automated. And that could bring a few key benefits: 1) additional efficiency, and 2) better customer service thanks to data and time savings. That can play a crucial role in an insurance office's growth and profitability.
How can I automate routine tasks?
Automation can come in all kinds and flavours, from technologically intensive to easy. For instance, you could already work with automated and delayed e-mail templates relatively easily. But you could also look for a provider that analyses processes and can then digitise and automate them.
Scalability and growth with modern solutions
Even if the challenges don't matter to you, you will benefit from all these suggestions as an advisor! Scalability, new revenue, better service - these are ultimately the effects of adopting these kinds of smart (digital) solutions.
And there are more and more solutions to come. We will share more challenges and solutions soon, in Part 2, which will be all about growing smartly and efficiently.
In the meantime, want to brainstorm, or learn more about how you and your office can overcome these challenges? Schedule a coffee with Ronnie and find out what Alicia can do for you!
