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Agency Keys to Surviving in an Insurtech-Filled World

Topics: Agent Resources Technology

Younger business owners are driving a huge digital shift in the business insurance industry right now. According to a 2016 article from Forbes.com, by 2020 over 63% of small businesses in the US will be owned by millennials and Gen-Xers (who range in age range from about 20 to 45). With this projection in mind, it’s clear that agents who wish to thrive in the future of the business insurance industry would be wise to adapt to the changing environment the industry continues to innovate in an increasingly Insurtech-filled world.

Adapt to a New Generation of Business Owners

In an article for National Underwriter Property & Casualty, the CEO of Brokerslink, José Manuel Dias da Fonseca, says, “Failure to acknowledge the challenges that have arrived with the digital era would be a big, probably fatal mistake.” And that the key to surviving in the future is to “adapt to become much more efficient and more accessible to our clients.”

But innovation can be a bit of a challenge for those insurance agents that aren’t used to using digital solutions and products in their everyday business life. That’s why partnering with an innovative insurance carrier is so important.

Innovate with Digital Insurance Products & Solutions

As an independent insurance agent or broker, you have a choice in which insurance carrier you choose for your business clients. Choosing the right carrier can mean the difference in scraping by and flourishing in an ever-expanding sales market. As companies change their scope to an increasingly digital venue, insurance must meet the demands these new challenges present. And agents will need products and solutions that can meet those complex needs.

Adding a digital approach to your selling efforts could help you write more business.Digital Solutions for Digital Era Problems

One of the biggest challenges the insurance industry is facing is having products and coverage that can address the biggest risk factors small and mid-size businesses face today. For example, as companies continue to move their data storage to an online or cloud-based platform, there is an increasing need for good, strong, and reliability cyber liability. Partnering with an insurance carrier that makes it easy to add a cyber liability line to an existing policy will be crucial for growing in an increasing digital world.

 

 

Tailored Underwriting at Your Fingertips

When it comes to coverage, no two businesses are the same. And while you can likely use a similar business to create a template or plan for your clients, the fact is that the level of coverage will differ based on each businesses’ needs. Having an underwriting team available who can help you come up with a plan for each of your clients is the only way to help ensure that your clients are getting the right policy for their business.

24/7 Agent Service with AmTrust

If you could write more business with an underwriting team right in your pocket, wouldn’t you want to? With AmTrust Online, our appointed agents can create and bind policies that are designed to meet their clients’ needs. With commercial package coverage information for workers’ compensation right at your fingertips, you can get your clients set up with the products they need in minutes. Then your clients can use the system to make payments and update their information at their convenience.

If you don’t have access to AmTrust Online, you could be missing out on a big advantage for an increasingly digital industry. Find out more about AmTrust Online, and how you can get on our team of appointed agents.

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