If you’re like most small business owners, you’re constantly struggling to get a handle on how you’re using your time. It seems like there’s never enough to get all your work done. You have numerous areas you want to improve, specifically around serving and gaining customers, if only you could salvage a few hours a week to focus on them.
It’s getting colder, things are moving slower, and the out of office responses are growing in number – it’s the end of the calendar year. This is a time for holiday celebrations, gathering with friends and family to look back at the year passed and make resolutions for the one to come.
December is also the ideal time for your agency to slow down, take stock, and establish your own resolutions for growth. Break out agency management system reports and ask yourself: “Where have we been? Where should we go? And how do we get there?”
See the Top Agency Reports to Gauge Sales Success on our blog
Reports are the window to your agency’s future. They tell you where you’re performing well and highlight areas to improve. And, since all your agency data is stored in your management system, they’re easy to obtain.
If you’re just getting started with reports, it can be overwhelming to know where to start. So, we’ve come up with the top reports you need to run to measure your sales success.
Start with Your Data
First things first: data coming out is only as good as data coming in. To get useful reports, you must establish insurance agency workflow procedures around data entry.
Work with your team to make data entry uniform across the agency. Discuss best practices around creating customer profiles and recording information. It’s important to ensure all policies have information – like producer, CSR, and premium amounts – assigned appropriately. Policies must be accurate and up-to-date every day to guarantee precise, clean data for accurate reports.
Cut down on data entry by using integrated systems in your agency
1.) Sales Reports
Reports: Sales Pipeline, Win/Loss Ratio, and Sales Production Reports
These reports answer a number of questions, such as:
- Where is your sales team winning and why?
- What opportunities are you not winning and where is that business ending up?
- What industries/markets is your agency succeeding in and how do you focus on growing that book of business?
Another less obvious but impactful report is an Activity report, showing where your sales team is spending their time. If you’re not tracking sales team activities in your agency, it’s time to start.
Check out these tips on how to create a winning sales team in your agency
2.) Current Business Reports
Reports: Book of Business and Production Reports
Your management system should give you a clear picture of your existing business, including breaking down by the following:
- Policies by Carrier
- Line of Business
- By Personal, Commercial, and Benefits
You can also gain current business insights by viewing CSR activities and workload by carrier, line of business, policy type, etc. Reports like these can help with managing staff, telling you which CSRs or account managers have heavier workloads than others.
3.) Financial Reports
Reports: Balance Sheet and Income Statements
As you may have guessed, accounting reports are critical for understanding success as it pertains to the agency’s bottom and top line. These reports should be clean and easy to read and review with your bookkeepers and CPAs. Financial reports tell you where money is being spent and where money is being made, helping you determine how to best use funds and investments
Find out if you’re making the most of your insurance agency accounting data on our blog
4.) Activity Reports
Reports: Activity reports by staff and customer
Activity reports can tell you if: 1) your team is spending their time effectively and 2) if they’re spending it with the right clients. Use activity reports to see if VIPs are getting the attention they deserve and if too much effort is put into leads that go nowhere.
Client portals are a great way to capture customer activities, giving insight into what customers need and how they’re interacting with your agency.
Get All the Tools You Need in One System
Getting good reports has a lot to do with the tools you use to gather data. That’s why we’ve made our Partner XE agency management system so data-friendly, with integrated accounting and email systems, a Client Portal plug-in, and our Producer Results Manager and Marketing Automation Manager to help agencies track all the essential data they need in one system.
Get the full details on how Partner XE makes reporting easy. Schedule a demo and get in touch with an SIS team member today.
“We’ve always done it this way” is never a good reason for anything. Yet, I often hear this when talking to owners about their insurance agency workflow procedures. The old way is not necessarily bad, but chances are it isn’t the most efficient. There is a better way.
The tech-revolution has hit the insurance industry – hard. Agency management systems have grown by leaps and bounds, including adding in a host of time-saving system integrations. With so many new advancements in such a short amount of time, it can be hard to keep up. So, we at SIS have stayed up-to-date and sifted through the noise to target where to focus your attention.
Here are three must-have system integrations to keep your insurance agency workflows not only moving, but improving.
See other ways to save your agency time and money by eliminating workflow inefficiencies
- Integrated Accounting
If you watch Shark Tank, you know the one thing million and billion-dollar investors preach is you must “know your numbers” to grow your business. Without an integrated accounting system, you’ll never have a true picture of where you stand.
Integrated accounting saves you from entering financial information into a second system and assures you haven’t missed a single piece of data. From this comprehensive data pool, you can pull a host of reports, each providing essential information on how you’re doing and where you can go next.
Such reports include:
- Profit and Loss Statement
- Balance Sheet
- Cash Flow Statement
- Aged Receivables
- Agency Commission, Sales and Retention by criteria (i.e. company, referral source, producer, etc.)
Find out how to make the most of your insurance agency accounting data
- Email Integration
Much of agency correspondence today flows through email. And, there is a lot of relevant information found in each exchange. But, you don’t have time to go through the endless clicks and keystrokes the drag and drop process takes to connect conversations to constituent profiles. You either don’t do it or eat up countless hours with the process. Either way you lose.
With a truly integrated email solution, you can start an email from a profile or within an email platform and have it automatically saved to that profile. Similarly, inbound emails can directly connect to a profile. Simply save the client’s or prospect’s email address in your management system and your inbox will recognize it and automatically attach the email for you. You no longer need to waste your time with dragging and dropping, and you build better prospect and client profiles. Now it’s a win-win.
Are you pursuing leads effectively? Find out in our post on how to prospect right
- Mobile App
As an insurance agent, you protect people from the catastrophes we wish would never happen. If you were a fortune teller, you’d know when your clients were going to have a car crash or house fire. But, since you can’t predict disaster before it happens, you need to be always at the ready to help your clients during a crisis. That’s where mobile access to your management system is critical.
With a mobile app, your client can reach you at any time or place, and you’ll have access to all the crucial information you need to ease their fears. Mobile access allows you to answer all policy and coverage questions on the spot, which is huge during these crisis moments.
Besides providing on-the-spot vital service, a mobile app is beneficial during client and prospect visits. It allows you to map directions for a client meeting, look up contact info, or even add an activity to follow-up after your meeting.
Get more mobile app benefits – check out our post on why it’s a top management system tool
Finding it all in Partner XE
It’s no surprise our web-based Partner XE management system comes fully equipped with integrated accounting, email integration, and mobile app capabilities. These integrated systems are just part of what make the Partner XE system a game-changer for our partner agencies.
Want to find out more? View a demo at sispartnerplatform.com and get in touch with an SIS team member today to take the first steps in growing your agency
You recently heard from us around ideas for building a successful sales team, answering the age-old question: “how do insurance agents get clients?” Some of the key ideas we shared were:
Like putting together a championship team, growing sales is something every insurance agency owner wants, talks about, and works toward. But, comparatively few are adept at achieving and sustaining growth.
How can you boost insurance sales and become that winning team?