NEWSROOM

7 Digital Trends Insurance Brokers Should Know in 2024

iStock-1480239219.jpg

As we move forward into the future, the insurance industry is evolving rapidly. Here are seven digital trends that are poised to reshape the landscape in 2024. They aren't just shiny new toys; they are useful tools that can help brokers better serve their clients and stay ahead of the competition.

1. MarTech: The Confluence of Marketing and Technology
MarTech, or Marketing Technology, refers to the software and tools that marketers use to plan, execute, and measure marketing campaigns1. For insurance brokers, this means leveraging data analytics tools to understand customer behavior, using automation platforms to streamline communication, or employing CRM (Customer Relationship Management) systems to manage client relationships. Brokers and agencies can now have a digital toolbox, filled with everything you need to enhance your marketing efforts.

2. SMS Technology: Straightforward and Direct
Sometimes, simplicity is key. SMS (Short Message/Messaging Service) technology is proving to be a reliable and effective way to communicate with clients. Policy reminders, claim updates, payment confirmations –- all can be delivered straight to the client's pocket. SMS is a direct line of communication that keeps everyone connected. As outlined in our our 3 Ways to get started with SMS piece earlier this year, SMS marketing is a great way to increase client engagement.

3. Mobile-First Web Design: Prioritizing the Mobile Experience
Mobile-first web design prioritizes the mobile experience by designing websites for smaller screens first, and then scaling up to larger ones3. With the increasing use of smartphones for online activities, including managing insurance policies, this approach ensures that websites are user-friendly, fast, and optimized for mobile users. It's about meeting clients where they are and delivering a seamless user experience regardless of device size. Many consumer-focused industries have been designing with mobile first in mind for years now. However, the insurance industry has experienced a much slower mobile traffic saturation that makes the time for mobile first design more near-term than ever.

4. No-Code Software: DIY Digital Solutions
No-code platforms are democratizing the development of digital solutions. With these tools, creating a custom app or policy management system doesn't require a degree in computer science. It's about empowering everyone within the organization to contribute to innovation. Here are some great no code software resources to get you started with exploration.

5. Self-Service for Policyholders: Independence and Convenience
Self-service options offer policyholders the freedom to manage their policies on their own terms. Whether it's updating contact details, checking a claim status, or renewing a policy, clients can now do it at their convenience. That gives clients around-the-clock service without the wait.

6. Custom Insurance Apps and Customer Portals: On-Demand Access
Custom apps and customer portals put insurance services at the client's fingertips. From tracking claims in real-time to accessing user specific content or getting support from an AI bot, these tools offer a seamless digital experience. Rather than relying on your website to be a complete one stop shop to fulfil all client and partner needs apps and portals can be created to satisfy very specific user needs and create a more seamless user experience.

Word & Brown’s new Compliance Wiki is a great example of this in action.

7. Predictive Analytics: Forecasting the Future
Predictive analytics (PA) is the science of using historical data to make predictions about what is most likely to happen in the future. PA is a branch of artificial intelligence that utilizes algorithms to detect tendencies in data and then forecast the likelihood of upcoming outcomes. Predictive analytics can turn historical data into valuable insights about the future. By analyzing past claims, brokers can anticipate future risk, inform pricing decisions, and optimize their offerings. Imagine having a crystal ball powered by data. Predictive analytics coupled with subject matter expertise and years of experience can transform user behavior, driving demand while also increasing user engagement.

Here are some case studies and examples of predictive analytics making magic happen:

In summation, these digital trends are not just reshaping the insurance industry; they're improving it. By embracing these technologies, brokers can enhance their service, improve client satisfaction, and stay competitive in the digital age.

About the Author: Kalup Alexander is Digital Marketing Director for The Word & Brown Companies. He holds a Bachelor of Arts degree in Media Communications and Marketing from Oregon State University and has been at Word & Brown since 2014.


Most Recent Articles
Compliance
Compliance
Carrier Updates
Technology