In our last post, we covered some “need to ask” questions for independent insurance agency owners looking to switch agency management system providers. These questions help lead agency owners to providers who will ensure that the most important process of system transition—data conversion—goes smoothly.
However, preliminary vetting questions do not provide all the information an agency owner needs. Once it’s clear a provider is a good choice, it’s time to really get to know their system. To get a good read, focus on Conversion Capabilities, Conversion Process, Post Conversion Data Clean up and Data Retrieval and Backup. Each of these areas will provide a good predictor for conversion performance. Below are some sample questions for each arena.
Conversion Capabilities
How many conversions have you completed from my current management system?
How many different agency management systems do you convert data from?
Is your team in-house or is this outsourced?
Conversion Process
How much data is actually converted?
Will you work directly with my data or do I have to provide csv. files and spreadsheets?
Will you run a test conversion?
Post Conversion Data Clean up
Who is responsible for data clean up?
How do we communicate issues with the data?
What should our expectations be for response time?
Data Retrieval and Backup
Will you provide a backup on request?
How and where is backup data stored?
These questions are a good start to finding out if a potential provider’s system can and will handle conversion successfully. Agency management system providers should be willing to engage in these questions and provide thoughtful, complete answers.
We at SIS address some of these concerns related to our Partner XE on our FAQ page and have our dedicated sales team ready to talk through any questions or concerns related to system conversion. Get in conversation today! Contact us at [email protected] or 800.747.7005.
There comes a time when changing your agency management system provider is the right decision for your agency. This may be driven by a change in business needs, adding more lines, new markets or other business drivers for competing more effectively and running your agency more efficiently.
When that time comes, many agencies focus on two important pieces to the puzzle (price and capabilities) and ignore critical criteria that will determine the success of the transition. Specifically, the entire conversion process is overlooked. The conversion process is a delicate one, and you need to find a provider that will do it well. After all, you only get one shot to ensure your data will convert, and that it converts correctly.
As part of understanding their conversion process, some questions to ask potential providers include:
1. How many conversions from my current system have you done?
2. When was the last one?
3. What were the characteristics of the agencies converted (size, lines of business, premiums)?
4. What type of commitment is put in writing as to what will convert?
5. How much will be expected of my agency (i.e. data mapping to excel sheets)?
6. What happens after the conversion?
7. How much additional clean up is done by my agency?
8. By the provider?
To give your agency the greatest chance for success in a transition, effectively converting data from an older system to a new system is critical. It impacts your agency’s ability to return to work faster. It effects the adoption of the new system. It also, can influence overall employee engagement (which as you know, is a critical ingredient in the recipe for customer satisfaction).
Having completed over 500 conversions from over 20 different management systems, SIS realizes that not all conversions are created equal. While the word “conversion” may be shared, the meaning of the word varies greatly from provider to provider. Find out what conversion means to us! Contact SIS today at [email protected] or 800.747.7005.
As we mentioned in our last post, many independent insurance agencies are family run businesses, with ownership passed from one generation to the next. When the generational pass happens, many new owners are faced with a conundrum: how to gain new customers without losing current ones. The delicate balance between the “old” and “new” ways is a difficult one to keep, but with patience and planning the two can be blended.
The first and most important step in maintaining this balance is to track your business. Find out where revenue is coming from, paying special attention to VIP clients, referrals and specific producers. If you don’t already, get to know those customers and producers bringing in business – take them out to coffee or lunch and pick their brains on best practices. By building these relationships, you will get a sense of how to connect with and solidify your current customer base.
As you gain knowledge from these individuals, begin to consider increased investments in successful areas. Are you getting a high response from direct mail? Start putting more money and brainpower in to it! You want to do more than just maintain your successful processes, you want to make them better. Also, investing in these successful means will resonate with your current customers as you show them they are valued.
On the opposite end, identify gaps and make a plan. This may be more difficult to do, so reach out to other agency owners through user groups to find out what you’re missing. Many new owners find a need to grow (or create!) an online presence. Be sure to do your research and make a plan before taking action. Also, be wary of doing too much at once – focus on one new change and do it well.
Finally, check back, assess and adjust. The process of growing and retaining your customer base is continual. Set checkpoints throughout the year to asses and be ready to make changes each time. No one gets it right on the first try, and the only way you’ll learn is to try. As you see growth, start building your infrastructure with new producers and upgraded technology. Take it one step at a time for a steady build.
As you track your business, one of your most useful tools is your agency management system. We at SIS are always available to help you and your agency maximize Partner XE and its capabilities through trainings, online and offline, personalized for your agency’s needs. Contact us today to set up training or answer your questions about any of Partner XE’s many capabilities, customized for you.
Following the success of a well-attended regional workshop held in Louisville, Kentucky, Strategic Insurance Software (SIS) will host Partner XE learning workshops on January 28 in Salt Lake City, Utah and March 19 in Boston, Massachusetts.
The workshops are designed to help new and veteran users of Partner XE learn how to maximize the capabilities of the system, as well as share best practices and network with other agencies. John Ison, owner of Ison Insurance Agency, spoke of the experience his agency gained from attending the Louisville workshop:
“The seminar was a very valuable use of mine and my staff’s time. We all learned something, and put new tricks, tips, and workflows into practice as soon as we came back into the office. I will definitely come back again for a future seminar and will ask my staff to attend as well. We live on this system every day, so it is necessary for us to learn all that we can about it. The way I see it, you can only leverage three things in your business: your time, your money, and your team, and by attending these seminars and investing in Partner XE, you are doing all three and therefore maximizing your investment.”
SIS holds the learning workshops to not only teach, but also to foster collaboration and community.
“We’re committed to helping users get the most out of their investment in Partner XE.” said Michael Doran, President of SIS. “It’s great to see clients continue to build a strong user community and learn from one another.”
The next Partner XE Regional Workshop will be held on January 28 at the University of Phoenix located at 5373 S. Green Street, Salt Lake City, UT 84123.
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].
The coronavirus pandemic accelerated trends in several areas, including digital insurance customer service. A recent survey showed that almost 90% of American consumers think customer service is more important now than before the pandemic took hold of the world.
Consumers not only expect more from service providers, they also have more options, meaning they’ll choose an agency that offers quicker and smoother interactions over one that’s, say, unable to process esignatures. As your team transitions back to the office, now is the time to reevaluate your customer service tools and processes to keep up with expectations.
Everyone loves to get two for the price of one. It’s the beauty of doubling your money and getting more done in half the time: a win-win for all. The digitization of insurance has made that “two for one” thrill possible with insurance marketing tools that double as customer service tools, too. And it all begins with data.
The COVID-19 pandemic accelerated digitation across industries, and insurance was no exception. Part of the acceleration included a rise in direct-to-consumer (DTC) purchases. More people started buying goods and services online, cutting out in-person or phone interactions. That rise in DTC increased access to customer data.
“We saw a company that reminded us of our agency.”
This is a sentiment we often hear from our Partner Platform agencies – that they saw themselves in our team and us. That’s what makes us more than a provider but a real partner with each agency we serve.
The community we created echoes that partnership: it’s fueled by innovative collaborators in our agency, technology, and industry partners. With their help, we’re able to stay ahead of the curve and equip our Partner Platform agency management system and insurance CRM to harness future opportunities while providing the service and care our agency customers appreciate today.
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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?