Independent insurance agencies can benefit from a strong online presence
At SIS we are vested in providing information and technology that helps independent insurance agents streamline their workflow, increase market share and grow their business. Because of that, we have been digging deeper recently to find and pass along pertinent information on all aspects of marketing.
We’ve offered tips from independent agents, perspective on social media, discussed various online tools and resources like local search that can be used to help you get found on the net and linked to a great Mashable article about marketing on Facebook.
Today’s focus is on websites.
Back in 2010, Progressive’s Steve Marko wrote an article for ACT, Build a Web presence worthy of 2010 in which he mentioned that auto insurance is one of the most shopped for products on the internet and cited statistics that indicated that 73% of people use the internet to search for insurance information, but 67% still prefer to buy from a local agent.
The good news for independent agencies, he said, is that people are still trying to find you. The bad news is that if you do not have a strong online presence, the chances they’ll go elsewhere increase significantly – and that was two years ago. We can only assume that, if anything, the number of individuals searching for insurance options online has increased over the last several years.
Given those statistics, it is surprising then that all independent agents don’t have more of a web presence. In a recent survey we conducted through a third party we found that only 143 out of 247 (57%) of agencies surveyed had a marketing web presence. Of those who had a web presence only nine (4%) felt that their website was “very effective” in driving new business to their agency. Out of those who did not currently have a web presence, only 27 (26%) indicated that getting a website would be the next on their list of marketing priorities.
Based most of the agents and agencies we’ve talked to, it seems clear that Marko’s key points back in 2010 still apply. Agencies need to
Build a quality site that promotes a strong brand presence
Broaden reach with free local online listings
Attract “searchers” through SEO
Keep them coming back with fresh content
Measure results using online analytics and tracking the number of new customers attracted by the website.
For those who want to read more on the subject of business websites, there is a great post on Mashable Business, 4 Elements of a Successful Business Web Presence, that touches on the basics – Defining the Goals of your site, the site itself, the benefits of a blog and using a periodic newsletter and/or social media to drive traffic to your site and seek YOU out.
You can also visit the “Websites & Social Media” quick link at www.iiaba.net/act for more tips on websites, search engine optimization, blogs and other social media issues.
Partner XE by SIS is the leading web based agency management system designed to give you all the capabilities required to run your agency today and well into the future at a price point you’ll appreciate. That’s why over 500 agencies have chosen Partner XE and SIS to help them grow their business. If you are interested in learning more about SIS or our Partner XE agency management system please give us a call at 800-747-9273 or fill out a short contact form and one of our representatives will be in touch soon.
Survey results show agencies need to better coordinate and measure marketing efforts
Last fall, Jason Hoeppner, an independent agency consultant with B.H. Burke & Co., conducted a survey of agencies, carriers and vendors on insurance marketing trends to get a picture of their social media usage, their overall marketing efforts and how they measure ROI. The results of this survey were given to us by Jeff Yates of ACT.
The following are the three points Hoeppner says he found the most eye opening.
More than 60% of those who responded are not measuring the return on investment of current marketing efforts.
Close to half of respondents who are not using social media will start to do so within a year.
Of those who responded, a bit more than 60% do not have a coordinated marketing plan of any kind.
The social media finding corresponded with exactly what we’ve been hearing here at SIS. It is a tool a lot of agencies would like to be using.
Another finding that matched our research exactly is that a website is the most commonly used marketing tool across both traditional and non-traditional platforms.
While we would agree that the lack of coordinated marketing plans among the independent insurance agencies who responded to the survey is distressing, it is somewhat understandable given the pace of the business. For an agency to grow, however, implementing defined and measured processes (around all areas of the business) should be a priority. For more information, read our recent post Improving Business Processes.
The one thing we did find surprising, however, is how few agencies surveyed are using their agency management system to track and measure results of their marketing efforts. Our Partner XE agency management system has many features that will help you measure and track your marketing efforts. Give us a call at 800-747-9273 to find out how.
Partner XE is an easy to use agency management system designed to streamline workflow and increase productivity for independent insurance agencies of all sizes. Call 800-747-9273 or contact us to schedule a free agency management system assessment and consultation
Accomplish more work with fewer people in less time using an electronic document management system.
As ACT Executive Director, Jeff Yates wrote in AUGIE Survey: Agency Technology Having Big Payback for Many Agencies, “There is a multiplier effect starting to take effect for agencies that implement new technologies consistently and successfully. The biggest benefit seems to be that these efficiencies enable the agency to grow without increasing staff.”
One such opportunity for independent agents, discussed in a previous post, is Real Time. Another is the ability to move to a paperless work environment. When best practices are followed, going paperless using an electronic document management system can help independent insurance agencies tackle their operational processes, achieve increased productivity and improve customer service.
Why going paperless makes sense for an independent insurance agency
Consider the following two scenarios: First, imagine having to print each email you receive from your insured, get up and walk over to the filing cabinet, search for the insured’s folder, find the correct spot in the folder to place the printed email. Second, imagine a system that did it all for you – automatically. That is what you get with Partner XE and its Outlook Plug-in feature. In Partner XE, the Outlook Plug-in will automatically attach that email to the document section of the customer folder – no additional work required. Even if you only got one email per day this would be a nice feature. When you figure multiple emails per day for multiple employees, the time saving factor is huge. (Not to mention the green aspect of going paperless!)
