Library : Agency Nation – Learn How to Unlock the Power of Digital in Your Agency

Executive summary :

There’s no question that investing in digital technology is good for insurance agencies.

Unlocking digital potential

According to Liberty Mutual and Safeco’s Rise of the Digital Insurance Agency research report, highly digital agencies grow revenue 60% faster than low digital adopters.

High expectations

Modern consumers also expect great digital experiences from businesses they interact with. According to separate research from Liberty Mutual, 82% of consumers believe a company’s digital experience is either somewhat or very important when they are considering doing business.

Plus, digital interactions shape how customers experience the business: 68% of consumers reported feeling satisfied after a good digital experience, while 67% reported feeling frustrated after a bad digital experience.

Digital is essential

All this points to the importance of investing in digital. But where should agencies begin?

Liberty Mutual and Safeco recently released a new interactive experience designed to help independent insurance agencies navigate digital transformation. The experience is based on the findings of the Rise of the Digital Agency research, which analysed more than 20 digital capabilities. Fifteen of those capabilities were plotted into a digital framework and grouped based on complexity – from fundamentals to modernisations to innovations.

Rather than trying to adopt the full range of digital capabilities all at once, the research pointed to the value of laying a foundation of digital tools and tactics which agencies can then optimise and expand upon.

Getting the basics done right

Agencies that are just beginning their digital journey should start with fundamentals, including capabilities such as social media, texting and online quotes.

Those who have mastered fundamentals can build upon their digital capabilities with modernisations such as SEO, self-service portals and live online chat.

See the full report for more…

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