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Technology: Insurance Company’s Tool for Expansion

Posted on: July 22, 2015 by Newmark Insurance

It’s no secret that technology has been implemented in every industry over the last few years. Whether it is used for social interaction, updating procedures, or even promoting business growth, technology has revolutionized the way we do business. A recent study has shown the correlation between technology use and the success of a company. Regardless of the implementation of technology at your insurance firm, it is still important to maintain Texas Insurance Agent E&O insurance to protect your practice.

Insurance agencies can benefit from the use of technology in the sales and marketing sectors of their business. “The State of Techsurance 2015”, a study released by Texas based Insurance Technologies Corporation (ITC) and Velocify, showed that companies who implement more technology use experience more growth in sales and revenue.

According to Insurance Journal, approximately one thousand firms from a variety of insurance categories were surveyed and focused on six common programs:

  • Marketing Automation Software
  • Lead Management Software
  • Automated Dialers
  • Comparative Raters
  • Agency Management Systems
  • Customer Relationship Management Software

 

While most companies are on board with technology use, those who are not as serious about its implementation can suffer the consequences. Depending on the size and budget of the firm, technology gaps might exist. Jorge Jeffrey, the lead analyst of Velocify, stated “This widening gap is important for everyone to be aware of because the more it widens, the more difficult it might be for those who aren’t adopting technology to stay competitive.”

Laird Rixford of ITC stresses that it is not too late to capitalize on technology by stating “One of the things that this survey showed was that while there might be an upfront cost, the return that you are going to get from it goes much further beyond just the ability to sell more policies. It also includes the ability to retain more business, to cross-sell more business. All of those factors add up to being able to pay for this product outright.”

At NewMark Insurance Services, we aim to stay current on technological advances as they relate to the insurance industry. We offer inclusive policies to safeguard your practices and your firm to ensure your success. For more information on our products and services, contact our knowledgeable specialists today at (855) 777-6549.

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Posted in: blog Insurance Agent Professional Liability