Managing your agency’s E & O compliance is a crucial part of maintaining your agency’s reputation and legality, and something to which you should commit a great deal of time and effort. However, it can be difficult to keep track of all the details related to E & O management. One way to ensure your agency is staying on top of error and omission compliance is through employing a variety of tools related to E & O processes. Such tools can help you stay compliant, and provide effective means to check and double check your procedures and processes.
Tools for E & O Management
An E & O checklist is a great, oft overlooked, tool to ensure you’ve hit all the right points. It’s helpful to break checklists out by specific processes such as risk analysis and commercial and personal line coverage
Frequent reviews of your agency’s E & O practices will help you stay up to date on the latest rules and regulations, helping you ensure your agency is in compliance. Reviews can happen monthly or annually, and should involve multiple perspectives within you staff
Paperless workflow, whether through cloud apps or your agency management system, reduces the likelihood of misplacing documents containing essential information. Additionally, by going paperless you can see all documents related to one client or policy in one place, making it easier to review for accuracy
Mobile access to your agency management system and other document storage systems allows you to update information in the moment, making it less likely to forget to add or change important details. Such all-time access makes it easier for you to review data at any moment to ensure accuracy and correct any missteps immediately
Both mobile access and paperless workflow should be part of your agency’s management system, and you can find ideas for checklists and reviews through connecting with other agencies. Our Partner XE user group, PartnerNet, is an excellent resource for Partner XE users searching for tips to stay E & O compliant.
You can find out more about Partner XE, PartnerNet and the other great resources SIS has to offer by contacting us today at [email protected]
In athletics, there is a mantra that “defense wins championships” – meaning one must always be prepared to stop the oncoming team in order to succeed. The same is true with your agency’s E&O avoidance procedures: it is better to be prepared to stop errors andomissions than to try and make up for them afterwards. One way to be prepared is to know the 5 Most Common E&O Mistakes:
1. Lack of communication in policy changes (renewal, cancellation, etc.)
2. Non-compliance of client’s cancellation rights (not providing replacement coverage, hindering right to cancellation, omitting offer of “tail” coverage)
3. Delay in processing new business and/or policy changes
4. Incorrectly advising current or potential clients (i.e. giving inaccurate rate quotes)
5. Failure to fully explain policy conditions, renewal and cancellation procedures
To avoid falling in to these mistakes, your independent insurance agency needs to have a number of “plays” to keep your defense solid. This includes having well established and followed E&O procedures, utilizing a variety of tools (i.e. mobile management system access), and using root cause analysis. We’ll address some of these tactics and tools in our coming posts as we dive deeper into how to beef up your E&O defense.
Your best E&O defensive measure is your agency management system, as it contains all client and policy information in one place. Capabilities such as Partner XE’s paperless workflow provide great E&O protection through allowing you to quickly attach documentation to a client record. To find out more about Partner XE, check out our website or contact us directly at (800) 747-9273.
Letting go of how things used to be and accepting new realities can be trying. It is not surprising then, that when your agency upgrades or changes its management system you may experience some of the “pain of change”. There is a tendency to try and fit the new system into the old way and, like any growing experience, there will be some moments of struggle. It takes time to understand and accept something new, but if there is a willingness to let go of the old, good things await.
To help your agency prepare for change, the best thing you can do is be well prepared and anticipate the challenges that can be associated with change. Here are five simple rules for dealing with change.
1. Know things will go wrong. Nothing is ever perfect. When you transition to something new, part of the transition is working out the kinks. Be prepared. Have a system in place to report issues and another to identify how those issues will be resolved.
2. Resist the urge to compare. How often amid change we hear “we used to do things this way…” Although it is tempting to compare the old ways to the new, the more you do the more difficult it will be to accept the new system and processes.
3. Hear people out. No matter how wonderful your new system may be, you will get complaints from staff, providers, clients – anyone who is transitioning to a new way of doing things. Hear each and every criticism, affirm their concerns, and make any changes needed, while realizing they are experiencing the growing pains of change.
4. Use your resources. Most agency management system providers should have resources to help you and your staff get to know the new system – make good use of these resources! This should start with a personalized training, but may also include online tutorials and user groups.
