2021 Best Practices Study

Adapting to a Rapidly-Changing Environment

InsurTech Best Practices

Separating news from the noise

Once an agency has begun collecting information, how can it accurately determine if an InsurTech investment is right? Bill P i eroni, CEO of A CORD , offers a thoughtful 7-step process to determine if a particular InsurTech will create value.

1 Customer Value Proposition

• How much value did you think you would get versus how much value did you actually get?

2 Testability

• Could you as an agent test the product?

3 Quantifiable

• Do I, as an agent, believe that the tool enhanced my success? Is the value proposition quantifiable?

4 Universal Compatibility

• Is the product compatible across all office types?

5 Consistency

• Is the service/tool used in a similar fashion for all adopters, or is every instance varied?

6 Co-optability

• Will this tool reach a critical mass of users?

7 Leader Support

• Are there authoritative adopters?

In utilizing this methodology, agencies can more likely adopt an InsurTech that does indeed bring value and favorably changes competitive dynamics.

Spotlight on Best Practices Agencies

A majority of Best Practices agencies have in fact already adopted and integrated new technologies to improve both their internal and external operations. During this year’s Best Practices Study data collection process, Reagan asked Best Practices agencies to assess their adoption of new technology compared to their peer agencies (i.e., those with similar revenue size categories). While agencies with revenues of $2.5M and above felt they were in line with their peers, agencies under $2.5M in revenue actually felt they were ahead of their peers when it came to accepting and implementing new technologies.

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