As Client Services Manager at SIS, I spend a lot of time talking with our partner agencies about their day to day needs around agency management system functionality. One popular topic is how to execute advanced insurance agency reporting through their management system.
Owners, principals, accountants, and other agency staff need to extract and interpret data stored in their management system but are unsure how to get the information they need. In many of our Partner XE Regional Learnings, we review the most popular reports and how to export and interpret them using excel. Below are just a few of the most commonly requested reporting areas.
Book of business reports: includes number of active clients, clients by total premium, clients by active policy count, and personal vs. commercial business.
Production reports: includes producer production report and carrier production report.
Expiration lists: includes policies expiring in next 30-90 days (run this by producer or CSR managing accounts).
Cancelled policies: includes looking back (cancellation confirmation) and looking forward (cancellation requests).
Retention Reports: includes what book of business looks like year over year and compares expansion vs. contraction.
Does your agency have a data tracking strategy? Find out why you need one
Exporting and Interpreting Reports
Once run, all of these reports can be exported to Excel as .xls or .csv files. Once in Excel, you can manipulate data to look cleaner and interpret it in different ways (i.e. as percentages or sums). You can also change formatting so you can easily present data to staff, partners, investors, or other groups as needed.
The best tool I’ve found for data interpretation in Excel is pivot tables. Pivot tables allow the user to summarize, count and extract column percentages against other columns of data without being an Excel wizard. Below is an easy YouTube video on how to use basic functions of a pivot table:
Keeping it Simple with Partner XE and SIS
Reporting can be complex, but it doesn’t have to be. Once you know the data you’re after, you’ve overcome the biggest hurdle. I’ve helped many of our Partner XE users tackle their reporting needs. It’s amazing what you can do once you’ve got a handle on the basics!
Our Partner Learning Center offers dozens of step-by-step videos, our QuickGuides are available 24/7 as a quick refresher, and the SIS staff is always available by phone or email to give that extra helping hand. To find out more about what SIS and Partner XE can offer your agency, contact us at [email protected] or 800.747.7005, Option 6.
Whether it’s a quick morning jog, coffee in the car, or a shot of espresso at your favorite cafe, we all have a part of our morning routine that gives us that “Hello, today!” boost. Could your agency use that jolt, too?
Whether its tech tips, marketing tricks, news and information, or anything in-between, take advantage of the advice and inventiveness provided by great minds in the industry.
A recent post from Agency Nation hit on some of the best resources out there. Below are some of our favorite resources from the list.
Get targeted resources on perpetuation, cyber security, and more with the SIS eGuides
6 Online Insurance Resources to Follow
Agency Nation: Though specific resources are named on the list, the site itself has a wealth of information. Choose from articles, podcasts and a weekly video show uncovering the latest trends and tactics in independent insurance.
Insurance Thought Leadership: True to its name, this site brings together great minds in the industry. Read articles, listen to podcasts, or check out one of three blogs, including one focused on innovation.
The GROW Program: Stemmed from a social and digital marketing business, GROW offers a blog and podcast for agencies looking to hone branding and expand exposure.
Carrie Reynolds: Carrie has been at it since 1996, including creating her own brand, Insurance Goddess. Show co-owns her family-run agency and goes full throttle in insurance branding and marketing.
Coverager: With a focus on insurance tech, Coverager is a curation of what’s up with insurance, innovation, and the tools that make it happen. Check out its “Coverage Ponders” section for engaging articles.
Agency Checklists: Based out of Massachusetts, this site provides the latest in agency, insurer, fraud, and other industry news. It’s the straight facts owners need to make the best decisions for their business.
The conversation about improving your agency doesn’t have to stop at gaining tips and tricks. Keep the conversation growing by sharing your insights with your colleagues. We encourage Partner XE users to share their latest ideas through our Partner XE user community.
Whether it’s meeting at our regular Regional Learnings, shaping the Partner XE experience as a member of a workgroup or connecting on our regular monthly webinars, it’s important for the Partner XE community to connect in order to grow.
Get connected with the Partner XE community today! Contact us at [email protected] or 800.747.7005, Option 6.
Looking for the solution to your workflow management woes? We’ve got the answers. Follow these three simple steps to help your agency run better, faster, and smarter.
Audit your workflows
No matter the “it,” the ways it’s always been done isn’t necessarily the best way. Take a look at your current workflow practices and ask: “is this the best way?”. Pay attention to tasks you perform the most, such as:
Data entry
Certificate creation and distribution
Document storage and organization
Service call recording
Once you’re audited your workflows, train your staff to use the most efficient paths
Utilize time-saving tools
As you audit your workflows, see if you’re using the operative time-saving tools available to your management system. Essential elements include:
Carrier downloads for daily, automatic updates to both personal and commercial policy information
Integrated systems like accounting and email syncing, saving you from entering data twice or forgetting to add important information to your management system
Customer portals allowing insured to access and update their policy information in real-time, saving you form acting as the middle-man
Read more on the benefits of a customer portal from IDR, ACT and AUGIE’s digital technology campaign
Establish workflows for each role and employee
One size does not fit all with workflows. Common tasks and best ways to access information vary by role and employee. Producers want to view and edit prospect profiles and track engagement. CSRs look for the fastest way to access current customer information and policy updates. Both have specific, but different, workflow needs.
Similarly, each employee has a different way of using your agency management system to get the same information. Here’s where personalized workflows come in. Elements like custom dashboard and tracking views and multiple paths for common actions give your staff the freedom to optimize their personal workflows. This simple bit of freedom helps your team work happier and better.
BONUS: Lean on your management system provider
No one knows more about your management system than your provider.
We provide both online and in-person targeted training and work side-by-side with our clients to make enhancements and updates to the Partner XE agency management system. And we connect our user community through Regional Learnings, encouraging agencies to share tips and tricks on how they maximize Partner XE in their agency.
If you’re not part of the PXE community, contact us to find out more and get connected. You can reach an SIS sales representative at [email protected] or 800.747.7005, Option 6.
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…)
Automation plays a significant role in many industries, and insurance is no exception. The rapid innovations of insurtech have thrust data and automation into the forefront of ways to improve and enhance agency operations.
One of the most prominent data automation uses is in the underwriting process. Due to digitized automation processes, agencies are seeing loss ratios decrease and overall premiums increase. According to Willis Towers Watson, over 60% of agencies surveyed say the predictive analytics of automated underwriting have reduced issues and brought down expenses.
Underwriting automation has great value, but the wealth of data and required processing power can be daunting for the average agency. Yet, if your agency can put in place the right processes and people to gain and manage underwriting data, you can see a big change.
A lot has changed over the past few years due to the unexpected disruptions of the COVID-19 pandemic. All industries felt the impact, and the insurance industry is no exception. One of the most notable disruptions is the speed at which changes took place, especially around customer expectations and marketing.
What Your Agency Needs to Know About Insurance Marketing
Changes in insurance agency marketing that were projected to solidify in 5 to 10 years ended up evolving rapidly in just two. Chances are you’ve already made some of these adjustments to keep up with immediate demand, but there are other more “behind the scenes” adjustments agencies are making that you should note
The COVID-19 outbreak in 2020 left a lasting impact on the world, including how we do business. Quarantine and frequent lockdowns forced us to stay home, and the changes in customer expectations, work environments, and operations remain today.
Insurance agencies that weathered these changes have a few things in common. For one, they had the right insurance software to make the quick transition to remote work and service. Secondly, they have an enduring attitude of being open to change and a readiness to adapt. While we cannot predict what will disrupt the market next, we can use these markers to prepare with the right mindset, tools, and systems for the next unexpected interruption.
