As the holiday shopping season approaches, we’re bombarded with ads for new gadgets that will “change your life.” These devices might deliver on that promise – but often they don’t. A new phone, updated tablet, or surround sound speaker system can end up feeling, well, underwhelming. Why? Because we often don’t realize their full potential.
The same rings true for your agency management system and its potential for insurance solutions.
Are You Leaving Money on the Table?
If you’re like most agencies, you’re using your management system daily…but only to manage data. There is so much more your system can accomplish! Tap into your management system’s potential by utilizing its time-saving, workflow-optimizing features.
Use tailor-made workflows
Great management systems provide the ability to customize workflows, naming conventions, and reporting to reflect how your agency works. Take advantage of these opportunities to make your agency management system more in sync with your processes.
Create shortcuts, allowing users to jump right to the screen they need. Design workflows that match individual users’ daily processes. Make reports that give you the information your team needs, in the way they need it. These seemingly small changes can seriously overhaul your agency’s workflow.
If you haven’t yet, your agency needs to go paperless. The time and money saving benefits alone are huge.[bctt tweet=”If you haven’t yet, your agency needs to go paperless. The time and money saving benefits alone are huge.” via=”no”] Plus, documents and data stored virtually is protected from loss, damage, and theft in the security of the cloud.
Your management system is set up to run a paperless operation. Use email syncing to send and receive policy documents and attach them to customer profiles. Skip printing directions and documents when on the road with mobile access via your provider’s app. Take advantage of easy scanning and document management, transferring all your agency documents to one centralized location.
Sync with download
RealTime, personal and commercial lines, and bill commissions download were designed to speed up your agency’s operations – use them! RealTime alone can save hundreds of hours over the year, eliminating keystrokes and automatically updating customer information daily.
Personal and commercial lines downloads hold the same benefits. Your customer service team can skip hours on the phone with carriers and simply download their recent pricing and coverage updates. For producers, bill commissions downloads process “who gets what” in a matter of minutes. And each process reduces human error, upping your E & O protection.
Use reporting to monitor and grow your book of business. New business reports give an idea of your annual cycle and referral methods – that is, if you track referral methods in your management system (you should!). Retention reports provide similar information, giving a look at your annual and monthly rates and average length of retention. Pay attention to drop off patterns as they may signal gaps in your customer service.
Improve your retention and referral by building customer relationships. Your agency management system’s email integration and notes features can help you track customer engagement, growing your relationship with each customer. Calendar and reminder features allow you to track birthdays, anniversaries, or other important events and remind you to reach out. These small touches can make a big difference.
Many agency members will look at this list and think, “Great – but how do we start maximizing our management system this way?” The key is changing agency culture to focus on continual learning and improvement. Start by:
Accessing your provider’s learning resources
Providing time on the job to share best practices
Engaging your provider’s training teams
At SIS, we’re continually improving our Partner XE management system to meet our client’s needs and engaging agencies in ways to use Partner XE to the fullest. Through agency specific workshops, regional trainings, and online support, we’re committed to helping our clients maximize their Partner XE experience.
Want to learn more? Request a Partner XE demo and contact us with questions at 800.747.7005, Option 6 or [email protected].
As Client Services Director at Strategic Insurance Software (SIS), I get the chance to hear directly from clients on how our Partner XE management system affects insurance agency workflows. We’re constantly working to improve the Partner XE experience, offering frequent updates to the system.
These updates are designed to help agencies run better, faster, and more efficiently. Yet in those first few days of a new release, our team is often flooded with the same questions:
“Why another update?”
Vince Lombardi once said, “Perfection is not attainable, but if we chase perfection we can catch excellence.” We believe the same.[bctt tweet=”Vince Lombardi once said, “Perfection is not attainable, but if we chase perfection we can catch excellence.” We believe the same.” via=”no”] As our clients’ agencies grow, they require new and improved features like:
These are just a few of our most recent updates, and only a fraction of the enhancements yet to come. We know our customers need an agency management system that keeps up with the growth and change in the insurance industry. Which brings us to our next question:
“Who decided on these changes?”
Every Partner XE update is 100% client-driven. Our system improvements come from agency feedback and are agency-tested and approved. Our Customer Support team and Company Leadership are always accessible and available to talk with users about their Partner XE experience. Each agency suggestion is recorded and reviewed.
The decision to implement a new feature or change comes from all areas of the company: from Sales to Customer Support and Product Management to Development. Other factors, such as complexity, number of agencies requesting the change, and impact play a role in the decision to implement something new.
Management system updates are designed to help agencies work faster and better, but implementation can be challenging. Around update time we tend to hear:
“How can we better prepare for the next release?”
The first step is acknowledging the need to prepare, so agencies asking this question are on the right track. To accommodate all users, we offer:
Interactive training webinars: We recognize our clients have a job to do and don’t have a lot of time to learn about the changes in each release, so we schedule webinars at multiple times to accommodate schedules. For those who can’t attend, we post the webinar on our PartnerNet client portal to view at any time.
