Embracing technology isn’t just about cutting costs and staying current – it’s about gaining a competitive edge. Streamlined processes, enhanced security, and better customer experiences are just a few benefits awaiting those who dare to innovate.

Yet, despite the advantages, many hesitate to embrace change. In time, the price of stagnation outweighs the investment required to keep up with the times. Technological transformation requires mastery of new tools. I meet two types of entrepreneurs in my travels: those who embrace technology as a new tool/toy to make their jobs easier – much in the same way a technician gets excited to see the Snap on tool truck delivering the latest scan tool to help cut time and increase labor efficiency – and those on the other side of their business journey, who are completely happy repeating the process from days gone by.

The unfortunate reality of this industry is that changes are a byproduct of regulatory shifts that require adaptation. With this in mind, many of these tools should be regarded as an opportunity to win the race to embrace technology, giving one the competitive advantage, at least for a short time.

ERIC S. HURST, Chief Operating Officer at Empire Indemnity Insurance Company Risk Retention Group, Inc.

At Empire Indemnity Insurance Company RRG, we’re constantly looking ahead. We’re improving the customer experience. For a company to remain on the forefront means scaling opportunities without scaling people. Efficiency is key.

For example, our tech-enhanced program was designed with lenders in mind. By investing in scalable solutions, we ensure maximum efficiency without bloating our workforce or creating additional costs that the customer traditionally pays.

Consider, for example, our 24-hour claims process. According to a recent study by Five Sigma, 82% of companies take more than 30 days to process a claim, and only 38% support automated claim assignment. This delay hurts customer experience and risks bad faith perceptions.

Through automation and optimization, we successfully reduced processing time to under 24 hours in most cases. Faster settlements, happier customers, and improved efficiency –that’s our commitment. 

There’s a graveyard of companies that were once ikons in their industries but no longer exist due to failure to embrace technology – automotive companies, video rental companies, and photography companies are a few that come to mind.   

Now, consider your own business. Could technology help you achieve more? Are your providers keeping you current? Unlock a future of unlimited possibility by embracing innovation.

ERIC S. HURST, Chief Operating Officer at Empire Indemnity Insurance Company Risk Retention Group, Inc.

You can also read this article in the digital publication Used Car Dealer