2021 Best Practices Study

Adapting to a Rapidly-Changing Environment

InsurTech Best Practices

InsurTech Adoption Assessment Compared to Peers

80%

74%

69%

70%

55%

60%

53%

50%

49%

47%

50%

43%

42%

40%

28%

27%

30%

23%

18%

20%

7%

5%

10%

4%

3%

3%

0%

Under $1.25M $1.25-2.5M $2.5-5M $5-10M $10-25M Over $25M

Behind Peers

In Line with Peers

Ahead of Peers

Source: 2021 Best Practices Study

Agencies were also asked if they made InsurTech investments that focused on their internal and external operations in past two years. Responses to this question are presented in the chart below. And it looks as though results are split fairly evenly, with all revenue categories enacting improvements that affected both their internal operations as well their external customer experience. The $5.0M - $10.0M revenue category was the largest adopter of InsurTechs with 71% focused on internal operations.

Internal v. External InsurTech Adoption Over the Past 2 Years

80%

71%

70%

64%

62%

60%

59%

58%

57%

57%

56%

55%

60%

53%

47%

50%

40%

30%

20%

10%

0%

Under $1.25M $1.25-2.5M $2.5-5M $5-10M $10-25M Over $25M

Internal Operations

External Customer Experience

Source: 2021 Best Practices Study

Some of the internal technology solutions included investments that made remote work easier. Video platforms like Zoom and Teams offered agencies an opportunity to interact in virtual environments and Slack, GroupMe, Adobe, and Microsoft 365 made it easier to communicate and share files. Other investments focused on automating particular sales processes and employed tools such as Agency Zoom, Salesforce, Better Agency, Vertafore, and Applied. Many external solutions

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