Over the past decade, the list of industries that haven’t been transformed by technological innovation is far shorter than the list of those that have. But many are surprised to learn that technology is also now transforming the traditional insurance industry as well.
That’s right, insurance is no exception. Historically operating as a traditional, relationship-driven business where handshakes and reputation mattered more than apps and algorithms, anyone who has shopped for an insurance policy recently knows that insurance is exceedingly more technologically advanced — and tech-dependent — than before.
You don’t have to look far for evidence. From the inexorable rise of digital-first policy production to the increasingly powerful self-service apps that facilitate policy adjustments and claims with little input from agents or insurance representatives, technology permeates the industry.
As in other industries, we already see winners and losers emerging from this disruptive process. While insurance agents’ and brokers’ net premium share has actually increased in the past five to 10 years — from 50.6% of all property and casualty lines in 2017 to 53.8% in 2021, according to the Insurance Information Institute — the most successful agencies and brokerages have enthusiastically evolved with the times. Those that haven’t are feeling the squeeze.
One of the industry’s greatest examples of this change in action is Hamilton Insurance Agency, one of the nation’s largest independent insurance brokers which is celebrating its 40th year in operation this year.
Here’s how Hamilton Insurance Agency is blending technology and tradition to improve product quality, enhance the client experience, and emerge stronger from one of the insurance industry’s most challenging periods.
Rethinking the Insurance Broker Role — No “Disruption” Necessary
First, Hamilton is reimagining the insurance broker role. Founder Alan J. Zuccari and his senior leadership team believe that to win their clients’ trust, agents and brokers must do more than simply sell insurance policies. They need to be true partners to their clients.
Client partnerships depend on Hamilton’s long standing relationships with insurance carriers and its fine-tuned approach to high-touch client service. A people-first approach, in other words.
But that’s only part of the story. Hamilton Insurance Agency also leverages proprietary technology and analytics to create customized solutions for its clients — not just to fill their present insurance needs, but to help them anticipate how their needs might change in the future and how they can mitigate risk beyond merely carrying enough insurance coverage.
This comprehensive approach is particularly useful for Hamilton clients in heavily regulated industries like healthcare and social services. For example, when onboarding residential care providers like senior living communities, Hamilton conducts an exhaustive data-driven analysis that covers:
- Business model, goals, and objectives
- Service lines and protocols, with a focus on avoiding potential coverage gaps
- Liability history
- Current quality assurance and risk management practices using ServarusRM’s ERMA software, a cutting-edge risk assessment solution
- Compliance and risk transfer posture
This is very different from the more transactional approach common elsewhere in the industry. There’s less “what do you need from us” and more “how can we help you get what you need?”
Client needs aren’t static, of course. So Hamilton’s team consults clients frequently to stay one step ahead of their needs and help them spot opportunities before they become liabilities.
Beyond the Standard — Non-Traditional and Next-Generation Insurance Options
Hamilton Insurance Agency offers a full lineup of standard employee insurance products, such as group health, dental, vision, life, disability, and AD&D. It also offers standard business insurance policies like commercial property, general liability, and commercial auto coverage.
But that’s just the start. Hamilton stands out from the pack thanks to its innovative (and growing) lineup of niche and next-generation insurance products — many of which were either little known or simply didn’t exist 10 or 20 years ago. Think cyber liability, employment practices liability, and active shooter coverage.
For better or worse, these are essential coverage for many businesses today, and Hamilton Insurance Agency ensures they’re as easily available as more traditional policies.
Tying It All Together With the Benebee Mobile App
Hamilton Insurance Agency pairs its comprehensive insurance portfolio and customized approach to client relationships with BeneBee, a user-friendly mobile app that connects clients with in-depth insurance resources and 24/7 support no matter where they happen to be. BeneBee’s capabilities include:
- Easy access to uniform virtual insurance cards
- On-demand client support to help manage insurance administration issues
- Personalized enrollment how-to videos
- Digital customized insurance and benefits handbooks
- Free pharmaceutical search powered by GoodRx
- 24/7 telemedicine support (phone or videoconferencing) with no copays or deductibles
Hamilton’s Jason Zuccari led BeneBee’s development team with the goal of streamlining the policy management process and engaging the next generation of policyholders. Along the way, they decided to turn BeneBe into something more. It became an indispensable tech toolkit that makes life easier for employers and employees alike.
BeneLink Connect — Simplifying Business For Enterprise Policyholders
The BeneBebe app isn’t Hamilton’s only client-facing tech solution. It complements BeneLink Connect, a powerful insurance enrollment management app for insurance brokers, employers, and employees.
BeneLink Connect is much more than your typical insurance self-service portal. It facilitates critical actions (and potential sticking points) throughout the enrollment lifecycle, including:
- Enrollment access — the portal is available around the clock to employers and employees
- ACA compliance, with an employee waiver capture tool that ensures everyone’s opt-in/out decision is recorded
- Real-time benefit election processing with employee confirmation statements
- Timestamping for all transactions, reducing compliance risk and simplifying recordkeeping
- Year-round change functionality for new hire elections and waivers, life events, terminations, and demographic changes
Hamilton Insurance Agency Is Innovating for the Next 40 Years
Today, Hamilton is a nationally recognized insurance technology leader renowned for above-and-beyond client service. Zuccari is proud to operate a people-first insurance business that has wholeheartedly embraced technological change without losing its soul.
With an evolving lineup of standard and not-so-standard insurance products, industry-leading mobile app technology, and a powerful risk management solution for businesses in a variety of different industries, Hamilton is showing other independent insurance agencies and brokerages what true innovation looks like.
Its success also serves as a reminder that amid increasingly rapid technological change, enterprises that don’t innovate tend to fall behind. Hamilton’s team is proudly building a business that can withstand any challenges that come their way over the next 40 years. Here’s hoping its example inspires other independent agencies and brokerages to do the same.
Featured Image: Kampus Production; Pexels.com. Thank you!