Summertime is a season of slowing down: school is out, vacations are on, and many industries experience a lull in customer activity. That makes summer the perfect time to reassess your insurance agency management.
But our agency is doing fine. Why would we reevaluate our processes?
Your answer is right there: you’re doing “fine.” “Fine” is not going to help you compete with the threat of direct writers and tech-savvy companies like Lemonade, Geico, and The General. These competitors will find your efficiency flaws and exploit them to win business over you.
All too often I hear:
“We’re too busy to implement change.”
“Our staff doesn’t have the time.”
“Our staff is comfortable with the way they do things. They’ve always done them that way.”
Check out 4 easy steps that will also help you improve agency operations
These defenses lead to agencies falling behind. Technology is advancing at a rapid pace. There are better ways to get work done and service clients. For example, carriers improve their agency services frequently. They provide updates to their agent portals, adding policies or lines of business for download, and offering new services like commercial lines rating. Agencies need to take advantage of these new technologies to stay competitive and offer the best experience for their clients.
Okay, you convinced me. So, how do we go about updating our processes and technology usage? What do we look for?
There are a few key areas and items to pay attention to during your annual agency review. Focus on the following questions:
What are our agency management system’s capabilities? Are we maximizing use?
Chances are, you’re not using your system to its full capacity. Look closely at your capabilities and focus on one or two you’re not utilizing. Reach out to your provider to get a refresher and integrate these capabilities into your daily operations.
What are our overall system fees? Are they going up? Staying the same?
Some providers will increase your fees annually, including charging for functions that should be standard. Pay attention to whether these increases are worth it for your agency. If not, it’s time to start looking for something new.
Are we downloading policies available from our carriers?
Commercial and personal lines downloads are one of the top time-saving practices for independent insurance agencies. If you are using downloads, check that you’re downloading all you can. The IVANS exchange offers a Connections Report to confirm you’re receiving all the downloads your carriers offer.
Do we utilize a comparative rater? Are we using it enough to justify the cost?
Comparative raters are another great time-saving tool. But, many agencies are paying a lot for a rater they rarely use. A good solution is using a rater that integrates with your management system. When everything is in one place, you’re much more likely to use it and reap the benefits.
Read how the Partner XE user Community fosters discussion on improving management system operations at our Regional Learnings
Are each of our staff using our management system efficiently? Have they adapted their workflows as our system is updated?
Too often individuals will continue doing their work in the same old way after a system update. They’ll ignore upgrades and enhancements because they’re not comfortable using them. Get staff connected with online training or schedule in-person sessions through your provider. Sometimes it takes a little push to adjust routines, and once your staff is confident in utilizing capabilities they’ll put them to use.
Wow – that seems like a lot of work. Is there anyone I can work with to make these changes?
Yes! Engage your staff in identifying and implementing these operational updates. Your agency management system provider should also act as a partner. They can help you fully utilize your system and expose you to relevant tools for improving operations.
At SIS, we use tools like monthly webinars, online QuickGuides and hands-on Regional Learnings to stay engaged with our partner agencies. Our conversations with Partner XE users not only help agencies better utilize the system, they help us improve functionality and workflows.
You can find out more about Partner XE’s functionality and how we partner with our clients by contacting us at [email protected]. We look forward to hearing from you and targeting how we can help your agency better serve your community.
Working with independent insurance agents all over the country, we continually hear how important it is to build relationships within one’s local community. This reinforces a principle we have long embraced: to be a good partner and participant in the Partner XE community we serve. (more…)
How many times have you started something without reading the directions first? Whether it’s a “some assembly required” Christmas gift or that “but it looked so good in the store” table from Ikea, chances are it ends in frustration. Like it or not, you’ll end up using those directions—like you should have done in the first place. Why do we resist taking advantage of the help that’s right in front of us?
Many agencies do the same with agency management system training. System training is part of what you’re paying for—why not take advantage? All the old reasons come up: “It’s so busy right now. We just don’t have the time,” or “Everything’s working fine. We don’t need any training.”
And we all know if something is important enough, we find the time. For your agency, management system training is that important.
Why Take the Time to Train?
There are many reasons why training is vital to agency growth. For one, it gets your staff on the same page. Everyone learns the same methods at the same time. This uniformity is helpful as you work to document and streamline your operations.
