3 insurtech trends for Florida-based agents
The Florida insurance market continues to experience turmoil.
Here are the top three trends insurtech companies are driving that could help Florida-based agents.
1: More customized quoting tools
The Florida insurance industry is in crisis. Climate change is causing more intense hurricanes and flooding. The impact? P&C insurers are scrambling to mitigate their risk.
Some insurers plan to hike premiums by as much as 48.7%. Others are issuing location-based policy restrictions. And some have even pulled out of the state.
In a rapidly changing industry landscape, agents have a lot to keep tabs on. They need tools to efficiently deliver policy quotes tailored to the state’s unique situation.
With more advanced tech, agents can deliver customized quotes faster. This year, insurtechs continue to refine quoting tools for personal lines mainstays (e.g., homeowners and auto insurance). They’re also touting new quoting software for pet insurance and small business insurance.
These insurtech improvements will help Florida-based agents get real-time quotes for customers. Agents can:
Save time conducting research. Agents can dedicate their time savings toward improving customer relationships.Point customers to the right carrier. In a turbulent industry climate, finding the right carrier quickly means customers can better mitigate their risk.Create more customers for life. Better carrier match-ups build trust, creating customers who are more satisfied and more likely to renew and return when they need additional policies.
With the right tech, agents can deliver more value more quickly.
2: Better tech-powered policy writing
For Floridians, efficient and customized policy writing is more important than ever.
The state’s industry turbulence will likely lead to coverage gaps for customers. Slow underwriting can leave customers exposed – a problem after Hurricanes Nicole and Ian.
New tech will enable faster underwriting tailored to customers’ needs. The underlying software works like digital quoting tools: agencies can input customers’ demographics and location to automatically customize policies.
With better tech-powered policy writing:
Agents spend less time writing policies.Customers experience fewer, shorter coverage gaps – and end up with more personalized coverage.Agencies take on less risk, which lowers loss ratios and boosts profits.
The impact? More efficient underwriting and better customer satisfaction.
3: An uptick in digitization
Digital transformation itself isn’t new – it’s part of a bigger trend. As ACORD’s president and CEO notes, “The industry saw changes in 10 months that may have otherwise taken 10 years.” In Florida’s sink-or-swim environment, those advancements will be key to staying afloat.
With insurers pulling out of Florida and declaring insolvency, agents will need every tool available to navigate a tight market. Continued insurtech developments can help them weather the crisis and agencies can tap into their efficiency gains to better meet customer needs.
When agencies have inefficient processes, it’s harder for agents to deliver the kind of value that drives customer loyalty. That’s doubly true in Florida’s crisis landscape.
With more advanced insurtech, agents can work smarter to quickly meet their customers’ needs. As more advanced tech rolls out, agents should keep an eye on the best tools for their agency.
