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The digital age is here and with it comes many cyber threats: identify theft, computer viruses, and data corruption to name a few. As an independent insurance agency, you are given access to customers’ personal data that is subject to these threats. It is your responsibility to protect your clients’ data and prevent cyber-attack.
Our latest eGuide, Cyber Security and Data Protection, looks at the meaning of cyber security, major cyber threats, and steps you can take to keep your agency and your customers safe.
Download this free eGuide here! And check out our other eGuides, addressing agency communications, E & O management, and succession planning among other topics. We have a new guide each month, so continue checking back for more great resources and tips.
Many independent insurance agencies are not just small businesses, but family businesses, passed down from one generation to the next. Eventually the time comes when the next generation is ready to take over the business. No matter how involved you are in a business, taking the reins can be challenging. How do you make a successful transition from one generation to the next?
It’s important to know what to do, and what pitfalls to avoid as you work to take over your family’s agency.
DO adhere to your agency’s succession plan. You or your family members may be tempted to make exceptions, but the reason the plan is there is to keep you on track.
DON’T neglect to create a succession plan! Push for one to be put in place now if your agency doesn’t have anything set.
DO practice patience and compassion. Transition will take time, and it may be hard for your predecessor and/or employees to adjust. Realize the pain of change, and adjust to ensure everyone involved feels heard.
DON’T allow the “old ways” to take control. Although you must be sensitive to the “way things were”, you cannot repeat the past. Be assertive and take charge, putting your own spin on things.
DO assess your assets. Find out what is working well! Once you have an idea, think about what it is that makes these elements work well and how you can bring them to the areas where your agency is lacking.
DON’T throw everything out. You want to make your mark, but it’s foolish to think a slash and burn mentality will breed success.
DO make changes. Consult with members of your agency before implementing anything, and implement changes via trainings. Changing ways can be hard enough. Doing so without some sort of training can be near impossible.
DON’T change everything at once. You may have a lot of ideas about how to better your agency, but it’s smart to implement one or two at a time. Once the new becomes the old, you can start easing in a new change.
Finally, DO track your progress. By keeping track of how you’re doing, you’ll be able to know if your changes are making an impact. Also, showing growth to employees and clients will help build trust and confidence in your leadership abilities.
As you transition in to your new role, we at SIS are here to help you see how your agency management system can play a critical role. We can set up individual and group Partner XE trainings, or simply consult with you over how to use Partner XE to track your agency’s performance. Get in touch with us today at [email protected].
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.