By FINTECH Books Contributor, Gilad Shai Follow: @Gilad_Shai Customer engagement has always been a challenge for the insurance industry. Emerging InsurTech companies recognized the opportunity and introduced a modern user experience that quickly generated a hype in this NPS-measured industry. But outside of enhancing user experiences, there are significant unexplored opportunities available in improving the behind-the-scenes functioning of insurance companies. One area where such gains are possible is in the productivity of insurance agents. These agents account for around 60% of the insurance channels in the US. There is considerable scope for helping agents to automate mundane work, improve interface with various legacy IT systems, effectively engage with customers and promote their business. This has the potential to significantly improve industry profitability, and represents a significant business opportunity for InsurTech entrepreneurs. This includes aspects like developing workforce applications that connect the value chain and reduce turnaround time and miscommunication (e.g., enhance the connection between an agent and a commercial underwriter). Insurers can also increase revenues from their current customer base via up-sell, cross-sell and new product sell. To achieve better results InsurTech Data companies should partner up with insurers or license them a BDaaS to support multiple channel data collection and advance analytics. The insights from the collected data will improve personalized timely outreach that will increase retention and cross-sell. Furthermore, agency, brokerage and insurance company cost factors are complicated, and new technologies can assist to simplify and reduce them. Automation and better system integration of the claims process are low hanging fruit, as is fraud detection. These opportunities suggest that the longer term value of InsurTech may only be beginning to be realized. Rather than simply disrupting existing incumbents, there is considerable opportunity in helping them reduce the hidden costs of business complexity and apply new operating models. If you would like to learn more about FinTech please look at our video courses at FINTECHCircleInstitute.com