Things to Consider When Choosing an Insurtech Technology

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The entry of insurance technology in the insurance value chain has come with a lot of benefits for all stakeholders involved. For insurance companies, embracing insurtech is the right way to satisfy the expectations of their clients. If you haven’t integrated digital tools in your business, here’s your time to do so. In this article, we’ll have a quick look at the things that you must consider when choosing  insurtech technology for your business.

Things to Consider When Choosing an Insurtech Technology

1. Human Capital

Implementing digital tools to grow your business seems like an easy task, but it, too, comes with a lot of challenges. Also, your employees who have the habit of doing things the traditional way will also have a hard time making use of digital tools. Keeping this in mind, it is crucial that you invest in human intellectual capital. This means that you should hire people who are tech wizards and who can help you implement the newly bought tools in a better manner.

2. AI

AI in insurance companies has been revolutionary and has made almost every step a lot more efficient. When you are choosing insurtech technology to grow your business and help people carry out their legacy planning in a better way, you should go with the tool that uses AI and machine learning to provide specialized functions.

3. Blockchains

The reason for your transition to digitization may relate to the cost of operating your business. The blockchain technology will help insurers handle payments securely. It also ensures that all of the information shared with the insurance company is fraud-protected and is easy to verify. The feature will also benefit reinsurers who wouldn’t have to go through lengthy processes to verify their insurance history, etc. The time and cost saved through the technology will help you get other things done.

4. Cybersecurity

When embracing technology, insurance companies should be mindful of the challenges that come with them. Since people will be sharing a lot of confidential information over the internet, it is the prime responsibility of the insurance companies to take steps to ensure data security.

5. Using the Mobile Channel

The number of mobile users has been increasing at a fast pace. Many people have stopped using desktop computers and now use their mobile phones to access the internet and other applications. When you consider using digital tools to grow your business, make sure that whatever platform you create is easily accessible through a mobile phone. This will help you reach more customers.

The Final Word

The importance of insurance companies cannot be denied. Given the volatile economic situation in the country, it is crucial that every person thinks about securing their assets. It is also the responsibility of insurance companies to offer premium functions and tools to clients that help them secure their assets in a better and effective way. The digital revolution means that companies should be paying attention to choosing insurtech technology to support their business growth. This article will help companies identify the factors that they have to look into when they are transitioning.

Why Should You Embrace Insurtech for Estate Planning?

Estate planning

You are the sole breadwinner of your family and running your household with your regular income. You are working hard to keep your family happy and satisfied. Have you ever considered what would happen to your happy family in case of your unexpected death or your life-long disability? Have you thought about legacy planning at all?

This is a question that haunts almost all heads of the families. If you are concerned about what would happen to your family after you’re gone, your focus should be on after-death planning. With the help of the digital expertise of insurtechs, estate planning or legacy planning has become quite easy. LegacyArmour is one of the most renowned legacy planning platforms that makes sure that your beneficiaries receive wills, your bank account information, etc., after you have passed away. Here’s how LegacyArmour, which uses this new technology of fintech for legacy planning, can help you with your financial planning:

1.   Secured Information

LegacyArmour uses the same end-to-end encryption standards used by the US government to secure top-secret documents. This means that only intended recipient(s) can viewed the data you entered on the site. Once you have made your account on the portal, you can safely upload important files and wills on the site and enter the information of the designated recipient(s).

2. Increased Scalability

Life is unpredictable and complex. Every other day, you have to face new challenges. These challenges are what often make you bring changes to your insurance plans. It could be a new policy that you are considering buying or any other related stuff. With the help of the LegacyArmour platform, you can make the changes quickly. The platform will convey any changes you make to existing vaults to your account manager in a timely manner.

3. Strategic Data Usage

Through the use of this platform, you can determine the time and date when your beneficiaries will be able to have access to your valuable assets. When creating vaults on the portal, you need to fill in the information regarding when the vault should be delivered and to whom.

When it comes to the time of delivery, you have two options. You can either set a date of delivery (for example, you can set that the vault is delivered to your child on their 18th birthday, etc.) or specify the delivery of your vaults upon your death/incapacitation. For the latter, you will have to define a contact method and contact frequency. For example, you can ask for weekly text notifications. In case of no response, your vault will be delivered to your designated recipient(s).       

The Final Word

Every year, millions of dollars in insurance benefits, dormant accounts, social security, etc., go unclaimed because their beneficiaries have no idea that they existed. Even though lawful beneficiaries can claim these assets, they will have to pay hefty attorney fees to file a claim and prove that they are the designated owner of the assets left behind. It is, therefore, advisable to pay attention to after-death planning as early as possible.

How Insurance Agents Can Integrate Digital and Offline Marketing

Insurance marketing

In the current digital age, having an online presence is crucial to all organizations. The advent of insurtech in the insurance industry has helped many organizations scale their operations and grow their customer base. Therefore, insurance digital marketing is a great way to take your business to the next level.

These days, people spend most of their time online. In fact, before they reach out to any business, they tend to read about it online. In this article, we take a look at how you, as an insurance agent, can combine the traditional methods of marketing with digital marketing to increase your revenue flow.

How to Combine Digital And Offline Marketing Strategies

For insurance companies, increasing sales revenue has always been a challenge. Not every sales strategy can lead you to the right customers. This is why it is important to exhaust all available options to maximize your sales.

1. Combine Social Media with Live Events

If used properly, social media can turn out to be a great marketing tool for your business. Its different features allow an organization to have a real-time connection with their clients or prospects. Combining social media with your live events is a powerful strategy that will help you build strong relations with your clients. For the optimum use of social media, here’s what you should do:

  • Create an event, a page, or a post on popular social networking sites, such as Facebook and Twitter and provide all the relevant details about the event. Don’t forget to include a link for event registration in the post.
  • During the event, encourage the participants to share their experiences on social media using a hashtag.
  • Once the event is over, share the event pictures on your social media profiles and tag the people who were present there. This is a simple but effective strategy to reach out to a large number of people.

