In your day to day, you may not think much about the on-going processes of your agency. As we mentioned in a previous post , it is important to know your agency’s systems, and to make sure you’re getting things done in the most efficient and effective ways. One of the major processes you should evaluate is your accounting system. Especially as your agency grows, it is important to look at how you handle your income and expenses.
In the accounting world, there are two primary ways to handle your agency’s finances. The first is cash accounting, which tracks income and expenditures only when money actually comes in and out of your agency. The second, accrual accounting, records expenses and sales when they take place, regardless of whether or not invoices have been paid or funds have been received. These two methods have their pros and cons, and you should examine both to see which is a better fit for your agency.
Cash Accounting
Shows a clear record of your agency’s cash flow
Takes less time to learn and explain
Gives clear picture of funds in your accounts
Makes it difficult to keep track of open invoices
Shows misleading picture of your profitability month to month
Poses problems when cash flow is low
Accrual Accounting
Shows true finances as it captures money owed, not just money in the bank
Providers clearer view of long-term profitability
Makes it easy to follow up on receivables
Takes more time to learn and understand
Gives false picture of cash flow
Requires professional input to set up and run
Before making a decision, talk things through with your agency’s accountant or accounting team. Keep in mind, if you are changing from one method to another you will need approval from the IRS before proceeding.
Regardless of whether you use cash or accrual accounting, we highly recommend using an agency management system with integrated accounting. Integrated accounting means all your agency’s data is stored in one place, making tracking and reporting on finances that much easier.
If you’re using an agency management system with integrated accounting, another great place to go for advice is the system’s user groups. You can hear from others about how their agency chose their current accounting system and how it integrated with their agency management system.
PartnerNet , Partner XE’s user group interface, is a great resource for talking through accounting system changes and how they will affect your agency. Partner XE ‘s integrated accounting easily adapts to a cash or accrual accounting system, making it that much easier to change systems if needed.
To find out more about our other Partner XE resources, contact us at 800.747.9273 or [email protected].
We all know the story of Goldilocks and the three bears: Goldilocks tries out the bears’ food, chairs and beds and settles in to the items that are “just right.” When it comes to your agency management system, you need to be Goldilocks (minus the breaking and entering, of course). Don’t settle for a system that doesn’t offer all you want, or that gives you more than you need. You should be able to only pay for what you’ll use and cut out the “fat” of superfluous add-ons that will only add cost and weigh down your processes.
Some agency management systems may try to thrill you with all the bells and whistles—social media plug-ins, integrated mail merge, customized policy views, to name a few. While these may be useful tools to some agencies, they may not be useful for you. When presented with all these additions, think about whether or not your agency will use these capabilities and if so, how often. Even if a social media plug-in sounds like something you want to use, if you don’t have marketing personnel to use it you’ll be wasting your time and money.
You should be wary of providers that try to talk you in to capabilities you don’t need. Ultimately you should look for a provider with personalized customer service who will be honest with you about your agency’s needs and capabilities. No matter what capabilities you choose, make sure you educate yourself on how to use them so your investment doesn’t go to waste.
As you take a look at different capabilities offered, below are a few your agency will likely want and use:
Integrated accounting
Mobile access
Email integration
Electronic signature verification for E&O compliance
Consistent automatic back-up
In the end, it all comes down to ROI. Is your investment in additional capabilities going to yield results? You should only commit to paying for the things you’ll be using often. We at SIS recognize your agency is unique and allow you to choose which capabilities to add to Partner XE, while offering the freedom to add on additional capabilities later as needed. To talk with one of our experts, contact us at 800.747.9273 or [email protected].
As we’ve mentioned in some of our previous posts, it is important for you to take a good, hard look at your agency’s processes to ensure you’re maximizing your time and efforts. This can seem like a daunting task, but it can be surprisingly easy when you break down your processes and see how they fit with your agency management system.
Start by evaluating your processes. Check in with your employees to identify your systems and get them together to talk about how processes happen from start to finish. Hit topics like:
Handling quoting and renewals
Writing policies
Handling collections
Integrating with your carriers via real rime connections
Retaining business and customer communication
Actively pursuing new business
As you’re talking through each step with your team, write them down. Look over each and evaluate, asking questions like: Where are the bottlenecks? How can things move faster? Can certain steps be eliminated?
Once you’ve honed your agency’s systems and processes, look to your agency management system to see how you can map your workflow to your system. Any good system should integrate well with your agency’s needs, but you must first identify those opportunities for increased efficiency. Here are some great ways your agency management system can help your processes work faster and smarter:
EMAIL INTEGRATION, such as Partnet XE’s Outlook integration, will link all your emails with clients and prospects listed in your system. This links all account history to one place, saving you steps and ensuring E&O accuracy.
TO DO LISTS, which can be attached to client, policy, claim and/or Individual profiles, put your agency’s processes right in your management system.
INTERNAL MESSAGING allows you to get updates to a co-worker right as they are working within your agency management system. This makes it easier for them to act as they have all the info they need right in front of them.
These are just a few of the many ways your agency management system can map right to your agency’s processes. However, all of the above capabilities may not be part of your agency management system, and if they aren’t we suggest you take a second look.
Partner XE users benefit from these capabilities, and other such as mobile access and integrated accounting. If you’d like to find out about Partner XE’s other capabilities, contact us today at 800.747.9273 or [email protected] and we’d be happy to talk with you!
The National Association of Partner Agents (NASPA), the official user group of the insurance agency management system Partner XE, will be hosting its national user conference in Columbus, Ohio April 24-25, 2014. The conference offers Partner XE users two days of networking, industry updates, and interactive work group sessions to keep users up-to-date on newest industry trends and developments of Partner XE.
