There’s been a barrage of insurtech products hitting the market for several years now, creating confusion for some agency owners trying to decipher what is relevant to them, how to implement these products and whether to wait for new agency systems.
Regardless of the confusion, choosing to do nothing is not an option, according to agency consultant Chris Burand, founder of Chris Burand & Associates, who says agencies have to get in the technology game if they want to not only thrive but also survive – and the sooner the better.
“Your peers, your competitors, they’re going to wait five, 10 years,” Burand said. “They’re going to wait on their agency system management company to get all these modules all into one system. They’ll be too late. It’s so critical to move early and fast and move intelligently.”
Burand also said it is important that agencies, not their carriers, decide what insurtechs are best for them.
Burand’s message was part of an overall theme on the importance of agencies adopting insurtech and what options are available at a two-day Insurance Agency Showcase Summit held by Burand & Associates in Breckenridge, Colo., this month. Several insurtech companies spoke to agency owners on the agency-specific options they offer, and the ease of deploying those different options in an agency.
Burand said while there is no one-size-fits-all insurtech for agencies, the many different products can be tailored by agencies to their needs.
“It was so cool to see how you guys all talked about the integrated approach. There is no single solution, is there? It’s going to take different people, different parts, different organizations to make it happen,” Burand said.
Jason Walker, managing partner of Smart Harbor, which offers industry-specific mobile, web and search engine optimization tools and data analytics for agents, said agents should not view the technology offered by insurtechs as scary. Agents should instead think of the different insurtechs as a way to help bridge a gap or take tedious tasks off their plates…