Start The New Year With New Technology
As another year approaches, insurance companies are analyzing their yearly data and making plans. Technology needs are a top priority to gain a competitive edge in the insurance market and the best time to implement is now. When upgrading technology there are 3 questions your leadership team should be asking.
1. What do we need to operate efficiently?
2. What do we need to improve workflow?
3. What features would be cool to have now?
Once you have identified the answers to those questions, you will need to start looking for a technology partner. It’s important to remember that your selection should not only be a good fit for where you are now, but also for where you want to be. Companies new to technological growth might not feel they can afford to upgrade. However, not upgrading your technology will cost you more down the road in one way or another.
Providing an online experience is essential as 25% of the distribution channel will take place digitally in less than 5 years. While there is no 100% guarantee that your new technology will rival over your competitor, not having up-to-date technology will put you at an extreme disadvantage.
Start the year with a new perspective on technology. Growing your business takes time, talent and technology that will launch you to the next level.
The world of technology can be overwhelming and that’s why BridgeNet offers a multi-language, low-code ecosystem that is completely scalable. We enable a broader and more inclusive distribution channel that transcends industry boundaries and brings a better buying experience to consumers. BridgeNet Insurance is a technology partner with resources to help you diversify and monetize your data base. They can affordably equip your business for the future.
BridgeNet Insurance Agency was recently featured in Insurance CIO Outlook magazine. Click HERE to read the full article!
4 Keys To Operational Success
Businesses will always experience an ebb and flow of gains and losses. External and internal factors also play their roles in how a company navigates these waters as they strive to remain in business year after year. Here are 4 key factors companies should consider when trying to achieve operational success.
There should be a commitment placed on achieving goals. Businesses must continue to evolve and be more efficient. You can create an engaged team by being honest and communicating openly. Regularly scheduled company-wide meetings can also bring value to your teams.
If you create an environment of encouragement, you can drive innovation. Small mistakes may happen along the way, but it won’t be anything your team isn’t capable of handling. Educate your team on how the business runs and emphasize the importance of collaboration.
Measure Your Win
When measuring operational success, look at tangible things like customer retention and lowering operational costs. You’ll also be able to measure success by employee happiness and customers having a better experience. Businesses should be compelled to evolve and be more efficient in how they serve consumers.
Invest In Technology
Companies who refuse to invest in their people, processes or technology will likely struggle to achieve operational success. In today’s COVID-19 climate, digital capabilities will be critical, especially for the insurance industry which has historically been more manual.
The operational strategy and the business strategy should always complement each other, but balancing priorities and economics is very important. Focusing on these 4 keys to operational success will help guide you to a platform of efficiency that leads to profitability and future success. All companies want to achieve operational success, but it will be those that adapt to technology and effectively communicate the goals to their teams that will be the industry leaders of the future.