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The insurance industry has much uncertainty that comes with it. One natural disaster can wipe out profits within minutes. It also requires immediate responses from customers who file claims after accidents, storm damage, and other problems.
It may surprise some that the majority of U.S. insurance agencies listed in 2020 were small pulling in less than $150,000 in annual revenue. That amounted to 32 percent of all insurance agencies.
Statistics show that 27 percent of the insurance sector are medium-small agencies and medium-large companies that earn between $500,000 to $1.25 million in annual revenue make up 24 percent. Large agencies with more than $1.25 million in revenue make up the smallest percentage in the industry with 17 percent falling in that range.
Figures show the average agency will get bigger in the years to come. Industry experts state that is because increased costs to run an agency will lead to mergers and acquisitions. Some figures show there will be thousands of deals made over the next few years as it was higher between 2018 and 2022.
Communication Challenges
in the Insurance Industry
Good communication is important to insurance agencies particularly because agents are a hybrid of being a part of a larger brand but operating as an independent shop. They still have to earn customers' trust to build their agency just as any other entrepreneur. That is where communication becomes a pivot.
Communication with insurance as the focus includes explaining key things to customers like the terms and policies of insurance plans, comparing plans, and the claims process.
Challenges to Communicating in the Insurance Industry
There are three key communication challenges facing those in the insurance industry. They lack training in using communication tools, tracking and updating data, and building communication with customers.
4Voice VoIP (Voice over Internet Protocol) can help resolve these three communication issues.
Challenges to Communicating in the Insurance Industry
There are three key communication challenges facing those in the insurance industry. They lack training in using communication tools, tracking and updating data, and building communication with customers.
4Voice VoIP (Voice over Internet Protocol) can help resolve these three communication issues.
Using VoIP to Resolve Communication Problems
A lack of training on new technology and communication tools prohibits insurance agencies from being as efficient as they could be. These can also become an issue if the agency merges acquires, or is bought out by another agency. 4Voice makes it easy to implement a VoIP system that amounts to virtually no downtime and is incredibly user-friendly.
Agency employees can quickly adapt to using a VoIP system. 4Voice can use the equipment you already have within the new communication architecture, cutting costs and the learning curve. It can be used on computers, tablets, laptops, mobile phones, and even with office phones. Employees will feel just as comfortable using the VoIP system as they did using the old system.
VoIP system as they did using the old system. VoIP systems like what 4Voice offers make it simple to keep track of and update data from the dashboard. Verbal communications are transcribed and the written form can easily be put into files on your computer, laptop, or tablet.
It's simpler to build relationships and trust with customers with 4Voice VoIP because call quality is clearer than with landlines. A 4Voice VoIP system also means calls won't be dropped like they are with traditional mobile services because we have routing technology that finds the best transit route.
Benefits of Using VoIP
in Insurance
Insurance agencies are regularly dealing with disasters, accidents, and other emergencies that could cause landlines and cell service to lose function. VoIP services are considered highly reliable because they can keep up communications even in such situations.
4Voice puts a priority on keeping communication going in these situations. It has backup plans and routing protocols in place that ensure that calls and messages get to the recipient even in situations of natural disasters and power outages.
4Voice goes further than other companies in that our engineers help you craft your communication architecture that fits the unique needs of the insurance industry. It is scalable so you can change lines, add or deduct them, and add users as your agency expands, merges, or takes on another agency. Whatever the future, 4Voice can provide your agency with a streamlined communications infrastructure that keeps your customers happy and you in control of all the data and information.