5. Stay connected with your provider. Your management system provider is your number one go-to resource, as they know your system and have gone through the transitional experience many times with each client. Use their expertise! The best providers will have a personalized support staff for you, constantly available to answer your concerns and walk you through any issues.
The SIS support team believes wholeheartedly in providing you with constant support throughout your system transition, including offering a personal customer service representative and personalized trainings for your staff. To find out more about how SIS can help you make a change, contact us today!
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.
In our last post, we focused on committing to upgrade your agency management system and choosing the best system for your agency. We now look at what to do once you’ve found “the one” and have pen in hand to sign. While you need to literally cross your t’s and dot your i’s, you should be doing so metaphorically , too. By the time your sign your new contract, you should have answers to questions like:
When is the contract up for renewal? What happens if you need to terminate the agreement early?
How is your payment plan constructed? Will you pay monthly? Quarterly? Annually?
What capabilities are included? Can you add or remove capabilities later? If so, is there a fee associated?
These are just a few of the important questions to be reviewed before your final signature. Another important aspect is laying out new system training. Your provider should offer training for your independent insurance agency staff, and may even offer client tutorials. Find out details such as:
Training cost: one time fee vs pay per training
Training packaging: online, in person or both
Training frequency: one time training vs monthly or annual trainings
Other training resources: webinars, online tutorials, personal training rep, etc.
When your lingering questions are answered, it’s time to make the commitment to buy. It can be quite satisfying to put down the final signature! Once you do, it’s time to begin the process of getting your agency ready for a new system. As you start this transition, keep in mind these three elements to make it successful:
1. FORESIGHT – Anticipate your needs and make a plan, but be flexible, knowing you will need to change and update your plan as the transition unfolds.
2. COMMUNICATION – Keep the lines open with your provider (new and old), among your staff and with your clients so everyone knows what’s coming next. This eases anxiety and creates much needed trust.
3. PATIENCE – Malcolm Gladwell, former Washington Post journalist, famously wrote it takes 10,000 hours to learn a new skill. Know that it will take time for you, your staff and your clients to adjust to a new system, and foster an atmosphere emphasizing comprehension and comfortability over speed.
By focusing on the needs of your staff and clients, you can experience a successful transition. Personal contact with your provider is essential in supporting you during this change, and we at SIS value that connection. Reach out to us anytime at [email protected] or 800.747.9273 to talk transition, ask questions or share your concerns. We are here for you!
Have you properly equipped your insurance website for sales? Almost three-quarters of insurance shoppers go online to do research and obtain quotes, so you need a quality website to attract those sales.
This shift to online prompted our Partner Platform team to think more about agency websites and how to optimize them for sales and service. We now work with agencies to help them create a custom site to grow their business after seeing several common mistakes. Here are some of the ways we saw agency websites missing the mark – and how we helped them correct their missteps.
Partner Platform announces seamless integration with Rocket Referrals – expanding marketing automation capabilities to send timely communications, cross-sell policies, and measure client satisfaction while building long-term relationships with their insureds.
How did the COVID-19 pandemic change your insurance agency management?
Most agencies are emerging from pandemic lockdown with their business still healthy – perhaps even healthier for those that benefitted from restrictions that reduced claims. An agency that emerges from such an immediate and drastic change with economic strength speaks to their resilience and preparation.
Managing your agency’s E & O compliance is a crucial part of maintaining your agency’s reputation and legality, and something to which you should commit a great deal of time and effort. However, it can be difficult to keep track of all the details related to E & O management. One way to ensure your agency is staying on top of error and omission compliance is through employing a variety of tools related to E & O processes. Such tools can help you stay compliant, and provide effective means to check and double check your procedures and processes.
In athletics, there is a mantra that “defense wins championships” – meaning one must always be prepared to stop the oncoming team in order to succeed. The same is true with your agency’s E&O avoidance procedures: it is better to be prepared to stop errors andomissions than to try and make up for them afterwards. One way to be prepared is to know the 5 Most Common E&O Mistakes:
Letting go of how things used to be and accepting new realities can be trying. It is not surprising then, that when your agency upgrades or changes its management system you may experience some of the “pain of change”. There is a tendency to try and fit the new system into the old way and, like any growing experience, there will be some moments of struggle. It takes time to understand and accept something new, but if there is a willingness to let go of the old, good things await.
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.
In our 