In addition, especially with the advent of SaaS, workplaces are increasingly more mobile. To maximize efficiency, agents and customer service reps should ideally have access files and source documents anywhere, anytime. Going paperless, in conjunction with using an online hosted agency management system, makes it a slam dunk.
Best practices for going paperless
Implement an agency management system such as Partner XE from SIS that uses an internal transactional filing system (designed to be compliant with existing E&O standards) to manage storage and store all system files and activities.
Work with staff to determine the best method to scan and import documents into the system. This may depend on what type of scanning equipment you have in your office. Some agencies have big expensive multiplex scanners. Other agencies have less expensive workstation scanners. If you have a choice, our suggestion is to go with the latter. Overall, we have found that, when going paperless, the workstation scanners tend to be the most effective, primarily because they alleviate the constraints posed by a one-scanner system when more than one person needs to scan at once.
Determine how you will handle old files. The two main choices here are whether to scan all old files into the system so that ALL documents can be accessed digitally, or to pick a starting date and go digital from that point on. It is important to speak with your service staff to collectively determine what makes the most sense for your agency. Making a big decision like this could lead to frustrations if team members aren’t on board and it’s not all planned out ahead of time.
Establish a consistent document naming system. This is critical to be able to find files (no matter who created them) where you need them, when you need them – even several years down the road. Example: Emails should be tagged with “EML” and then the description, ACORD forms with “ACORD,” etc. By doing so, you can easily run a “sort” and group all of your emails / forms, etc. together
Create and integrate new workflow procedures and ensure all personnel are properly trained. Make sure all involved understand what documents are attached to what within your agency management system, etc.
When best practices are followed, an electronic document management system can go a long way towards helping organizations tackle their operational processes and achieve increased productivity and better customer service.
For more articles on the subject see the following links:
Partner XE from SIS is an easy to use, online hosted insurance agency management system with logical workflows, exceptional download and comparative rater integration capabilities and best in the business Outlook integration.
The following article was published by Jeff Yates, Executive Director of ACT.
It is reprinted here with his permission.
Independent Agencies Prefer Real Time Over Carrier Portals
Recent Survey of Over 3,100 Independent Agents Confirms a Strategic Vision
Download a .pdf of this article
The Real Time/Download Campaign was founded to champion the adoption of Real Time and Download for independent insurance agencies and companies. Real Time provides agencies with a consistent workflow through agency management systems or comparative raters when doing business with multiple carriers, rather than having to learn the workflow of each carrier portal and enter data multiple times into these portals.
Some 7,500 independent agents answered a survey on carrier communications in 2006, leading to the campaign’s launch that fall. They said their primary challenge was dealing with “different proprietary company interfaces.” That challenge was followed closely by “duplicate entry,” “multiple IDs and passwords,” and “training agency staff” on different carrier workflows.
Real Time workflows were designed to ameliorate the challenges created by carrier portals. Today, carrier portals continue to play a role in enhancing some Real Time transactions and in providing additional information to agencies that is not otherwise available. But portals should not be seen by carriers as a substitute for implementing Real Time transactions for the many agencies which prefer to work through their agency management systems and comparative raters.
Vision Confirmed
Over the past five years, the adoption of Real Time has continued to expand and deliver outstanding benefits to agencies. This confirms our vision that Real Time offers these firms a more efficient and responsive workflow than navigating through various carrier portals. Consider what 3,110 agencies and brokerages told us in the campaign’s latest agency survey, conducted a couple of months ago:
Fully 63 percent of agency management system users employ real-time rating on comparative raters and management systems to access multiple carriers at once. This represents an increase of six percentage points over a similar 2010 survey.
The use of real-time rating tools for personal lines saves agencies an estimated 68 minutes per employee per day.
About three fifths (62 percent) of those using real-time rating also use real-time inquiry and service transactions through management systems, most often for billing, policy and claims inquiries, but also for endorsement processing (55 percent for personal lines, 29 percent for commercial).
Real-time inquiry and servicing are saving 50 minutes daily for those employees using the functionality, because the real-time tool can enter IDs and passwords automatically. And it can either return the information directly to the management system or navigate precisely to the information on the carrier website.
Moving Forward
Our industry has an excellent opportunity in 2012 to increase implementation and enhance the benefits being delivered by Real Time to our distribution channel. To encourage more agencies to implement Real Time, the campaign is planning a National Real Time Day on Feb. 29, 2012, during which the campaign, individual vendors, user groups and carriers will hold events to help agency owners and employees fully understand what real-time functionality can do for them. Details for the day will be announced soon.
Independent agency owners are busy people, to be sure. But as we enter a new year, the campaign calls on even more agency leaders to take a step back and examine—desktop to desktop—how employees write and service business. Real Time provides strategic benefits that enhance agency productivity. But there’s more: If principals insist on Real Time as the required workflow for all employees, it promotes consistent workflows across the firm, which simplifies staff training, allows managers to monitor employees’ performance more effectively, increases the security of processing, and creates better transaction records for E&O protection.
