No matter what type of products or services you offer, it’s safe to say you are not the only business to offer it to them. This is the main reasons why the customer connection is so vital to businesses that want to succeed. Your customer experience needs to reach consumers on a personal level. This buying experience will set the tone for customer loyalty in the future.
“What’s the best way to connect to consumers”? This is the magical question every business wants to figure out. There is not a one size fits all solution. To connect effectively, you have to understand what is valuable and important to your customer base (Think Apple, Nike, Nordstom). The easiest way to understand your customer is to listen to them. Forbes.com reports that it can cost a business 5-times as much to acquire a new customer as it does to keep a current one. Your business must continue to bring value to the relationship. It’s not just about products or services. It is about offering solutions to help your customers.
Technology is changing how businesses connect to consumers and improving your ability to understand your clients. Adding technology solutions can be an expenditure of resources that can pay significant returns on investment. Connecting your website or app to a complimenting application can add value and extend the amount of time the customer interacts with you.
Like all smart businesses, you should be measuring your return on investment. The simplest way to measure ROI is to look at the average revenue per customer before and after the implementation of your technology upgrade and value propositions.
Staying connected to your customers is more important than ever before. Technology is leading the competition to attract and retain customers. If you continually communicate value, and demonstrate an understanding of your customers, you’ll likely keep that relationship for many years to come.
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.
No matter what type of products or services you offer, it’s safe to say you are not the only business... Read More
Start The New Year With New Technology As another year approaches, insurance companies are analyzing their yearly data and making... Read More
BridgeNet Insurance Agency was recently featured in Insurance CIO Outlook magazine. Click HERE to read the full article! Read More
4 Keys To Operational Success Businesses will always experience an ebb and flow of gains and losses. External and... Read More
In the technology-driven environment that surrounds consumers today, it's important to deliver products and services at lightning speed. Living in... Read More
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.