2022: The Year of the Human-Technology Hybrid
What Forecasters are Predicting for the Future of Insurance Sales in the New Year
Insurance agents have always had to balance the science of technology with the art of personal customer service. According to the Deloitte Center for Financial Services, 2022 will be a key year for establishing a successful partnership between tech and human touch. As the COVID-19 pandemic brought more people online, technology became the star player in delivering ways to keep connected.
Throughout 2021, however, as pandemic restrictions began to ease, insurance customers began to welcome communication with their agents through in-person meetings and even handwritten notes. In fact, according to Lime Venue Portfolio, a UK-based trading division of Compass Contract Services, communication is more effective when it’s handled face-to-face because 55% of the impact from our communication comes from body language. What’s more, their research suggests that face to face interactions provide a better opportunity for distraction-free, valuable engagement.
So how will these concepts be adopted in the year ahead? Deloitte Insights, an online publication by the Deloitte Center for Financial Services, suggests that insurance agents will want to work towards streamlining online processes to allow for the accommodation of customized, personal service whenever possible.
How optimistic is the forecast? Of the 424 insurance respondents surveyed from North American, European, and Asia-Pacific countries, approximately one-third said that they expect revenues to be “significantly better” in 2022. How can you work to maximize your success in the new year? GS National Insurance has recommendations to help you employ technology without losing the human touch.
· Follow Health & Safety Guidelines. This is a concept insurance professionals understand well. Throughout 2022, if guidance suggests an increased easing of social distancing restrictions, use good judgement on how you can bring in-person interactions with your clients back into your methodologies. If recommendations require more limits on how you can engage with clients and colleagues, be ready to incorporate more personal forms of virtual communication. From FaceTime to Zoom calls, holding conversations that allow all parties to see one another can provide for more meaningful experiences than the more one-dimensional methods of phone calls, text messages, or email.
· Surround Yourself with Tech-Savvy Professionals. From FMOs like GS National Insurance, who are on the cutting-edge of technology, to in-house team members who hail from an IT background, 2022 is the year to maximize the talent behind the field of technology. Consider ways in which you can leverage skills in analytics, digital marketing, and cybersecurity. Agencies should look to employ professionals who can bring some of these important skills to the team. Independent agents can both sharpen their own tech skills while partnering with an FMO who already has the systems in place to maximize the power of technology.
· Choose Your Tools Wisely. As the digitization and virtualization of insurance operations accelerated at lightning speeds throughout 2020 and 2021, even those who are returning to a central workplace will likely be doing their jobs a bit differently than they did prior to the pandemic. According to the research published in Deloitte Insights, only 3% of surveyed respondents stated that all employees are likely to return to the office fulltime. As an insurance agency or agent, now is the time to build a digital-ready workplace that accommodate connecting with individuals who are working on site as well as those who are working remotely. This also pertains to how agents connect with their clients. If you’ve generally met with clients at their places of business or professional offices, it’s important to remain prepared for virtual interactions. Consider today’s online collaboration and online communication tools and begin to build a strategy for how you can put each tool to its best use for your goals.
· Be Authentic Even Through Artificial Intelligence. Within the insurance industry, specifically, it’s estimated that 51% of money invested in new technology will be spent on data acquisition and processing. Cloud computing and storage are a close second, followed by spending on artificial intelligence (AI). As insurance professionals become more comfortable with recommendations from AI and using those recommendations when making decisions that relate to under-writing, marketing, and claims, AI is expected to have a significant impact across the insurance industry within the new year. Insurance agents can begin becoming more acclimated with AI by test-driving tools like conversational AI or chatbots. Just be sure to stick to a true hybrid of AI and human communication. Insurance customers choose their agents in part due to the rapport that they build with their agent. If you plan to incorporate AI into your communication, balance it with in-person meetings (whenever possible), phone calls, and highly personalized emails.
While the last two years have been challenging for all industries, the insurance industry has been one of the hardest hit. The new year brings a renewed sense of optimization and potential. At GS National, we are excited about what the future holds for our agent partners. If you have concerns or are facing challenges, we invite you to discover the tools and resources that we have developed using technology and tradition to help our agent and agency partners succeed. Visit us at gsnational.com to get to know us and learn about all of the ways in which we can help you achieve more success, faster.
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GS National Insurance is an independently owned insurance marketing organization. We specialize in helping independent advisors increase their Health, Life, and Annuity Business. Our primary focus is the senior health insurance marketplace. We combine technology and experience to deliver high-quality service and support. Learn more at gsnational.com
