Insurance Distribution

ICTA Nomination: Sharp Insurance Pushes the Bounds as a Digital Broker

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2017 ICTA Nomination.   Technology by Sharp Mobile

The digital service tools, iMobileBroker app and portal, and the leads management system, SharpOne, all have one thing in common, speed. The iMobileBroker app and portal allow clients to print or access their pink cards in seconds, rather than waiting on hold, or having to speak to a broker for information that should be as readily available as a bank statement is to most people. Not only that, but the iMobileBroker app and portal can give clients instant access to other key points of information including payment amounts and dates, policy coverage details, and dec pages. This is all information that clients would have to take time out of their schedule to call a broker to obtain. This is analogous to calling your bank to find out when your next bill is due, or to find out how much money you have in your account. It simply does not make sense to use antiquated methods to ascertain information. Simply put, clients are vastly evolving to the speed, efficacy and convenience of instant access to information.

Through the iMobileBroker app and portal, clients also have the option for self-service. They can enter a new address, add a driver, add a location, and submit claims. These tools empower Sharp's clients to do their insurance on their own terms.

These tools benefit Sharp's clients greatly; however, Sharp Insurance has more to gain from the implementation of digital customer service tools for the reasons outlined below.

Managing Growth

Sharp Insurance is growing fast which invariably means there are going to be issues of staffing and space. When a company experiences rapid growth, the means and the space to hire more staff become major issues, and often, a road block to future success. The iMobileBroker app and online portal are so efficient that it allows Sharp to alleviate some of these growing pains.

Democratizing Data

Data is arguably the most valuable resource globally. Data is what drives the economy in our digital age. Data leads to business growth, to consumer awareness, and leads to better decision making. Most brokerages have a vast amount of data in their BMS systems, but have no way of pulling that data or understanding what even needs to be pulled. This has been an issue with Sharp Insurance for some time. As a primarily digital brokerage, Sharp relies heavily on analytics for key decisions making, and success metrics. Even so, Sharp found they could not pull lists through their BMS systems for vehicle types, or birthdays, or age groups. This is basic information that should have the functionality to be pulled within seconds, are simply not a reality because many of these BMS systems were created before the dawn of digital. The broker-facing dashboard for the iMobileBroker app and portal is a powerful data mining tool that can pull a myriad of reports within seconds.

What this does for Sharp Insurance, is it allows Sharp to plan and market to their own clients, to protect their clients, and to understand who their clients are and what their lifestyles look like. Sharp Insurance email markets through product cross-selling, can send push notifications through the app for vehicle recall notices specific to those owners only, and so much more. The importance of freeing this data, and the functionality to pull this data at a management level cannot be underestimated. The applications for this data tool are endless.

Claims Prevention

New push notification-weather alerts just released by Sharp Mobile allows our clients to know when a weather event will happen, and will give them advice to help mitigate weather related damages such as hail, wind, and low visibility driving conditions. This seeks to minimize weather-related claims through preventative measures.

Speed, efficiency, convenience

As stated earlier, the number one importance for Sharp Insurance continued growth and success is speed, efficiency, and convenience. Using the iMobileBroker definitely contributes to all three categories, especially since the recent announcement of digital pink cards being an acceptable form of insurance proof set to launch in 2017. Even so, Sharp Insurance's SharpOne leads management system is essential for the company's sales growth. SharpOne is a completely digital way of quoting, binding, sending documents, processing, and tracking. What could take hours through traditional BMS systems, now can take less than 15 minutes. More calls are answers, more quotes are completed, and more polices are bound all due to remarkable and powerful capabilities of SharpOne.

Business Impact

iMobileBroker App and Portal Statistics:

  • As of Dec 1st, 2016 59.3% of Sharp's clients use either the mobile app or the web portal. That equates to 10134 users.
  • On average, 43 requests are made through the app/portal per day. That equals the work of two full time brokers (taking on average, 21 calls per day).
  • Sharp's observed a 9% reduction in dropped calls. On average, a typically brokerage has one person to manage 1.25 million in premium, well, with these digital tools, Sharp can now manage about 2.0 million per broker. Not only does this reduction in people power allow for Sharp to manage its growth, but it also enables Sharp to operate at lower costs, preparing for either economic downturns, or possible commission policy changes.
  • Sharp has been able to pull detailed reports and actively cross sell products to clients due to the convenience and user-friendly interface of the iMobileBroker reports dashboards. Cross sales have increased by 10% since January.

About Sharp Insurance

From its inception in 2009, Sharp Insurance has been breaking records, setting precedence, and completely changing how we think about insurance in Alberta. Sharp Insurance is the fastest growing brokerage in Canada. Whether it's through streamlining internal processes through digitization, or by providing clients with easy, 24-7 access to insurance, Sharp is, and will continue to redefine what it means to be a modern brokerage. For more information, visit sharpinsurance.ca.

About Sharp Mobile

Sharp Mobile provides digital solutions geared towards the modern consumer. Inspired by real-life, day-to-day insurance demands, Sharp Mobile has created the industry's first mobile app and online portal that offer clients full access to insurance documents and account information. For more information, visit sharpmobile.ca.

SOURCE: Sharp Insurance


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