Success in business is about careful calculations: profit vs loss, supply vs demand, and investment vs ROI. Each of these formulas are configured and adjusted to ensure maximum efficiency, and each piece plays an important role. If one piece of the efficiency puzzles is off, there can be a huge loss of time and money.
These careful configurations hold true for your agency especially when it comes to effectively utilizing your agency management system. Many agencies don’t use all of their management system’s capabilities, neglecting time saving capabilities like data synchronization and customized output. These two elements can streamline data processing, further refining an agency’s efficiencies.
Below are some quick tips for increasing your agency efficiency through streamlining your management system’s data processing.
Data Synchronization (Data In)
- Track account submissions for your carriers through modules recording number of submissions, account quotes etc. Such information can be used to build relationships with carriers and analyze how to adjust pricing for increased return.
- Utilize real time downloads to keep up to date on each carrier’s capabilities, pricing, and communication with your agency staff. The saved keystrokes alone are a huge benefit.
- Integrate with email and word processing applications such as Word and Outlook. Synching your emails and other client communication with your agency management systems means the data on each client is always up to date, making for a better client relationship.
Customized Output (Data Out)
- Create policy proposal and summary templates by utilizing your management system’s mail merge capabilities. These quick templates speed up policy processing, saving time and money.
- Implement custom reports for everything. From tracking new business to employee productivity, you can create the reports you need and set them up for continual output.
- Get policy downloads from your carriers, both personal and commercial lines. This automated system saves you from having to re-type policy information and provides direct bill commission downloads.
Each of these elements take some front end work in training and creating agency-wide policies for use, but in the end the payoff is huge. It’s just another carefully made calculation for your independent insurance agency’s success.