INSURANCE AGENT VOC SURVEY 2018 - InsuredMine
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INSURANCE AGENT VOC SURVEY 2018
CONTENT
04
SURVEY
03 RESULTS
15
EXECUTIVE ABOUT
OVERVIEW INSUREDMINE
17
CONCLUSIONS
16
METHODOLOGY
FRAMING OF
QUESTIONS
DATA ANALYSIS
Executive Summary
The Insurance industry is ripe for a technology overhaul. Our survey focused on the common
challenges and expectations of insurance agents eager to leverage technology to expand their book
of business to upsell, retain, communicate and gain their customers’ confidence. Improving
outcomes requires an improved business approach. Our survey results highlight the need for
improvement. More than 150 independent agents participated in our survey that was sent out in
March 2018. Respondents voluntarily answered questions about their current business practices
and their willingness to adapt to innovation. Our survey results echo and strengthen our belief that
insurance agents and agencies are eagerly anticipating the support of technology to speed up their
adaptation to the changing landscape.
The survey report covers a wide range of opinions and begins with a summary of key findings drawn
from the survey analysis, insights and strategic recommendations for agents to improve their book
of business. The recommendations are followed by detailed findings based on cross-tabulation,
factor, regression and cluster analysis of the survey data. We specifically examined areas of:
Opportunity
Retention
Operations
Customer Service
Technology
The detailed findings are followed by a full methodology and an appendix containing the survey
questionnaire with response totals.
INSURANCE AGENTS VOC - SURVEY 2018 3
Question 1
Challenges
What is your biggest challenge to achieving greater success as an insurance agent?
Opportunity
Operational Efficiency
Technology
Customer Service
Retention
Others
Survey Response Insight Why InsuredMine
53% of surveyed agents identified Agents are finding it difficult to InsuredMine provides platform
Opportunity as the biggest hurdle compete in the market due to independent efficient
in the industry. data democratization, as all technology, AI and automation
45% of surveyed agents identified agents are chasing the same driven tools to assist
Operational Efficiency as the leads. However, increased insurance agents gain
second biggest hurdle in the costs and reduced retention Opportunity and Operational
industry. present a double challenge for Efficiency.
Interestingly 37% of the surveyed the agencies. Agent portal allows agents to
agents identified Technology as segment customers, identify
the next big hurdle in the industry. opportunities and leverage
automaton for increased sales
and retention.
INSURANCE AGENTS VOC - SURVEY 2018 4
Question 2
Turnover
What do you think are the primary reasons your clients leave?
Survey Response Insight Why InsuredMine
Price was identified by 61% of our This is understandable because Competitive analysis,
surveyed agents as the biggest almost all insurance and visually appealing charts,
challenge in achieving greater financial transactions can be insights on all insurance
success as an insurance agent. made online, and if a customer policies including expired
Interestingly, fewer than 22% is happy with their agent, they policies, as well as intuitive
agents identified change in social tend to stick with them despite socially mined data obtained
or economic situation or situational or geographical with customer permissions will
geographic location as the next changes in their life. be available for agents
big barrier. subscribed to the lnsuredMine
Agent Portal. This will help
them shift conversation from
price to value.
INSURANCE AGENTS VOC - SURVEY 2018 5
Question 3
Engagement
How do you engage your clients?
Survey Response Insight Why InsuredMine
70% of agents connect to existing Consumers face fewer barriers lnsuredMine creates
and potential customers via Email to instant communication individual workflows,
and 72% of the surveyed agents access than ever before. The personalizes, and automates
connect through Voice. challenge, however, is to keep email communication between
Under 3% of agents use them engaged long enough to the agents and customers.
traditional printed mail or door-to- develop the relationship. With lnsuredMine sends
door formats to keep in touch over 80% of consumers using you reminders for voice calls.
with their customers. the internet to shop for Additionally, you have access
insurance, agents must make to an instant Al-powered chat
an effort to gain and keep the tool.
lasting personal connection
with their customers.
