Technology is rapidly changing and updating, and your independent insurance agency needs to keep up. No longer does having a cell phone or laptop qualify for being up to date with tech. All aspects of your agency should be integrated with technology – from sales, to acquisitions, customer service, and marketing. The most up-to-date systems and versions are an important part of ensuring you stay relevant, especially considering the sophistication and budget of the large captive agencies.
Our current eGuide addresses the ways to keep up with the latest technology while ensuring your agency is keeping costs manageable. We take a look at the essential hardware and software your agency needs, how to research the best quality, and the importance of finding the right partner. Download the eGuide now!
For more tips how to make your agency the most efficient and effective it can be, check out our other eGuides and the SIS blog, or contact us directly. We look forward to hearing from you!
If you’re not using technology in your independent insurance agency, you’re behind. Technology doesn’t just mean a cell phone and laptop either. These are now essential parts of doing business. Tech must be integrated in all aspects of your agency – from sales, to acquisitions, customer service, and marketing. The most up-to-date systems and versions are an important part of ensuring you stay relevant, especially considering the sophistication and budget of the large captive agencies.
But, we all know the cost of tech can be pretty staggering. To make matters worse, if you’re not a techie it’s hard to tell what to spend and where to spend it. We’ve put together a few quick tips to help you make the most of your tech dollars, so your agency can make your tech spending efficient and sustainable.
Start with the essentials.
If you’re feeling behind, start by equipping your agency with essential tech items first. These include document sharing and backup, eSignature software, an agency mobile app, and up-to-date hardware (computers, printer, scanners, etc.)
Put it in your budget.
Start saving for tech updates now. By making updates and new purchases a normal part of your budgeting, you can easily invest in new tech when it comes along.
Consult with colleagues.
Check in with other agency owners to see what they value. Ask around in your agency management system user group to get ideas of where others feel they are getting the most return for their investment. These individuals can also be helpful in giving you an idea of what to budget for your tech uses.
Be aware and compare.
Always, always do your research before making a tech purchase. Shop around, ask questions, and check out online reviews. Look for something that will last and, if possible, get with a provider that updates their product frequently. By having the latest versions, you’ll be sure to stay on top of the tech game.
Your agency management system provider is one place where you should get frequent system updates. We at SIS stay on top of the game, listening to our clients and watching the latest trends to keep our Partner XE ahead of the tech curve. To see about our most recent updates, check out our capabilities or contact us today!
As an independent insurance agency owner, improvement is constantly on your mind. The best way to set up your agency for growth is to set goals, and start to tackle each one by one. But, how will you know you’ve met your goal? The answer comes in the form of hard data – the most efficient and effective way to track and show change.
We suggest you start out by asking yourself three simple questions to gauge your success, and getting answers through various forms of data. Is your agency improving? Ask yourself:
1. Did business increase? You can figure out business increase by looking at number of new clients or number of new policies written. It’s up to you to decide what is the best measure for your means. Also, take a look at how business came to you. Was it referrals? Online? Phone? From one producer more than others? Use this info to decide if you’re succeeding in marketing and sales.
2. Did income increase? The quickest way to tell income increase is a look at total premiums, but you can also garner information from average revenue per client and average premium per policy. Again, each measure tells a different story, and you’ll have to decide which is most useful in relation to your agency’s goals.
3. Did client retention increase? Retention rate is a telling stat, giving you insight into how you’re viewed by your clients. Take a look at annual and monthly rates, and check your average length of retention. Gathering this data will give you a good picture of any holes in your customer service and let you know what goals to set for future client retention rates.
Once you’ve started gather data to address your success, be sure to make a plan to do it consistently. Set up who will be gathering what data, when, and how. The most effective way to track data is through reports in your agency management system. Your provider can set you up with trainings on creating reading reports, like the Partner XE trainings offered throughout the year. Check out our client resources page to find out more about trainings, or contact us to find out more about how Partner XE can help you track success.
With a new year upon us, you may be tempted to start an agency overhaul. However, all good things come in moderation, and you need to make sure you aren’t making changes just for the sake of doing something new. While a fresh start is nice, be careful about throwing the baby out with the bathwater. In order to make your agency better, you’ll first need to know what you’re doing right.
