All Aboard the Technology Train

The technology train arrived years ago and those that chose not to purchase a ticket are finding out that they very well may be left behind at the station.

In a day and age when hits, HTML, links, and software are part of just about every office’s daily lingo, the insurance industry has slowly, and maybe in some instances unwillingly, come to the conclusion that they too need to be passengers on the technology train sweeping the country.

In preparing our e-commerce issue, we wanted to find out the latest trends that MGA’s and agents are facing when they dial into the Internet. What we found is that some industry folks are moving along at an acceptable or even greater pace. Others, however, be it cost or stubbornness, have chosen to delay the technology boom and stick with the “old way of doings things.”

While all the folks we talked with reiterated that the personal relationship between client and insurer is still number one, they also stated that those who choose not to stay updated and current on the latest technology, are likely to fall behind.

Does an unwillingness to embrace the technology age mean a pink slip for some companies? Not likely anytime soon. The personal relationship that is still handled by a one-on-one visit or a telephone call is not going away anytime soon. However, the ability to e-mail a client a quote, a form, etc. is becoming more the norm in 2002. Insurers themselves are also resorting more and more to electronic means to do business amongst themselves. One MGA told us that they put as much information about their services up on their Web site so agents calling in will be better prepared to direct questions after first looking at the site.

While insurers are boarding the train, the 50 state insurance departments have also found it necessary to direct a portion of their budgets to maintain department Web sites, offering agents and companies updated information on everything from licensing to fraud.

Are we going to see a day come when insurance companies do all their business by computer? Maybe, but not likely anytime soon. There is still a fair amount of trepidation regarding using the Internet among the higher-ups in the industry. However, as the older guard slowly steps aside, it is very likely that the new breed of computer-educated CEO’s, presidents and account executives to name a few, will bring with them a knowledge, and more importantly, a willingness to do business in the electronic age.

In this issue, we look at MGA’s and the Internet in 2002, how agents are using e- mail marketing and opt-in newsletters, top 10 tips to Internet marketing, and what state insurance departments are doing to provide the most accurate information for those in the industry. Most in the industry are coming to the realization that to stay a step ahead of the competition, they’re going to have to dedicate both time and resources to their budgets for technology.

Have you booked your ticket on the technology train?

Topics Tech Insurance Wholesale