INSURANCE AGENTS VOC - SURVEY 2018 6
Question 4
Notifications
Would you like to have immediate notifications of your clients' life events for insurance opportunity?
Survey Response Insight Why InsuredMine
72% of surveyed agents Consumers talk about life lnsuredMine's Al-driven
would like to receive immediate events on social media. social media scrape, analyzes
notifications of clients' life Agencies that harness the customers' various life events
events. power of these social media to predict and notify a
triggers to inform and engage potential insurance
customers have an added opportunity.
advantage. Targeting
notifications to current and
potential customers based on
life events keeps agents
digitally connected to their
customers.
INSURANCE AGENTS VOC - SURVEY 2018 7
Question 5
Technology
Would you like to predict your clients leaving?
92% agents would like to be able to predict outgoing
clients.
Consumers leave a wealth of digital footprints everyday
92% with their online interactions. Analyzing and understanding
these interactions is largely unexplored. With lnsuredMine,
agents can understand these subtle signs and provide
proactive outreach at the first signs of the customer's intent
Would like to predict
outgoing clients to leave.
Would you use automated systems to sell additional policies to current clients?
81% of agents surveyed agreed to use automated systems
to sell additional policies to current clients.
Insurance needs grow quickly and most customers
consider it easier to stick with a known agent than finding a
81%
new agent.
lnsuredMine provides automated assistance to aid in
selling insurance policies to existing clients by identifying Would use automation
to sell more policies
leads.
Would you use a technology to identify opportunities for your existing clients?
95% agents are willing to use technology to identify
opportunities for existing clients.
95% lnsuredMine identifies undiscovered opportunities through
data mining and proactively informs the agent so the agent
can initiate timely contact with the clients.
Would use technology to
identify opportunities
INSURANCE AGENTS VOC - SURVEY 2018 8
Question 6
Mobile Apps
Do you encourage your clients to download mobile apps?
Yes, a 3rd Yes, Insurance
No
party app Carrier's app
Survey Response Insight Why InsuredMine
75% of agents surveyed do Interestingly, both lnsuredMine's Mobile
not encourage their customers to demographics are ready and First strategy helps agents
download any mobile apps. willing to provide the meet this goal by cobranding
Only 20% of agents customers their own app, if with the lnsuredMine app that
surveyed encourage them to use available, to help them serve results in increased customer
their carrier's app. and communicate better with loyalty.
their customers.
INSURANCE AGENTS VOC - SURVEY 2018 9
Question 7
Client Approach
How would you describe your approach with existing clients?
Survey Response Insight Why InsuredMine
70% of the agents believe they are Keeping clients engaged With InsuredMine most of
proactive in meeting the needs of with their insurance the proactive engagement can
their customers. However, 30% management is essential to be automated with a personal
believe that they either do not have agencies and agents. Most touch, so the value of
the bandwidth or technology agents do not have the engagement can still be intact
support to be more proactive. bandwidth to accomplish this despite limited resources.
While 95% of surveyed due to limited time and
agents would prefer using resources.
technology to identify
opportunities, 81% said that they
will be willing to use automated
systems to sell additional policies.
INSURANCE AGENTS VOC - SURVEY 2018 10Question 8
Retention
What is your retention percentage?
Survey Response Insight Why InsuredMine
35% of surveyed agents have 95% Our survey results on One of the core
retention rate, while only 14% of retention may be somewhat value propositions of
the agents claimed almost 100%. inconsistent, since the lnsuredMine is to help
Almost 20% of agents claimed retention percentage is agencies increase retention.
a little more than a 90% retention generally higher for small Increasing retention even by a
rate; which is a significant loss to business/commercial few points results in a
the business year after year. insurances than personal P&C. significant increase in
profitability for any agency.
INSURANCE AGENTS VOC - SURVEY 2018 11Question 9
Client Contact
How many times in a year does your agency initiate contact with the average client?
