Why Insurance Agencies Should Embrace Digital Workflows

By Pathpoint


In the rapidly advancing world of technology, digital transformation is no longer a luxury but a necessity for businesses across all sectors, especially insurance. What's driving the demand? Digital natives, of course. The term "digital native" refers to those born during or after the technological advances in their early years of development, such as the internet (if you still call it the World Wide Web, then you're a digital immigrant). There is one significant group within the digital native category leading the demand for all things tech - millennials! Millennials, born between 1981 and 1996, currently comprise the largest adult generation in the U.S., ranging from 25 to 40 (Sabharwal, 2023). Millennials want more than avocado on their toast; they desire options, customization, and digital processes. Millennials are significant players in insurance now, and their attitudes will impact how business is conducted for years. This piece discusses why insurance agents should embrace a more digital workflow to attract more clients and improve agency operations.

Secure your documents

Digital software like Document Management Systems (DMS) makes more sense than traditional paper files for security. Insurance agencies that utilize modern DMS enhance the protection of valuable files and documents. Conventional paper-based systems are highly susceptible to theft, loss, and damage - your intern can't spill their coffee on a digital ACORD. With digital solutions, data can be securely stored in the cloud, offering an extra layer of protection with advanced safeguards such as encryption and two-factor authentication for unauthorized access or breaches. By fully embracing and integrating digital workflows, insurance agents can ensure the utmost confidentiality and integrity of their files, thus providing an even higher level of security and protection for all their sensitive information and data, maintaining trust from their clients.

Create an online profile

According to ESG, companies can save $80 per employee when they switch to digital software. These savings can be allocated to revenue-producing expenses, especially digital marketing. Why is this important? Millennials are heavily influenced by all types of digital marketing, including email, social media, and websites. If you don't have an online presence, you do not exist with them, as millennials are twice as likely to buy insurance online compared to their parents (Sabharwal, 2023). Ditch the stationary and invest in enhancing your online brand to attract these online shoppers.

Minimize errors

Everyone, especially millennials, appreciates a smooth and frictionless process. Digitalization can streamline your operations, enhancing overall productivity. Digital applications speed up workflows and provide benefits that are not accessible with traditional paper methods. One key benefit is the prevention of costly human errors. We all know how the daily grind of insurance involves numerous documents and updates that rely on accurate facts and figures. A single mistake can render a policy void! Computer and cloud-based systems offer spellcheck features and automated tools such as artificial intelligence to minimize errors by completing repetitive information.

Spread the word

Digital files increase readability. Insurance documents are shared among multiple parties quickly, which can result in essential details being overlooked. Also, let's be honest: insurance documents are not necessarily as compelling as the Harry Potter novels. Digital features like Optical Character Recognition (OCR) and Text-to-speech (TTS) help translate complex messages within documents by converting text and images into audio versions, providing more clarity. This can be particularly beneficial for individuals with visual impairments, language barriers, insurance novices, or even tech enthusiasts who like to multitask.

It can be said in an email

Digitalization fosters convenient communication across the insurance industry. Businesses are now more than just brick-and-mortar as younger generations opt for flexibility. Many insurance companies have already adapted by offering web-based platforms. Insurance companies have also adopted hybrid and remote workspaces, while their savvy agents employ platforms like Zoom to meet clients on the go. Utilizing technology is critical to attracting and retaining clients as more business activities are done entirely online. These business owners do not want to take time out of their busy day to travel to foreign offices with limited parking and waste time completing mundane paperwork; they want electronic signature options sent to their email. They want automation of time-consuming documentation and processes; they crave efficiency. Agencies that still need to adapt to the modern virtual environment are falling behind their competitors in the eyes of the millennial buyer.

Attract clients with Pathpoint

In this era of technology, customers highly value businesses that embrace digital solutions. Adopting a more digital workflow shows a commitment to keeping up with the times and ensures policyholders a smooth and frictionless experience. You should expect the same fast and efficient service for your needs. That's why Pathpoint was created - we recognized that the Excess and Surplus (E&S) industry needed to catch up in digitalization. As a 100% digital wholesaler, we offer streamlined quoting, binding, and policy insurance for insurance agents across all 50 states.

Instead of completing multiple redundant ACORDs, you can simply upload one or create an ACORD by entering the information online. We provide instant quotes with features like mix and match quoting for small commercial businesses, which typically takes hours when using other markets. With our End-to-End E-signable Binding and PathPay, you can complete subjectivities, collect signatures, and process payments within minutes. Say goodbye to the back-and-forth communication and the week-long wait associated with other wholesalers. We understand that your time is valuable, and we are committed to handling small commercial E&S quickly and efficiently - that's the Pathpoint Way.

Embrace digitalization

Insurance agents must embrace digitalization to stay competitive. This includes adopting digital workflows that enhance security, attract new clients online, minimize errors, improve communication, and offer a convenient experience for policyholders. Companies like Pathpoint provide tailored digital solutions for insurance agents. Meet the expectations of the digital natives and ensure long-term success in the insurance industry.

  • Ogletree, C. (2021, January 4). 10 benefits of cutting out the paper. ESG. Retrieved January 20, 2024, from here.
  • Sabharwal, N. (2023, January 11). How Millennials Are Changing the Insurance Industry. Retrieved January 20, 2024, from here.