Always available online resources: We dedicate a QuickGuide to each new feature or enhancement. Guides include step-by-step instructions and video tutorials, all available on PartnerNet. We’ve also included links to these guides in Partner XE so users can get the help they need the moment they need it.
One-step installation: Many improvements require changes on both servers and local computers. Through the years, we have worked to improve the ease of upgrading. Most updates simply require new files be downloaded to local workstations.
No matter how great the video or detailed the steps, sometimes our clients simply want to talk to a person. Our Customer Support team is always there. If clients have an issue to talk through, they can email Customer Support and get an almost immediate response. Whether by phone or email, our team is there to ensure each agency experiences a smooth workflow.
We believe in listening to our clients, helping them challenge the status quo, and invest in an agency management system that is investing in them. To find out more about the Partner XE system, the SIS team, and how we can help improve your agency operations, contact us at 800.747.7005, Option 6 or [email protected]. We look forward to hearing from you!
The insurance business is built on relationships. As a National Account Manager at Strategic Insurance Software (SIS), I have the pleasure of building many relationships with current and prospective clients each day.
Earlier this month I got the chance to build such relationships. Insurors of Tennessee gave my colleagues and I a chance to connect with close to two dozen independent insurance agency professionals at our Regional Learning workshop in Nashville, Tennessee.
Highlights of the day included:
Partner XE community members networking with prospective agencies
Popular “The Fastest Way To Do Everyday Tasks In Partner XE” session
The Partner XE Learning Workshop was a great event. I attended with our Commercial Lines Leader and the topics covered were directly relevant for our operations. Many of the capabilities reinforced what we were already doing, and the new enhancements made workflows easier and more effective so we can better serve our commercial clients. Thanks to Jake and SIS team for this training- it was a winner!” -Denise Joy, BlueGrass Insurance
Additional sessions on maximizing Outlook integration, document management, and commercial workflows
Open Q and A session with SIS staff, including President Michael Doran
Multiple opportunities for networking and community-building
SIS President Michael Doran, Sales Executive Nick Massaro, and I were thankful for the chance to meet and network with so many agencies who challenged the status quo and switched to Partner XE.
I thank the Insurors of Tennessee for doing a superb job hosting the event – we in the SIS and Partner XE community appreciate their support.
If you weren’t able to attend this event, you can join us at our next Regional Learning at our headquarters in Columbus. Or, get in touch with us at [email protected] to find out more about how Partner XE can transform the way you do business.
Today may not be the day your agency changes hands, but it can be the day you’re ready. It’s never too early to prepare for insurance agency perpetuation. No matter how much you try to control it, life is unpredictable, and you may be met with a perpetuation decision sooner than you thought.
It’s difficult to get a return on the lifelong investment that is your agency without displaying its value, especially if perpetuation comes at an unexpected time. This is something you can, and should, get started on now.
37% of agencies surveyed named maximizing agency value as the most difficult part of perpetuation – read more.
Chances are, you’ve already started recording your agency’s value. Your agency management system is built to keep track of your agency, so it contains all the information you need to display its value. But, it’s up to you to use your system to its fullest and illustrate value to potential buyers. Here are a few tips to get you started on recording and showing your agency’s worth.
How to Record Agency Value in Your Agency Management System
Use your system to capacity. Take advantage of integrated systems, personalized workflows, document management, and other efficiency-wielding capabilities. The more you put into your system (i.e. documents, syncing emails, financial information, etc.) the easier it will be to get a record of your agency’s worth out of it.
Stay on top of provider updates. This relates to the previous tip: you need to have the most up-to-date system to maximize its use. And, the age and usability of your agency’s tech have a bearing on agency value. [bctt tweet=”The age and usability of your agency’s tech have a bearing on agency value.” via=”no”]
Get integrated accounting. Syncing your financials with your agency management system makes it infinitely easier to produce an accurate book of business. Integration ensures that every penny spent and collected is recorded. Though you will need to add adjustments when determining final value, a set record of income and expenses will make it that much easier to determine when the time comes to sell.
Planning to perpetuate to a family member? Check out our eGuide on How to Make the Switch.
Track annual revenue with reporting. Again, integrated accounting comes in handy here. Use reporting features to set up reads on your revenue each year, so you don’t have to dig back later. Showing steady revenue (or growth) over the years adds to your agency value in a big way.
Get on the cloud. Take advantage of your system’s cloud-based abilities. Cloud storage keeps your records secure, saving you from starting at square one if disaster strikes. This type of data protection also adds to agency worth.
Audit for E & O compliance. Go through your system regularly to check for duplicates and other errors. A clean system will boost your value. Stay ahead of issues with capabilities like email integration and mobile access.
Don’t Recognize These Capabilities?
If capabilities like secure cloud storage, integrated accounting, and personalized workflows sound unfamiliar, it’s time for you to reevaluate your current agency management system. Get in touch with us today at [email protected] to see how you can upgrade your management system, boosting your final value.
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