Safeguarding Your Agency’s Data: Insights from Our Webinar with HawkSoft and Hill Insurance Services
In our latest webinar, we had the privilege of hosting Rushang Shah, Chief Marketing Officer of Hawksoft, and Mike Stansberry, owner of Hill Insurance Services, to discuss one of the most critical topics in the insurance industry today: data ownership and security. As independent agencies increasingly rely on a complex tech stack to manage their operations, understanding who owns your data—and how to protect it—has never been more important.
Here’s a recap of the key insights shared during this informative session.
1. Understanding the Modern Insurance Tech Stack
Rushang Shah kicked off the discussion by providing an overview of the modern insurance tech stack, which has evolved significantly over the past few years. Gone are the days when the agency management system (AMS) was the sole platform for managing an agency’s operations. Today, agencies use a combination of tools—ranging from CRM systems and VoIP services to comparative raters and e-signature solutions—to enhance their operations and provide better service to their clients.
Archway Computer’s Tip: While a diversified tech stack offers greater flexibility, it also introduces complexity. Ensure that all the systems you integrate with your AMS are secure and that you understand how data is managed across these platforms.
2. The Tug of War Over Data Ownership
Mike Stansberry shared his experiences with data ownership, emphasizing the importance of being proactive in understanding how your data is handled. As agencies integrate more systems into their tech stack, data is often spread across multiple platforms, raising questions about who ultimately owns and controls this information.
Mike highlighted the risks of not thoroughly reviewing contracts with tech vendors, noting that some vendors may claim ownership of your data or use it in ways you hadn’t anticipated. He advised agencies to take the time to understand the terms of any agreements they sign and to consider working with legal professionals who specialize in intellectual property and data rights.
Archway Computer’s Tip: Always ensure that your contracts with tech vendors clearly state that your agency retains ownership of all data. If a vendor is unwilling to agree to this, it’s a red flag.
3. The Role of Trust and Responsibility
Rushang emphasized that at the end of the day, the client (the insured) owns their data. Agencies, carriers, and tech vendors are merely custodians of this information, and it’s their responsibility to protect it. The relationship between an agency and its clients is built on trust, and mishandling client data can severely damage that trust.
To safeguard client data, it’s crucial to scrutinize the security practices of all your tech vendors. Ensure that they have robust security measures in place, such as SOC 2 compliance, and that they are transparent about how data is stored, accessed, and used.
Archway Computer’s Tip: Regularly audit your tech vendors to ensure they adhere to industry-standard security practices. This is especially important when working with newer InsurTech startups that may not have established track records.
4. Navigating Data Ownership Challenges with Vendor Contracts
One of the most valuable takeaways from the webinar was the importance of ensuring that data ownership and rights are explicitly outlined in vendor contracts. HawkSoft, for example, is leading the way by making data ownership policies clear and accessible on their partner pages. This transparency helps agencies make informed decisions about which vendors to work with and ensures that their data remains secure.
Archway Computer’s Tip: Before signing any contract with a tech vendor, ask about their data ownership policies. If they’re unwilling to put these terms in writing, it’s a sign that you should proceed with caution.
5. Key Takeaways for Independent Agencies
The webinar concluded with a powerful message: as independent agencies, your data is one of your most valuable assets. It’s not just about managing this data effectively; it’s about protecting it, ensuring that you retain ownership, and making sure that your tech vendors are doing the same.
Whether you’re using a comprehensive AMS like HawkSoft or integrating multiple systems into your tech stack, it’s essential to stay vigilant and proactive about data security and ownership. By doing so, you’ll not only protect your agency but also build stronger, trust-based relationships with your clients.
Ready to safeguard your agency’s data? Contact Archway Computer to learn how we can help you implement best practices for data security and management, ensuring that your agency’s most valuable asset remains protected.