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.
In the technology-driven environment that surrounds consumers today, it’s important to deliver products and services at lightning speed. Living in the age of instant gratification, consumers have grown accustomed to having access to information they need to make a buying decision immediately, even if the decision is not immediate. More and more consumers start the buying decision online than ever before. In the insurance industry, you need to get premium dollars and preserve that business. This means getting in front of the consumer and providing a quote as quickly as possible.
Since API’s are the gold standard for data interchange, importance should be placed on connection, security, deployment, and scale. Today there are more insurance companies developing a direct to consumer model who traditionally offered products through an independent agent. At the same time, the independent agent is trying to create an online identity that will resonate with the insurance shopper. BridgeNet Insurance CMO, Don Hobdy Jr. says “The industry has absolutely shifted its attention to engage consumers online. If you can’t provide an online shopping experience, then you are giving away at least 15% of your premium to someone else”.
Companies can be overwhelmed by the complexities of the technology to quote faster, but first-rate startups like BridgNet have simplified their technology offering to speak in practically every code language used today. Giving carriers and agents the ability to reach high intent consumers and offer their rates to online consumers.
The future of insurance quoting is highly technical. API platforms are the driving force for faster quoting and will soon be the only choice for insurers to offer a digital experience to customers. Technology leaders who can create an ecosystem that allows insurance companies and agents to provide faster quotes to consumers will set the tone for the industry’s future.