Digital Transformation:
A Roadmap for Independent Insurance Brokerages
Why your brokerage should be taking steps to ensure its future in the digital age
The Change Agents
Age of Instant Gratification
of consumers expect companies to respond and interact with them
in real time.
64%
of consumers agree technology makes it easier to take their business elsewhere.
70%
Consumers in the Driver's Seat
rise in capital for InsurTech investments in 2016, up from $128 million in 2010.
$1.7
New Built-In Digital Competitors
B
The Peril of Ignoring Digital Transformation
Over just a two-year period, ride-sharing services stole 28%
of the market share from yellow Taxis in NYC.
Jan '15
July '15
Jan '16
July '16
Jan '17
Test Your Knowledge
What company was driven out of business because it ignored digital transformation?
Blackberry
Blockbuster
Barnes & Noble
All of the above
The Rewards of Digital Transformation
Customer experience is the next battleground in customer retention.
By delivering the excellent customer experiences consumers expect, both physical and digital, businesses create happier customers which ultimately drive business returns through enhanced retention.
Customer Retention
It costs 5 times as much to acquire a new customer as it does to retain one.
According to Insurance Journal,
“25% of the industry is expected to retire by 2018.” To attract and retain talent now and in the future, agencies must adopt digital technology to make their businesses more appealing to
a workforce that expects instant, customer-centric experiences.
Employee Satisfaction
400,000 jobs will need to be filled by the next generation by 2020.
Digital technology empowers employees to focus their time and effort toward selling insurance and servicing policyholders by reducing manual tasks and processes. Today mobile applications enable brokers to conduct business outside the office and deliver better service to customers and prospects. The greater efficiency that technology affords can have a significant impact on the bottom line.
Return on Investment
156% higher
revenue per employee is realized by digital brokers.
Which factor is most
important to digital transformation success?
People
Technology
Process
All of the above
Test Your Knowledge
The Key Digital Transformation Principles
Digital transformation success requires an explicit focus
on people, process and technology.
PEOPLE
Process
TECHNOLOGY
Before diving into a transformation initiative, it’s important to consider business goals for growth and operational change. With this vision in hand, brokers can better strategize productivity initiatives that deliver value.
Map out your brokerage’s successful digital journey
Download the 7 Steps to Digital Transformation eBook:
Yellow Taxi
Uber / Lyft
14%
20%
26%
36%
42%
86%
80%
74%
64%
58%
Blockbuster. The organization did not react or evolve its operating model when digital transformation took place, allowing Netflix to become the “king of streaming.”
Blockbuster. The organization did not react or evolve its operating model when digital transformation took place, allowing Netflix to become the “king of streaming.”
Blockbuster. The organization did not react or evolve its operating model when digital transformation took place, allowing Netflix to become the “king of streaming.”
Blockbuster. The organization did not react or evolve its operating model when digital transformation took place, allowing Netflix to become the “king of streaming.”
All of the Above. People, process and
technology are all essential elements of a
digital transformation initiative.
All of the Above. People, process and
technology are all essential elements of a
digital transformation initiative.
All of the Above. People, process and
technology are all essential elements of a
digital transformation initiative.
All of the Above. People, process and
technology are all essential elements of a
digital transformation initiative.
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