When searching for new technology, it is important to ask relevant and insightful questions to ensure that your investment aligns with your business goals and standards for innovation, security, and customer experience.

I recently spoke with Chris Cline, Executive Director of the Agents Council for Technology (ACT), about what agents should and should not do when choosing new technology.

Avoiding Shiny Object Syndrome

Shiny object syndrome is the tendency to be quickly drawn to new technologies, such as generative AI or analytic visualizations, hoping they’ll solve all of your problems. However, shiny object syndrome often stems from a lack of confidence in fully understanding your business, leading you to think that others possess knowledge you don't. But the truth is nobody knows your business better than you do.

As an agency owner, constantly searching for "how" or "what's next" can sometimes lead to falling victim to shiny object syndrome. This can be challenging because getting the next new thing can be easy, especially if your technology pockets are deep. So, instead of fully utilizing your existing management system, the focus shifts to adding new elements with hopes of improvement.

Before diving into the next big thing, look at the fundamentals you may struggle with. For example, how can you increase operational efficiency? Do you know your conversion ratio or average customer service time? Do you know which producers are doing well, and how is that affecting retention?

Selecting Integration, Not Isolation

One common pitfall is the allure of standalone solutions promising to be the silver bullet. However, the future lies in integration. All insurance technology should seamlessly connect with your existing management system and workflows. This interconnectivity fosters a holistic ecosystem where data flows freely, enhancing efficiency and providing a unified view of operations. Ivans®, for instance, thrives on facilitating such connections, emphasizing the significance of a network that supports diverse applications and services.

Solving the Right Problems

Considering new technologies or technology upgrades, your first question should always be, “What problem does this technology solve?” It's tempting to be swayed by feature-rich solutions and shiny objects, but the accurate measure of technology's value lies in its problem-solving capabilities.

It's crucial to assess how new technologies will fit into and enhance your existing systems, prioritize integration to foster a unified and efficient ecosystem, and, most importantly, ensure that any new technology addresses distinct challenges within your agency.

Remember, the most effective technology decisions align with your vision, improve operational efficiency, and enhance the customer experience. By keeping these principles in mind, you can avoid investing in unnecessary technology and make more informed decisions that drive growth for your agency.

To hear my entire conversation with Chris Cline, access the on-demand webinar.