2. Relationship Marketing

Spamming a client’s inbox with promotional messages will not get you any response. On the other hand, relationship marketing is a more effective method to build a connection with your clients. Using the information logged by your clients, you can send personalized messages such as holiday and birthday greetings to your clients. Loyal clients, with whom you have established a strong relationship, will not only be willing to work with you in the future, but they are also more likely to refer you to their friends and family. This way, you can increase your client base through your existing clients.

3. Digital Campaigns and Referrals

Many people hesitate while asking for referrals from their clients. To overcome this hesitation, the best way is to use digital tools to ask for referrals. Here’s how you can do it:

  • Create high-quality digital content and share it on your profile to reach out to your existing audience. Your audience is likely to share meaningful and valuable content that talks about financial planning, legacy planning, etc., shared by you.
  • This act of sharing is an endorsement, making your client’s family and friends reach out to you.

To reach out to more people, you can use the feature of social sharing for sales. For this, you must share a credible article from a reliable site. For example, if you are selling health insurance policies, you can share an article such as, ‘5 Best Foods for a Healthy Heart’. When your target clients click on your share, the article will appear on the left while on the right hand side of the page, your prospects will see the call-to-action or CTA. The CTA is designed to convince online visitors to reach out to you and learn more about your services.

The Final Word

By following the online and offline marketing tips mentioned above, you can reach out to more prospects and take your business to greater heights.  

3 Reasons Why Customers Should Buy Products from You!

LegacyArmour Advisor Dashbaord

Insurance can be a complicated purchase. Clients are buying a promise of protection that could potentially make or break their financial well-being which can be stressful. How do they know that you’re the right choice as their agent? Are they getting the best value for their money? 

Here are three reasons you can tell your clients why they should buy from YOU, their trusted long term advisor!

Legacy Planning
Reason 1: You Are Their Personal Advisor

You take the time to listen to your client and understand their individual needs. They know it’s not just about finding a price they can afford; it’s also about making certain they are appropriately covered. You provide them with tools to ensure protection is for ALL of their assets, and  LegacyArmour is the premier protection tool.


Reason 2: You Are Their Advocate

If they have a billing or claim concern, or they need to change coverage, you can be their advocate, working with the insurance company on their behalf. With LegacyArmour, your brand & contact information is right in front of them and they can contact you easily using the  Contact Advisor  Button.


Reason 3: You are their one-stop consultant for a lifetime

With your diversified portfolio, you meet all of your clients’ insurance needs with the companies you represent, providing auto, home, renter’s, life and health insurance as well. Now you can offer LegacyArmour  with additional benefits such as access to your own insurance widget, protection of their financial accounts, an emergency health card, and access to estate planning templates!


Get LegacyArmour for your clients today! Give them the gift of added peace of mind and let us do the rest! Our service ensures that if something happens, we are responsive, and their loved ones will have access to everything they chose to protect.

You are compelling, distinguished from all competition, and most of all, you care! Find more about us here,  or connect with our partner for more information!

How to Start Legacy Planning

Photo by Alvaro Reyes on Unsplash

The unfortunate reality is that a lot of people get into the latter years of their life and wonder where it all went. Time flies by as we get caught up in the business of day-to-day life, and we often forget to stop and assess what’s going on. Legacy planning is a way to live with purpose and intentionally that can help navigate life, make decisions, and give time to what matters most. Admittedly, it’s not rocket science, but it takes time and concerted effort to set the course for your legacy on an intentional path. Start by answering these simple legacy planning questions and go from there.

What’s going on now?

Take an assessment of your life’s legacy. Do you have a job, mortgage, student loans, children? Perhaps you’re applying for colleges (and if so, we applaud you for thinking about this stuff now!) or jobs. Do you have enough savings? Inventory your life and write these things down so that you can begin to picture, in all its glorious detail, your life now.

Once you’ve got the basic overview, begin breaking it into categories and start asking questions? Are you who you want to be in those areas of life? If so, how can you continue, and if not what can you change? Encompass all areas of your life, like fitness, education, spirituality, family, health, and finances. What are your goals and aspirations? What is keeping you from pursuing them and how do you change? Remember, this is all about you living your best life, being intentional, and preparing for the future.

What do you need to prepare for?

At Legacy Armour, this is one of the central questions that drive what we do and the services we provide. We strive to help people plan for life’s unexpected events. Legacy planning requires you to ask and answer some pretty tough questions about situations that about which no one wants to talk. However, the reality is that everyone is better in the long run if you make these plans now. So here are just a few examples of the kinds of issues you need to have figured out.

Do you have enough life insurance? If you have children and something happened to you and your spouse, who do you want to take care of the kids? Do you have that stated in a will that sets up guardianship, trusts, educational funds, and other items that you don’t want your kids to have to worry about?

What about investments? What are your goals at retirement and are you saving enough money now? Do you have a comprehensive financial plan in place? Where does all of that go if something were to happen to you? How will those people get what you’ve set up for them?

Don’t Wait Until It’s Too Late

As alarming as it can be to have to think about these things, the alternative is much, much worse. Legacy Armour is devoted to protecting the legacy you’re building for your family and helping get the right information to the right people should extenuating circumstances occur. Check out our blog for more tips on how to be ready for what life throws at you, and take advantage of our free 7-day free trial to get a better sense of the value we can add to your life. And don’t forget to start life planning TODAY!