Increasing your close ratio in an insurance agency or TPA doesn’t have to consume major amounts of time and money, thanks to new tools. In the field of insurance, evolution is key, and in today’s digital world, automation is the only way to get ahead. In this guide, we’ll discuss the top six tools available to increase your close ratio and create a better work/life balance, all while getting ahead of the competition.
- Problem-Solving- Ice House Discovery Canvas
It’s common in the insurance industry to use a needs assessment strategy. Essentially, it’s just problem solving with an emphasis on better understanding what their customer really needs. You can think of this as a tool for not only needs assessment but also problem-solving in other areas of your life. It essentially teaches the entrepreneurial mindset, which is very valuable to both brokers and their employees. The Ice House Opportunity Discovery Canvas is a tool designed to guide individuals through a discovery process. Drawing on the work of Alexander Osterwalder’s Business Model Canvas. The Opportunity Discovery Canvas encourages employees to think critically as they learn to Identify and solve problems within uncertain circumstances. Click here to download your canvas.
- Accountability & Meeting Management- EOS
Small businesses and entrepreneurs are at risk for failure to thrive, due to a number of reasons. These factors leave business owners feeling as if they have little or no control over their business, the market, or cash flow. Experts agree that one of the underlying factors causing these headaches stems from ineffective meetings. Ineffective meetings can leave team members confused or unclear on what to expect, how to carry out their roles, or how to see the big picture of the company’s growth, and this can lead to stagnancy. Steven Rogelberg of the University of North Carolina conducted a study on this issue and the findings were published in a 2017 issue of Harvard Business Review. Rogelberg “surveyed 182 senior managers in a range of industries: 65% said meetings keep them from completing their own work. 71% said meetings are unproductive and inefficient. 64% said meetings come at the expense of deep thinking. 62% said meetings miss opportunities to bring the team closer together.” EOS®, the Entrepreneurial Operating System, is a complete set of simple concepts and practical tools that has helped thousands of entrepreneurs get what they want from their businesses. By mastering this simple way of operating, leadership teams of growth-oriented companies systematically and permanently improve. Click here to learn more about EOS.
- Time Management- HippaWare
Insurance brokers, brokerage firms, enrollment firms, third party administrators (TPAs), and reinsurers alike can leverage the HippaWare platform to handle all aspects of managing and adding new clientele. For instance, HippaWare seamlessly handles:
- Complex paperwork (RFP’s and Quote Comparisons – it does the math for users)
- Compliance (getting all required contracts and documents completed on time and notifying users when something is not in place)
- Client communication (Claims Tracking, to-do list action items, and call logs allowing users to show their client how much they are doing, creating trust and retention)
By automating workflow processes, HippaWare ensures checks and balances are accounted for by assigning, tracking, completing, and verifying critical data and tasks. For firms, this means an added layer of security when it comes to quoting, complex compliance issues, documentation, customer data, installation, maintenance, renewals, and customer service. “Hippaware is the difference between an afternoon of sorting, collating and reviewing individually provided healthcare data or less than an hour of unencumbered review. As most owners well know, time is money”–Byrd Preston, Vice President of Underwriting, Bardon Insurance Group Click here to learn more about HippaWare.
- Collaboration- Kumu.io
How are you currently collaborating with your partners so that you can land more business? Ecosystem mapping helps you maximize your networking effort. Regardless of the industry, your audience can be visually displayed with systems thinking tools already used by researchers, business people, non-profits and community organizations. You’re sure to find this tool fascinating. The tool is called Kumu)
- Marketing- Inbound Marketing
What’s the difference between analog and digital? That difference is what is happening right now in the world of marketing. It’s also why your cold calling is not working as well as it use to. The tool of inbounding marketing is one of the most important tools insurance agents and brokers need to understand. It’s also how you’re going to recruit and sustain younger employees in the industry. They don’t want to cold call and you know what… they are right. There’s something you don’t know and you should. Click here to learn more about Inbound Marketing.
- Business Model Canvas- Strategizer
Does your team know your strategy? Are your stakeholders dangerously in the dark? Is scheduling even more meetings a nightmare? Strategyzer offers real-time and asynchronous collaboration to keep everyone on the same page, and one centralized place to collaborate on your strategy. Millions have used the simple, powerful, and proven Business Model Canvas and Value Proposition Canvas to answer these critical questions. Using these tools you’ll build the essential base to iterate the model, prototype potential pivots, check the financial viability, present and collect feedback, or de-risk dangerous assumptions. Click here to learn more about Strategizer.
Each of these topics are available for speaking engagements and or private workshops. Please contact Alecia Nash at firstname.lastname@example.org 540-283-0835