By Amy B. Mauk, AFIS
Every agency has one or two months when the renewals get overwhelming and, for some reason, it always seems like those months sneak up on you. I experienced this in my role as a commercial lines account manager. I’d be working away diligently to keep on top of all of my accounts, and before I knew it, I’d be thirty days out and inundated by customers concerned about rate increases, surplus lines applications to update, and a mountain of remarketing to do. It seemed like there was never enough time in the day to get it all done.
Consider this: according to a March 23, 2020 article in Insurance Journal, “Account Managers spend roughly half their time on paperwork and computer input.” All this paperwork and computer input may be necessary but, speaking from experience, it sometimes feels like all that processing takes time away from conducting the actual business of insurance. If you and your staff are experiencing this same problem, don’t despair, outsourcing can help.
Automatic Renewals Shouldn’t Be Anonymous
Because renewals with standard carriers typically happen automatically, unless notice to the contrary has been issued, it can be tempting to let the process happen without review. But we all know that connecting with your customers during renewal time is critical for retention and can help head off problems down the road. If your producers, account managers, and CSRs are spending too much time on processing tasks, they may not have enough time to be proactive about communicating with clients. This is where business process outsourcing can make a real difference.
What if you had a team of processing professionals handling those routine tasks that suck up so much of your staff’s time? Insuserve-1’s processing professionals can take over downloading policy documents from carrier websites and attaching them in your agency management system, updating client records, issuing renewal certificates, and many other tasks. What can your team do with all their new-found free time? They can call or meet with customers, conduct policy reviews, identify gaps in coverage, and round out accounts.
Ease the Burden of Surplus Lines Renewals
As an account manager, I always dreaded those months when the surplus lines renewals were heaviest, because they’re labor intensive and time consuming. The accounts placed in surplus and excess markets are, by definition, non-standard so the renewal process can be complex too. These renewals are best handled by producers and account managers that are experienced and knowledgeable. It makes good business sense to allow those staff members to focus on activities that require their specialized skill set, rather than routine clerical tasks. It makes good financial sense too, because it means you’re getting the most value out of your employees.
Outsourcing the processing tasks associated with surplus lines renewals can make the entire process more efficient. For example, Insuserve-1’s processors can update Acord and supplemental applications and request renewal quotes from MGAs or wholesalers. Once quotes are received and approved by your internal staff, we can send renewal proposals to your insured, collect e-signatures on documents prior to binding, and invoice agency bill policies. We can monitor accounts to make sure policy documents are received from carriers, transmitted to your insureds, and saved in your agency management system.
Customize Outsourced Services to Fit Your Needs
Every agency is different, so there is no one-size-fits-all solution, but at Insuserve-1 we develop workflows in collaboration with you and your team. This collaborative process is critical to ensure tasks are handled the way you want them to be. Our processors meet the same servicing standards you set for your employees – they become a part of your team.
Contact Insuserve-1 today to learn more about how you can more efficiently manage the renewal process, while increasing productivity, reducing risk, and improving customer service.
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