InsurTech might not receive the same level of publicity as biotech or fintech, but that doesn’t mean the insurance industry isn’t adapting to technological change or embracing younger employees. As Baby Boomers retire, their positions need to be filled with talented young people who are committed to the insurance industry. This is especially true for small to mid-size insurance firms seeking to remain competitive by securing younger clients. Risk or insurance management software, coupled with secure collaborative systems, are insurtech features that assist firms in attracting and retaining young professionals.
The Demand for InsurTech Tools
Young employees and young clients have similar expectations. They expect transparency and clarity when signing documents and before handing over personal information. They tend to prefer electronic correspondence over face-to-face discussions and they expect to have the information they need when they need it. InsurTech innovations meet these expectations by implementing a single platform that streamlines information access for employees. The platform’s embedded management software secures personal information and meets compliance standards.
How InsurTech Tools Work
Once the platform is accessed, employees make use of customized digital desktops that provide the information needed throughout their day. Whether staff require access to billing and receivables, customer service management, policy and underwriting management, or claims management, they will find it on a single platform. Information is available via desktop, tablet or smartphone, which appeals to both younger professionals and their clients.
Employees and agencies choose the software tools they need, eliminating wasteful spending and increasing employee efficiency. Smaller organizations will find that insurtech yields a positive return on investment.
InsurTech: Balancing Experience and Technology
Every consumer-facing insurance app and every mobile-ready risk assessment tool provides an opportunity for younger employees to innovate and transform a seemingly dry claims management landscape into an integrated, silo-bursting system. Though earlier generations of insurance agents kept watch over their own portfolios and learned, over time, how to connect with the specific needs of their clients, younger professionals can engage with their colleagues, coordinate best practices and rapidly respond to client claims all while accessing historical data.