Training also empowers agencies members to understand and utilize time-saving enhancements in your system. Good providers update their systems regularly, adding new features and enhancing others to quicken workflows. But, if your staff isn’t trained on these enhancements, chances are they’ll continue using a new system in an old way. Slowing down for a short time to train staff may seem inconvenient, but you’ll really save time in the long run.
In that same vein, training helps your agency do more without spending more. When used to its full capability, your agency management system allows your staff to get more done with less time. You gain all the benefits of hiring new talent or upgrading systems without any of the cost.
Finally, investing in training simply means you’re getting your money’s worth. Training should be part of your provider’s services. If you’re not taking advantage, you’re essentially wasting money. It’s time to start putting that investment to work.
How to Get Training Started
If you haven’t had agency management system training before, you may not know where to start. Follow these steps to get training up and running at your agency:
Determine where you need to improve: focus first on areas where you feel you’re moving too slow or aren’t seeing a lot of progress. Tackle these points in your training first.
Decide who needs to be trained: does your whole staff need a reboot or should you focus on one department first? Figure out groupings and target trainings for each.
Get in touch with your provider: find out what types of training (in-person, online, self-directed) they offer and decide what combination works best for your agency. Get their advice on how to structure training to best fit your culture.
Delegate a point person: depending on your staff size, this may be one person overall or one for each training group. This person will be the “go-to” once training is over to help people put what they’ve learned into practice.
Take advantage of continuing education: find out what your provider has to offer to keep you up-to-date with best practices and other training materials.
There’s more to an agency management experience than a top-notch system—you need to be able to use it. With regular trainings, you can be sure your agency is utilizing your system to its fullest, maximizing your agency’s efficiency and getting the biggest bang for your buck.
At SIS, we’ve seen the value of training in action. That’s why we provide targeted in-person and online trainings for our agency partners, and offer anytime access to great training resources on our PartnerNet user portal. Through a comprehensive KnowledgeBase, QuickGuides, and webinar recordings, as well as regular Regional Learnings, we keep our Partner XE community connected, informed, and educated.
We’re more than bells and whistles, we’re a partner working with and for our agencies to ensure they’re getting the most out of the Partner XE system. Find out more by reading what our clients have to say or get in touch at https://sispartnerplatform.com/contact-us.
When you think essential agency tools, your management system is likely first on your mind. Though this system does a lot (okay, almost everything) for your agency, it alone is not enough to compete with the fast-paced insurance industry.
To stay on top of progress, you need to add other tools to improve insurance agency workflows, creating an adaptable management system. With these tools, you will boost your system’s agility and better serve both customers and prospects alike.
Integrating comparative raters into your agency management system allows for quick, easy policy comparisons. As Kayak or Priceline does for travel, raters do for insurance. With an imbedded comparative rater in your agency management system, you can get back to prospects and clients faster with the best policy options and premiums to fit their needs.
Customer Portals
Creating a space where your customers can view and update their information not only streamlines your communications, it provides customers with a sense of security. Knowing they can view and update their information at any time means customers feel in control.
Such portals should be an extension of your management system and accessible on your agency website. In these portals, customers can print certificates and ID cards, look up policy information, and update their contact information, among other actions. Providing this quick access to information makes your agency versatile.
Mobile Apps
Naturally, mobile apps play a big part in mobilizing your agency management system. Agencies use their mobile app as an extension of their management system, allowing them “on-the-go” access to all their system has to offer. Producers use their management system’s app to look up prospect and client policy info, view contact history and update important records. Customers take advantage of agency mobile apps during emergencies, snapping photos of accidents and initiating claims in the moment.
Having a scanner may not intuitively translate to improving system workflows, but scanning plays a critical role in an important initiative: going paperless. A paperless agency is no longer a trend, it’s a requirement. Storing documents virtually protects them from disaster and theft and improves E&O protection. Adding a scanner to each workstation makes going paperless that much easier.
It’s 2017. Each member of your agency should have their own email address and check it regularly. Customers now rely on email communication, and many times prefer it over in-person or phone calls to get business done. The speed of email is its charm. Policy documents can now be sent, signed, and securely returned through email. And the best systems include email integration so you can send and store emails and easily attach documents right from your management system portal.