Carrier & Vendor Role
More carriers need to offer Real Time and carriers and vendors should continue to enhance the functionality they provide. Agents clearly told us in our latest survey what further improvements in Real Time they want to see:
Have additional carriers introduce Real Time.
Have those carriers offering Real Time provide the full array of real-time functions across the major lines of business, so that agency employees can count on Real Time as a consistent workflow across carriers.
See vendors and carriers continue to improve the real-time functions they do provide so that the response times are faster.
To give carriers and vendors a road map for implementing “best practice” real-time workflows—whether they are just starting to build out the functionality or seeking to improve and expand the transactions being provided— the campaign has just completed Agency Real-Time “Best Practice” Workflows & Implementation Strategies.
In addition, in 2012 ACORD will be developing specifications and implementation guidance to assist the industry in implementing ACORD standards and forms. The campaign also will encourage greater use of real-time transactions and download within the E&S market and for mid-commercial submissions.
About the Campaign
Launched in 2007, the Real Time/Download Campaign (www.getrealtime.org) is dedicated to improving the competitiveness of the independent agency distribution channel. The campaign isn’t advocating a specific technology, but a workflow approach that frees up more time for agencies to sell, process and service business. Most agents can leverage tools already contained in their agency management systems or comparative raters.
Campaign participants include agents, brokers, carriers, technology providers, user groups, and agent and industry associations. The campaign is led by industry groups and sponsored financially by ACORD and the ACORD-User Groups Information Exchange (AUGIE); Allied Insurance; Applied Systems; Applied Systems Client Network (ASCnet); Artizan Internet Services; CNA; EMC Insurance Companies; Erie Insurance; Grange Insurance; Harleysville; The Hartford; Independent Insurance Agents & Brokers of America (IIABA) and its Agents Council for Technology (ACT); IVANS; Liberty Mutual Agency Corporation; MetLife Auto & Home; Network of Vertafore Users (NetVU); PIA of New York, New Jersey, Connecticut & New Hampshire; Progressive; Travelers Insurance; Vertafore; and Westfield Insurance.
Capitalize on New Technology to Improve Business Processes
While it would be nice to think that we are all perfect, there are very few, if any, organizations that operate at a level of 100% efficiency – and as more and more technology is introduced, the higher that bar becomes. The trick is keeping up, making the most of what is available and knowing when it is time to reevaluate, find something better and improve business processes.
For the average independent insurance agent, for example, there was a time when the Franklin Planner was the best way to track appointments – then came Outlook, and then the ability to sync Outlook directly to your agency management system. There was a time when using carrier websites to transfer data was the most efficient way of doing things – then came Real Time. There was time when an in-house server was the way to go – then came the cloud. The list goes on.
Change as Opportunity
The trick is knowing when it makes sense to adopt new technology as a way to improve business processes and knowing when to stick with what you have. It is also in investing in technology that will continue to be updated as a matter of course – without a lot of thought or work on your end.
In “The High Risk of Wait and See,” Daniel Burrus, CEO of Burrus Research argues for adoption, stating that, “When you start looking at the certainties around you (which point to opportunities), rather than focusing on the uncertainties (which point to risks), you can see how detrimental a “wait and see” approach can be—how you’re actually missing major new opportunities for sales and growth.”
Analyze Business Processes
When uncertain about adopting a new technology or way of doing business, a business process plan/ analysis is a good place to start. At the get go, it will help you identify inefficiencies, define problem points and identify areas for improvement. It will also help you as you move into the adaptation of new business processes should you choose to do so.
As Michael Hammer wrote in his HBR blog, The Process Audit, “In virtually every industry, companies of all sizes have achieved extraordinary improvements in cost, quality, speed, profitability, and other key areas by focusing on, measuring, and redesigning their customer-facing and internal processes.”
Improve Effectiveness
Business Process Improvement is really about changing business processes to improve effectiveness. From a technology standpoint, this could translate to upgrading to new systems or programs. It could also translate into merely learning to properly use the tools you already have.
As an independent insurance agency, questions to consider might be:
As an organization are we making the most of the tools we have available to us?
Are we benefiting from the flexibility and scalability afforded by the cloud?
Am I able to give my employees access to the information they need?
Am I able to access critical information I need for my business?
Are we using Real Time technology to its fullest?
Can I get access to accurate information in one place…for all my carriers?
Is my system scalable and easy to train on?
Depending on your answers, you may find that you HAVE the technology you need, you are just not using it. You may also find that the system you have is nowhere near as efficient as it could be.
Partner Effectively
When considering an agency management system, the answer to some of those questions lies in the feature the product offers, the answer to others lies in your agency management system partner’s commitment to understanding the evolving needs of an independent agent and whether or not they embrace an environment of continuous improvement. For more details on how to find a partner that’s right for you, see our post Evaluating Your Provider.
SIS is that insurance agency management system partner – stable, committed, progressive, responsive and independent.
Find out why so many agencies have been switching to Partner XE insurance agency management system from SIS. Call 800-747-9273 or click here to get in touch with a representative.
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