Aging legacy systems create unacceptable risk for insurance agencies.
It’s no small irony that the greatest threat to the insurance industry is an aversion to risk. While the rest of the financial services sector has finally begun to adapt and adjust to shifting consumer expectations and emerging technologies, many insurance agencies are still clinging to legacy systems that increase the efforts of agents, increase the costs of business, and increase the frustration of clients.
Consumers already rank the insurance industry among the least trusted. As the industry’s technology choices continue to lag behind other sectors, this adds more fuel to a reputation of unreliability. However, one agency’s refusal to evolve is another agency’s opportunity to overtake the market.
A modernized system puts money back in the agency budget.
As legacy systems age, they require more maintenance. As they become increasingly outdated, the cost of maintenance increases exponentially. Older systems are more prone to cyber attack, which means that the cost of securing your legacy system will also swell every year. If maintenance and security is not adjusted to account for aging, agencies are at risk of ever greater costs when systems are attacked or experience fatal failures.
On the other hand, emerging technologies empower developers to custom build systems that automate redundant processes, improve security, and optimize operations. A modern system builds trust with clients and reduces your agency’s bottom line.
Modern systems entice young, tech-savvy talent.
While your veteran agents may appreciate the familiarity of your existing legacy system, when these agents retire, they take their specialized operating knowledge with them. Many legacy systems are poorly documented and so out-of-date that maintenance is prohibitively expensive. Archaic systems with clunky functionality become a liability for agencies seeking to recruit new talent, and agencies also lose out on the automation capabilities of modern systems.
Agencies that capitalize on new technologies gain the advantage of fully documented, scalable systems that adapt to changing staff and client expectations. Modern systems assure young, tech-savvy talent that they’re joining an agency capable of progressing with the times, and they send the same message to policyholders.
Custom software applications offer opportunities for rapid growth.
Obsolete technologies create financial burdens, unnecessary risks, and an impression that agencies are behind the times. They can make recruiting new talent and converting new leads impossible, sending agencies into decline.
However, when agencies invest in appropriate, modern tools, they expand their capacity for rapid growth. Custom software applications equip agencies to design efficient processes and automate them to save labor, time, and money. They improve security and provide agencies with powerful predictive analytics that boost profitability and point the way to new avenues for growth. Upgrading your legacy system is the key to new opportunities.
Modernize your insurance agency with a custom software solution.
Antares Technology Solutions has a proven track record of developing secure, streamlined custom software solutions. Using your business goals as our guide, we engineer applications that minimize your costs, optimize your operations, and show your prospects, policyholders, and talent that you are committed to minimizing risks and maximizing growth.
Read our Louisiana Insurance Pest Control Association (LIPCA) case study to learn more about how Antares Technology Solutions improves the operational efficiency of agencies while saving them time and money. Then, schedule your initial consultation to see how upgrading your legacy system positions your agency for a legacy more suited to the modern age.