Machine learning is becoming an increasingly important technology for the agent of the future to leverage. AI-driven software is already helping insurance carriers increase efficiency, improve customer relationships, and boost sales. These technologies are now available to agencies and agents as well. The international Data Corporation estimates that spending on marching learning has reached $77.6 billion in 2022 alone and will continue to increase in 2023.

Security and Privacy need to be addressed. As data becomes more readily available, it falls more to agencies and agents to protect the privacy of their customers as well as to ensure the data is secure all the time. Agencies that make security and privacy a core value and provide tools and training for agents in this area will have a distinct advantage in the coming years.

CRM capabilities for agencies and agents are important in the process. Agents need better to old to keep track of all their actions and to improve their efficiencies. A basic CRM is table stakes to build a more data-driven sales culture. The ability to track and monitor prospect and client communications also serves as a compliance benefit in an increasingly regulated environment.

I met with Patrick Bowen an industry veteran and Co-Founder of InsurAware^TM.   Patrick has 27 years of sales and distribution leadership in financial services. InsurAware is a digital Life Insurance platform designed to increase awareness and access to fast, easy, and transparent risk transfer and annuity solutions. InsurAware helps insurance agents and financial services representatives make more money by maximizing revenue from their existing relationships and increasing their conversion rates from prospects. Combining predictive AI technology with precision marketing, they identify consumers most likely to purchase life insurance in the immediate future and provide prescriptive marketing through digital solutions.

Their digital distribution platform/Agent Portal allows for seamless integration with carriers, financial institutions, and affinity partners and is designed with agility and flexibility to accommodate multiple solutions, distribution channels, and branding alternatives. InsurAware offers a suite of financial tools with lead generation., lead nurturing, digital marketing, and fulfillment capabilities providing customers with an eloquent digital experience. Dr. Rajesh Krishman is the other Co-Founder with 25 years of technology experience which includes designing and building digital technologies in the insurance industry. Here is how it works: InsuraWare’s technology identifies intent-based purchase signals and facilitates improved targeting of revenue opportunities. The software as a services (SaaS) with end-to-end digital distribution platform includes state-of-the-art data analytics, behavioral science, artificial intelligence, and a unique machine learning algorithm. Learn more by visiting https://InsurAware.com.

Ken Leibow is the Founder and CEO of InsurTech Express and a regular contributor to NAIFA's Advisor Today blog.