Tech Tools for Life Insurance Brokers

There’s a lot to consider when you’re an insurance broker in the competition to reach the top. Which carriers do you want to sell? Do you want to work for one company or work with multiple? How do you advertise yourself? How much time do you want to put into this business? And, how can you serve others in the best way possible? If your goal is to reach more people who need life insurance, have more freedom of your time, cultivate credibility with the public, or be your boss indefinitely, then adding tech tools to your business should be considered.

According to a 2020 tech survey, 78% of those surveyed said their digital technologies investments would pay off for them in the long run. According to most respondents, it is evident from this survey that digital transformation efforts are already delivering bottom-line value. Saving them time, money, and energy to use for other essential things in life.

Marketplace for life insurance brokers

Some tech tools come in package deals. You can find companies that offer one or two different useful tools, but you can also find companies that can provide full package deals, including more than quoting and saved features. 

A marketplace for life insurance brokers provides a single destination for searching, quoting, comparing, and applying multiple products across different carriers so you can focus on your clients rather than searching for the right products. 

You can filter your options to meet each client’s needs better. For example, choose carriers, coverage amounts, and lengths of terms, and answer quick health questions to find more than likely policies to meet your client’s needs. 

Select and compare products from the list of options populated for you based on your clients’ needs. By leveraging a side-by-side comparison of product benefits, prices, and features, the product comparison report tool can assist you in helping your clients decide which products are suitable for their needs.

Landing pages and Website builders

Presentation and professionalism are important in the insurance industry. As an entrepreneur, you’re aware that you need an online presence but are not trained in IT and UX design, so it can seem confusing when you’re just getting started. However, you can beat the mental hamster wheel, outsource the backend work, and stay focused on your real purpose: to sell life insurance to people who understand its importance. 

A landing page can also be an opportunity to grow revenue. Create a landing page that fits your personality, business values, and product offerings with no UX experience or plug-ins. 

Additional tech tools like a quoting widget or a contact card can be integrated into a landing page. Save time and stress by:

    • allowing potential clients to browse your business 24/7
    • providing the option to submit contact information for further consultation
    • Integrating a self-quoting process for clients to compare products conveniently for them
    • Knowing client needs before a meeting to better support the decision-making process

A quality landing page provides organic traffic with endless potential and groundbreaking benefits, such as helping you generate clients without advertising costs. After that, the sky’s the limit.   

Quoting Tools To Get More Clients

An insurance quoter is one of the top tech tools for insurance agents to set up on their website. There are two kinds of quoting tools mentioned. The first is embedded in the marketplace, and it helps filter, customize, and populate product matches based on the options selected. The second is embedded in the landing page and allows potential customers to browse your products 24/7 and submit contact information. 

Both are vital tech tools that will make it easier to get more clients with less effort since they will enhance your workflow by cutting down time spent customizing products and generating clientele  – even when you aren’t working. Digitization has taken over the manual labor that was once spent prospecting over the phone, sending cold emails, and time spent in countless deadened meetings. Now, brokers can acquire quality prospects, provide exceptional personalized services, and fast-track application processes bringing whole new energy to protect-to-policy.

Contact Management tools

Keep track of your progress with each client, provide top-notch context, store reminders, and help your staff operate your customer relationships using the Finaeo Client Portal. Contact management tools work wonderfully for customer engagement. Increase efficiency by keeping client information in one place. Streamline daily workflow:

    • current touch points with each client – your clients can complete the FNA process on their own time, while you can see their updated progress without having to make a phone call
    • saved note space for context to keep staff informed of application progress
    • renewal reminders and birthday reminders to help foster good relationships
    • applications by auto-filling pre-saved client information

You can safely save sensitive information under a digital client card with end-to-end encryption, which minimizes the chances of viruses and cybersecurity breaches while adding the convenience of quickly requesting documents from clients– all in one space. It is an insurance tech tool that provides the benefit of security and a sense of peace that personal information is secure to share, add, and review within the management tools. Insurance brokers also appreciate that the tool offers HIPAA compliance while remaining paperless.

Invest in centralizing your workflow

There are multiple ways to integrate automation services into your workflow. For example, by using a platform with various carriers and providing an easy tool to compare quality products side-by-side, when a policy is selected, the contact information is automatically input into the start-up of an application, cutting the time down by reducing competitive actions. Integrating these automated services will enable you to achieve excellent results.

Digitization can help leverage productivity to create more efficient workflows and increase ROI. According to Alied Market Research, the Insurance Brokerage Market will reach $395.04 billion by 2027. So, what are the factors that drive Insurance Brokerage Market Growth? According to the Alied Market Research, the growth of the global insurance brokerage market is primarily driven by the increased demand for insurance policies, the integration of IT and analytic solutions, and the provision of professional solutions and services.

It is normal to face challenges when digitizing a business. Automation can be tricky to navigate at first and might even feel daunting. There are a couple of ways to go about automation. Some companies offer specific tools that they are good at, but too many tools from various companies can become overwhelming. There’s also the option to find a SaaS company specializing in selling insurance products, allowing one port access to each tool mentioned above, along with several other tech tools that make life easier for brokers.

Bottom Line

Essentially, a simple tool or set of automation tools like these can revolutionize your business and save you time and money.

There are primarily two scenarios regarding the impact of insurtech on the insurance industry: The failure of companies who do not develop technological solutions for their business and the evolution of companies who decide to digitize their management processes. By ignoring the inevitable, you cost your business money. In any case, it is crucial to demo software before jumping into a commitment. Like buying a new car, you check it out with professionals and test drive it on your own before making final decisions. 

About Finaeo

Finaeo partners with industry leaders to solve their biggest challenges and seize their most significant opportunities. Rooted in Canada, the company now serves customers in the United States. We help companies achieve total transformation – inspiring complex change, enabling growth, creating competitive advantage, and enhancing bottom-line results. 

Successful organizations blend digital and human capabilities. We bring deep industry and functional expertise to ignite change as a global team. Using world-class management processes and technology, design, and corporate and digital ventures, Finaeo provides solutions for business problems. In addition, we deliver results to our clients through collaboration.

Finaeo is an insurance technology company that brings prospect-to-policy through an online platform bridging the gap between the digital fabric to connect and power life and health insurance globally.

Book a Demo to learn how Fineao can help you improve your workflow.