Slideshow 7 technology trends impacting the future of independent agencies

  • May 01 2016, 2:42am EDT
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Technology tools and solutions continue to creep into the daily routine of benefit advisers, and these seven are poised to make a big impact on the future of the independent insurance agency system, according to the Independent Insurance Agents & Brokers of America Agents Council for Technology.

“ACT is pleased with the Strategic Future Issues Work Group’s report and efforts to identify, update and discuss trends in the independent agency system,” says Ron Berg, the council for technology’s executive director. “Although these technological developments and trends often present challenges, they’re also blooming with opportunities for agencies to build their business and provide better service.”

1) Growing availability of big data and actionable business intelligence

New technologies and techniques are enabling the capture and analysis of more and more data (big data). Agencies and carriers are able to integrate business intelligence into their decision-making in real time, enabling them to understand their consumers and operations better.

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2) Changing nature of insurance risk

Changing social norms, applications of technology, climate change and all of the trends noted above and more are changing the types of risks that consumers and businesses are facing.

3) Information security and privacy regulation

In addition to federal and state regulations for security plans and procedures, the costs of data breaches will become more expensive to businesses. Growing risks also create opportunities for carriers and agents to provide coverage and risk management guidance to clients.

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4) Mobile first

Mobile, along with social and cloud computing, is what has enabled the cultural transformation and the emergence of the connected consumer. Mobile cuts across everything and will change the insurance products offered, how they are presented, and interaction on services.

5) Social culture/digital transformation/Internet of me

This trend reflects the broad influence and impact that social and digital are having on all aspects of our society, including our business lives. This ongoing transformational change is an expansive, strategic trend that has grown from social web tools and digital technology.

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6) Connected society

Connectivity is expanding from consumers to business and even “things”— all aspects of our physical world are being connected.

7) Demographic/segmentation and personalization

This trend encompasses diversity in every sense of the word: age, ethnicity, culture, gender and connected vs. non-connected.