It can be a challenge to target and evaluate your successes. Here are a few simple tips to help you see what you’re doing right, so you can focus on the positive for a change.
Ask Questions. Survey your employees and clients, to find out what they think is going well. It’s always important to get outside perspectives. Chances are you’re too hard on yourself and are missing the things that are going well. Remember you still have the final say in what to do with what you hear.
Check Your Stats. Take a look at past data to see where business has grown. Pay attention to increases in profit, new clients and referral volume and see what happened around these times (i.e. hired new staff, marketing changes, updating processes). Pay attention to consistency. Short spikes can be flukes – real improvement is long lasting.
Assess Against Your Values. What defines or differentiates your agency? What do you and your clients value most? The answers to these questions point to what makes you successful. Be sure to hold fast to these values as you think about making changes in your agency.
Give Change Some Time. Once you know what works and what doesn’t, make one change at a time. If you change too much at once, you’ll never know what it was that made you better. By making one small change at a time, you can more easily track your growth or stagnation and know exactly what you need to tweak.
Your agency management system is the best tool for gathering and processing data, and your system provider can offer trainings in how to track and read this data. Our Partner XE has a host of ways to gather and synthesize information and our committed service representatives are able offer one on one consultation on how Partner XE can work best for you.
To find out more about Partner XE, and to talk with our amazing staff, contact us today at 800.747.9273 or [email protected].
As an independent insurance agency, your number one priority is client care. You need to make sure your clients are getting the best service, at the best price, and ensure their personal information is safe in your hands. Our rapidly digitized world makes this final task increasingly difficult, and it’s your job to take the necessary steps to ensure your clients’ data is secure.
Federal, state and local legislation set up policies to protect client data. You need to be aware of and comply with these policies, and go beyond to create your own agency standards. Our latest eGuide outlines major legislation governing data security and provides you with practical tips and tools to bring your agency above and beyond.
Check it out here, along with our other eGuides, covering topics such as engaging in marketing on a limited budget and improving agency efficiency through cloud apps.
We are always interested in providing you with the latest industry news, tips, and tools and would love to hear from you on what your agency needs to know. Contact us today to share about topics of interest, provide feedback, or just to get in conversation about how we can better serve you.
Insurance prospecting can seem like mysterious business. Insurance is something everyone needs, so why aren’t your phones ringing off the hook? You may be using ineffective tools or searching for prospects in the wrong places. Whatever the case, your agency would like...
As with all industries, the world of insurance marketing strategies is evolving constantly - and it can be difficult to keep pace. How are you to know what’s worth your time and what’s a passing phase? This second post in our series on Marketing Stats You Need to Know...
It’s been said, “when you know, you know.” This is true for all major moments in life: getting married, having kids, buying a house, and even when you’ll retire. But, when it comes to insurance agency perpetuation, you need to think ahead for that “the time is now”...
If you’re not using technology in your independent insurance agency, you’re behind. Technology doesn’t just mean a cell phone and laptop either. These are now essential parts of doing business. Tech must be integrated in all aspects of your agency – from sales, to acquisitions, customer service, and marketing. The most up-to-date systems and versions are an important part of ensuring you stay relevant, especially considering the sophistication and budget of the large captive agencies.
As an independent insurance agency owner, improvement is constantly on your mind. The best way to set up your agency for growth is to 
With a new year upon us, you may be tempted to start an agency overhaul. However, all good things come in moderation, and you need to make sure you aren’t making changes just for the sake of doing something new. While a fresh start is nice, be careful about throwing the baby out with the bathwater. In order to make your agency better, you’ll first need to know what you’re doing right.
As an independent insurance agency, your number one priority is client care. You need to make sure your clients are getting the best service, at the best price, and ensure their personal information is safe in your hands. Our rapidly digitized world makes this final task increasingly difficult, and it’s your job to take the necessary steps to ensure your clients’ data is secure.
Technology is rapidly changing and updating, and your independent insurance agency needs to keep up. No longer does having a cell phone or laptop qualify for being up to date with tech. All aspects of your agency should be integrated with technology – from sales, to acquisitions, customer service, and marketing. The most up-to-date systems and versions are an important part of ensuring you stay relevant, especially considering the sophistication and budget of the large captive agencies.