Rocket Fuel: Maximizing Returns on Your Software & Technology Investments
Over the last two decades, the life insurance industry has experienced a surge in technological advancements aimed at streamlining processes, cutting human resource costs, and simplifying paperwork. From Customer Relationship Management (CRM) systems to E-Application (E-App) software, today’s IMOs and BGAs have access to an abundance of robust software and tech solutions, enhancing their competitive edge when pitching to agents and advisors.
Ironically, despite their promise of automation, each of these technological tools often requires a significant investment of human capital to learn, integrate, and deploy effectively. Agencies spend considerable resources on purchasing licenses and seats for every tech solution they adopt, and maximizing the utilization of these software and technology investments becomes just as critical as the initial purchase.
More Options, More Challenges: Balancing Tech Investments
The expanding array of technology solutions, from iPipeline suites to SalesForce, Hexure, or Ebix SmartOffice, presents agencies with a conundrum: the more tools added to the agency’s arsenal, the greater the demand for training, customization, and fine-tuning to ensure optimal performance without draining valuable revenue.
While these tools promise to enhance your agents’ and advisors’ efficiency and productivity, any glitches or hurdles often result in support calls to your tech liaison, further stretching resources. Adding insult to injury, the designated technology expert within your organization is already juggling critical assignments, leaving little bandwidth for managing the ever-growing tech stack.
As the volume of resources purchased increases, there’s a potential for diminishing returns on time invested in integration, implementation, and optimization. Finding the balance between technological advancements and operational efficiency becomes paramount for agencies seeking to stay competitive in an increasingly tech-driven industry.
When in Doubt, Buy More Training
The initial training that comes with these platforms often falls short of providing comprehensive mastery. Almost immediately, your designated tech expert finds themselves inundated with manuals, scouring YouTube tutorials, and placing calls to 3qqcompany representatives for guidance.
However, purchasing additional training for your team can swiftly escalate expenses. Suddenly, you’ve shelled out thousands of dollars on software resources and thousands more on in-person training sessions that often come from a third-party contractor—yes, we’re looking at you, SalesForce! What’s more, you’re tasking a member of your team to become the unofficial guru of each tool, diverting their focus from other vital responsibilities.
Failure to Launch: Without Optimization, Your Investment is Squandered
While the array of technologies available to Brokerage General Agencies (BGAs) offers numerous advantages, the time invested in fine-tuning each one detracts from business growth opportunities. In many instances, seeking assistance from a trusted third party capable of proficiently setting up, configuring, delivering, and maintaining these technologies proves to be a prudent investment, saving both time and money in the long term. Companies like Employee Pooling, dedicated to harnessing human capital to benefit BGAs, IMOs, and FMOs, excel at swiftly and efficiently handling integrations without compromising your bottom line.
The advantages of engaging a third party are abundant:
- Expertise: Tech experts possess specialized knowledge and skills essential for setting up and maintaining complex InsurTech systems, ensuring correct configuration and optimal performance.
- Optimization: By implementing best practices, these experts can fine-tune InsurTech resources to enhance performance, reduce costs, and improve user experience.
- Integration: Seamless integration of InsurTech resources with other systems and applications streamlines data exchange and workflow automation, boosting efficiency across your organization.
- Scalability: Tech experts design technology resources to be scalable and adaptable to accommodate growth and evolving business needs, aligning with your organizational goals.
- Support: Providing ongoing support and maintenance, dedicated specialists swiftly address any issues, minimizing downtime and disruptions and ensuring continued alignment with business requirements.
Getting Off the Ground
There’s no need to start from scratch every time you introduce new technology to your clients. Systems should integrate seamlessly, and technology should enhance profitability without draining your team’s time. Seeking external assistance is not only more cost-effective but also significantly more efficient than enduring training sessions for every platform you invest in. Ultimately, your time is your most precious asset. Technology should multiply it, not diminish it.