Mike Sweere, President of NASPA, is excited about bringing Partner XE users together to provide input on the future of Partner XE and learn about the latest industry news. “NASPA’s hosting of a national user conference provides an excellent learning opportunity for agency principles, account managers and producers. There are sessions designed for the new users and other sessions for the more seasoned user of SIS’s Partner XE management system. In addition, the networking with other agent users is invaluable in terms of the ideas and workflows that are discussed and shared.”
This year will be the biggest NASPA conference yet, with 50% more people registered than the last conference.
Alex Deak, CEO of Strategic Insurance Software, sees the event as an invaluable opportunity for Partner XE users to network, learn, and provide feedback about Partner XE. “The conference provides us and our sponsors an opportunity to educate Partner XE users about the industry, SIS, and Partner XE. We also want to provide a venue for clients to interact, share best practices, and provide us with feedback about how Partner XE can be improved to help our partner agencies.”
Attendees will be able participate in 10 sessions over the two days of the conference and can also attend a special session on April 23rd presented by ACORD. The pre-conference ACORD session will cover
Why carriers need to work closer with independent insurance agents,
Specific data on how the industry is performing, and
How independent insurance agents may seek assistance on agency automation projects.
In addition to work group meetings organized to collect feedback about Partner XE, the topics of sessions held on the 24th and 25th include
Stop Wasting Time: Improve Workflows,
Protecting Your Data,
Preview of the upcoming Partner XE 2.1 release,
Leveraging Social Media with Partner XE,
Making Your Website a Sales & Service Resource, and
Tracking Commissions.
Sessions will be led by NASPA board members, SIS team members, and industry partners from IVANS, ACORD, State Auto, Agency Marketing Partners, and Expedient.
Tami Scott, Director of Client Services for SIS, is looking forward to the conference as an opportunity to get more direct feedback from the users of Partner XE. “It’s a learning opportunity for our partner agencies, and it’s a learning opportunity for us so we can get valuable feedback from them to plan for the future of Partner XE.”
About SIS: Headquartered in Columbus, Ohio, SIS is the team behind Partner XE insurance software – an innovative web-based insurance agency management system that helps independent agencies streamline workflow and grow their business. Built on a foundation of strong technology and exceptional service, we’re moving forward with a constant eye on innovation that will make independent agents’ lives easier. For more information, please visit https://sispartnerplatform.com
Have you ever had the experience of finding out you’ve been using something wrong all along? It can be quite frustrating to find out you’ve wasted so much time and energy. This usually happens when we don’t read the instructions, receive training or ask for advice when using something new. For many agencies, this is the case with their agency management system.
Although your agency received set-up training, you may have overlooked some of the ways your agency’s management system can work for you. And if you have a good provider, chances are they’ve updated your system, adding on capabilities and tools that can improve the way your agency works. If you haven’t kept up to date on recent upgrades, you may be behind on your management system’s capabilities. There are hosts of ways to continue your education on what your agency management system can do, and you should continue to take advantage of these opportunities.
Where To Learn
As we mentioned in the last post , you should be sure to pick a provider that updates your system and provides you with these educational resources. Along with continual system updates, your provider should give you different ways to stay up to date on these changes. Some of these resources should include:
User groups and conferences that provide networking opportunities with other users. Attending these conferences will let you see your agency management system in a new light through the experiences of other users. Many provide interactive training sessions on system updates, allowing you to test out new capabilities first hand.
Training workshops, which function like mini-conferences, and tend to focus on specific system capabilities like accounting, prospect research, or e-mail integration. These workshops offer a great opportunity to learn more about features you may not use often, and provide perspective on connections between the different capabilities of your agency management system. Some providers, like SIS, also offer individualized training workshops tailored to your agency.
Webinars to fit training in to your busy schedule, and to provide consistent education on your system’s capabilities. Since many webinars are recorded, you can sign up and watch them later if something comes up. When participating in webinars, pay attention to the Q & A sessions as you may find some questions provide insight into new ways your management system can help you. Good providers offer webinars at least quarterly, and whenever new features are added.
Online and onsite training to give your employees hands-on training. These sessions should be offered when you first launch your agency management system and as it is upgraded or your agency gains employees. Online training is convenient as it can be recorded and viewed later as needed. Many providers have client specific portals, like SIS’s PartnerNet, which provide access to a host of training and support resources.
Although we can’t speak for other providers, SIS offers multiple training options, including monthly webinars, regional user conferences, online training, and personalized customer support as needed. Check out our other training options or contact us today to keep learning what management system can do for your agency.
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As we’ve mentioned in some of our 
The National Association of Partner Agents (NASPA), the official user group of the insurance agency management system Partner XE, will be hosting its national user conference in Columbus, Ohio April 24-25, 2014. The conference offers Partner XE users two days of networking, industry updates, and interactive work group sessions to keep users up-to-date on newest industry trends and developments of Partner XE.
Have you ever had the experience of finding out you’ve been using something wrong all along? It can be quite frustrating to find out you’ve wasted so much time and energy. This usually happens when we don’t read the instructions, receive training or ask for advice when using something new. For many agencies, this is the case with their agency management system.
In your day to day, you may not think much about the on-going processes of your agency. As we mentioned in a previous post , it is important to know your agency’s systems, and to make sure you’re getting things done in the most efficient and effective ways. One of the major processes you should evaluate is your accounting system. Especially as your agency grows, it is important to look at how you handle your income and expenses.