Survey Response Insight Why InsuredMine
The majority of agencies Connecting at least 3-4 times a With lnsuredMine most
connect with the insured an year may be a daunting task client contact can be initiated,
average of twice a year and 75% considering a decent sized automated and scheduled,
of them connect at least 3-4 agency with several hundred based on various social media
times a year. customers. Customer triggers and other leads:
Very few agents segmentation, communication saving agents time and
communicate beyond those templates and the ability to resources.
numbers, honoring customers' self-serve will dramatically
wishes to keep the interactions reduce the need for human
minimal. interventions while leveraging
technology to meet the needs
of the customers.
INSURANCE AGENTS VOC - SURVEY 2018 12Question 10
App Features
What additional functionality would you like to have in any 3rd party app?
Survey Response Insight Why InsuredMine
One of the core features that Many agents are interested to lnsuredMine has made a
agencies are looking for from a have agency management significant investment in
third-party app is user experience. systems connect while others design and development with
Other primary features most are interested in having user experience at the core of
sought after are claims filing, notifications or a way to all its work. Currently we offer
payment integration and communicate with their notifications, communication
electronic insurance cards. customers. and the ability to have all your
insurance cards and
information at your fingertips.
We have claims management
and payment integration as
part of our future releases.
INSURANCE AGENTS VOC - SURVEY 2018 13Question 11
Agency Tech
What technologies/systems do you use for your agency? Eg: AMS, CRMs, Rating, etc.
Survey Response Insight Why InsuredMine
More than 50% of the surveyed We are seeing a lnsuredMine integrates
agencies use one of the top two growing interest in more with most of the AMS
agency management flexible platform adoption from platforms in the market.
systems - Vertafore and Applied. salesforce ecosystems lnsuredMine ensures data
For simplicity, we aggregated all including Techcanary, transition is seamless between
the management systems sold by Hawksoft, and others. the two systems allowing for a
these AMS companies under the frictionless experience both for
parent company. the agencies as well as their
customers.
INSURANCE AGENTS VOC - SURVEY 2018 14About InsuredMine InsuredMine is an innovative technology solution to help insurance agencies & brokers get the most out of customer relationships through proactive engagement and communication. InsuredMine provides a suite of digital products which help insurance agents enhance customer experience and loyalty, increase retention, and sell more through InsuredMine's flagship features including digital wallet, chatbot, agent portal, and social media triggers. By connecting agents and the insured with real-time social media triggers for insurance leads, we are redefining management and approach for the agents, and revolutionizing insurance investments for the customers. INSURANCE AGENTS VOC - SURVEY 2018 15
Methodology Respondents of this survey include 150 insurance agents operating in the United States. The respondents included independent agents as well as agency-dependent agents. The survey consisted of 162 completed survey responses received before March 28, 2018. The margin of sampling error for the entire survey is plus or minus 1.0 percentage points at a 98% confidence level. This means that 98 out of 100 responses would have similar outcome if every agent in the United States had responded to the survey. Framing of Questions The questions used in this survey were framed with help from industry experts working at various levels in the insurance industry: including but not limited to marketing executives, serial insurance entrepreneurs, lnsurtech experts and statistical data analysts. A draft of the questions was subject to pretest among the cohort of an insurance accelerator's class resulting in modifications to the framing, wording and length of the questions. Fieldwork was conducted by telephone and in person by a team of professional lnsurtech experts. Data Analysis All questions in the survey were cross-tabulated by demographic and other characteristics such as gender and type of agent. Other statistical analyses performed using selected questions include retention rate, communication frequency, automation of services, and identification of opportunities. When looking at the computer generated cross tabulations, most of the categories used are self- explanatory. INSURANCE AGENTS VOC - SURVEY 2018 16
Conclusions Technology has failed at bonding insurance agents and policy holders with primitive communication methods. Our Artificial Intelligence and Automation technology allows for stronger agent-customer relationships, helping agents achieve more with less. Policy holders will have one platform for their insurance portfolio and agents will have one tool to manage all their customers. INSURANCE AGENTS VOC - SURVEY 2018 17
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