Technology is everywhere you look these days – people walking around with their heads down engrossed in their smart phones, computers and tablets. You see this engagement all around – there is no escaping it. As new innovations come to light, we will see even more utilization for both work and leisure. Looking forward to the future, this too will be true in the insurance industry.
In today’s wealth management and insurance workflow, it is commonplace to get by without fully utilizing the technologies available. The evidence speaks for itself – simple sign in sheets at events, or the use of a pen and paper to fill out applications are still popular. However, as time moves forward it will become increasingly difficult to keep up with technology trends if we fail to embrace them today. Technology is a scary space to learn but once you dive in, you will begin to see where it can fit into all aspects of your business to save you time and money!
Some suggestions on current technology to implement now
Did you know the IGO (In Good Order) rates are significantly higher using e-applications vs. filling out paper applications? With e-applications, it is less likely to miss the collection of significant data which can happen with hand-written forms. For annuity applications with one of our largest carriers, IGO rates are 56% higher using e-applications rather than paper (e-application IGO rate is 92% while the paper IGO rate is only 36%). By using e-applications and avoiding those NIGOs (not in good order), business gets issued faster resulting in happier clients along with quicker commission payments for the advisor.
Another good technology to invest in is an event management tool. There are many options, so finding the right fit for your business model may take a little time upfront. This investment will pay-off in the long run. Consider the time it takes to manually sign in each guest to your events – having to look up each name on a sheet of paper, cross them off, and get each participant what they need. There are easy to use applications available for your tablet or computer that sign guests in and gather stats for reporting later. If you’d rather spend your time setting up, leave your tablet out on the table to allow guests to check themselves in – it’s that easy!
As the days move forward, technology will only become more prevalent. By engaging and embracing today’s innovations, you will become more efficient and even start to attract a more expansive clientele. Stay ahead of the competition by implementing the tools that fit your practice today, to help drive advances for your business tomorrow.