Staying Ahead on the Technology Curve

If you are like many other brokerage offices across Canada, you might find that you have not quite realized the automation benefits you thought you would. Bypassing significant and efficiency-related elements of technology in favor of the “tried-and-true” method of accomplishing repetitive tasks is one reason why technology is often underutilized. Many offices simply do not know how to incorporate technology into their businesses or manage it.

That said, brokerage offices have the desire for change but lack the time and resources to effectively manage the change process. Often brokerages attempting change try to learn a new way of doing things without any guidance or instruction, and when it is not as successful as they would like, they are reluctant to try again. To avoid having your users revolt, a further investment in managing change can pay positive dividends.

WORKFLOW BENEFITS

Broker automation packages can provide opportunities to radically improve business processes. These include sophisticated workflows that can be incorporated into day-to-day processes ensuring clear, consistent and controlled activities making the most efficient use of your staff’s productivity.

“Workflow” is a commonly used term that describes the automation of internal business operations, tasks, and transactions that simplify and streamline current business processes. These workflows can also manage the customer’s experience with your office. Customer service representatives (CSRs) can manage any client because workflows are clearly defined. Some of the benefits of reengineering your business practices include:

Improved organizational efficiency;

Gains in productivity (between 40%-60%);

Improved customer service;

Increased customer retention; and

Increased ability to adhere to internal and external regulations.

In order to change, brokerages need to embrace new ways of doing things. Technology investments are underutilized when employees sidestep efficiency-boosting technology systems and opt for comfortable methods for completing repetitive tasks. Automated workflows are your solution to implement change and make the technology work for you. Reengineering business practices is key to enabling effective and efficient management of your office.

People think they need to know everything about a computer, when the reality is, they really only need to know the capabilities and parameters and concentrate on using the software programs that give the computer systems their value. Brokerages should consider how an information system supports their business.

MANAGING THE CLIENT

Client relationship management is the single most important business process in a brokerage. Client management is servicing the client and offering them the right products at the right time.

Marketing, along with automated workflows, allows brokerages to have closer contact to retain their individual or group clients and to offer the best insurance solutions by understanding their customers. Segmenting and profiling clients helps determine the right audience for a given insurance or financial services product and therefore define the appropriate delivery and follow-up mechanisms. Many of the marketing tools offered in broker management systems allow you to maintain customer contact, giving the ability to:

Create workflows to automate the process;

Determine the target customer or group for a given program;

Deliver the program through one or more communication methods;

Monitor progress; and

Analyze the results.

Automation tools in existing systems are often underutilized, notably in assisting brokerages with carrier mergers and acquisitions. There are automated processes for conducting a “policy rollover” with just five clicks: pick a date, pick a transaction type, contact the carrier being cancelled, download the policy to the new carrier, and communicate with the customer. While technology cannot address every challenge facing brokerages today, there are solutions that are viable and cost effective.

MAKING IT WORK

So, how do you make technology work for you? First, you need a management commitment to automation and ongoing education. Stay current with the latest release of software. Look at the longer-term savings.

Other pointers include upgrading and training staff, thereby creating a knowledge base for all to learn from. Brokers should also hold regular internal automation meetings and discuss frequently asked questions. Let staff learn the system in a stress-free mode. And, above all, require the entire office to use the system.