Internet Providers
Working with a reliable internet provider is integral to your agency, and especially your management system operations. Your agency needs a provider with reliable upload and downloads speeds that are able to handle the large amount of data you’re processing daily. One way to ensure you’re getting the speeds you paid for is to test them on Speedtest.net, a website that rates your upload and download speeds. Your provider should also be responsive to any issues, getting your agency back online quickly.
These tools, coupled with an adaptable agency management system, will help you stay a cut above the rest. At SIS, we work with multiple partners to bring mobile, online rating, paperless workflows, and other efficiency-wielding tools into our Partner XE management system. We’re constantly improving our system, taking requests from our clients, and challenging the status quo in the industry.
To find out more about SIS and our Partner XE agency management system, contact us here or at 800.747.7005, Option 6.
These are just a sampling of the many learning resources we provide to our clients. But, the greatest resource is the clients themselves. We at SIS look for ways to connect clients, encouraging them to share best practices and learn from each other’s mistakes. Through regional learning workshops and client-run workgroups, our agency partners are constantly investigating and improving the Partner XE management system.
Through these tools and networking opportunities, we help our clients get the first down they need. I challenge you to do the same.
As SIS President, one of the most enjoyable experiences I participate in are the Partner XE Regional Learning Workshops. These learning events serve our independent insurance agency clients in many ways: investigating industry trends, illustrating how to maximize Partner XE’s capabilities and connecting users with the SIS team. Most importantly, these workshops accomplish an important goal—creating and fostering the Partner XE Community.
Over the years, these learning workshops have grown in popularity. As the number of agencies choosing SIS grew (and continues to grow), the community of clients soon called for a stronger regional focus. We responded with smaller regional events, closer to our clients. These localized, intimate settings mirror our users’ agencies and enable independent agents in the area to develop relationships with one another. Creating these opportunities to network and learn is an important part of making our Partner XE Community great.
The SIS team always comes prepared with Partner XE demonstrations and tutorials targeting agency-specific needs. Yet in each session, community members soon take the lead. Members are eager to share with each other creative ways to use Partner XE to achieve the results they’re after. Our team may start the conversation, but it’s our clients that provide the best insights.
Connections fuel development.
The conversations and relationship-building moments at each workshop are significant. When independent agents are given this time to connect, they learn from one another and get better together. Our clients bring expertise and experience to each workshop, asking questions and making requests to improve the Partner XE system. This attitude is unique to our Partner XE community. I hear time and again from agents that they leave the Regional Workshops feeling energized, knowledgeable, and connected. For me, there is no higher praise.
The more clients work with SIS, the more they realize we’re not the typical agency management system provider. And that’s by design. As we continue to grow and evolve, our investment in the Partner XE community increases, too.
Want to know more about our innovative Partner XE user community? Contact us at [email protected] or 800.747.7005, Option 6. I look forward to hearing from you!
You know data is valuable. It’s what we use daily to make decisions, and it’s what we use to measure our successes. But are you using data effectively in your agency?
A wealth of insurance tech is available to capture and manage data, and the coronavirus pandemic accelerated data use in the insurance industry. According to a survey from Insurity, over 80% of agencies plan to “invest more heavily in data and analytics” following the 2020 pandemic outbreak. And with good reason – Willis Towers Watson found that over 66% of agencies say data analytics helped them reduce expenses, and 60% say it helped increase sales.
There are many ways to improve your insurance agency management, but one of the most impactful is hiring the right people. When you have the right people for the right job, you start from an optimal point.
But how do you know who to hire? We’ve got your answers in our latest eGuide, Who You Hire Matters: The How and Why of Hiring Great Producers and Leaders.
“We all need somebody to lean on,” as Bill Withers said in his famous song Lean on Me. Yet, it can be challenging to know when and how to ask for help. Working in an independent agency, you likely need more help than you know. With a small team, everyone is usually tackling more than one job at a time, making it easy for something to fall through the cracks.
Though you may intend to put effort and thought into something, invariably other time-sensative matters comes up. For many agencies, that something is insurance agency marketing. Whether it’s a customer request, an uptick in claims, or another important measure, marketing gets put on the back burner again.
So how do you know when it’s been too long since you paid attention to your insurance marketing? There are a few signs that it’s time to get help.
