Regardless of the system you use, you need to make sure it can track policies, handle commissions, and is client-centric. A generic CRM can do some of this, but it can be difficult and trying. An industry-specific AMS will likely have these capabilities built directly into the system so that you can easily access the information in one centralized area.
Keeping track of all of your policies is crucial for the longevity and success of your agency. A generic CRM will likely not be able to track your policies in a way that makes sense without an integration from another software or platform.
This is one way an AMS can serve an insurance agent better. AgencyBloc can track all of your policies sold to both individual or a group, where the policy is in the application process, and when it’s up for renewal. It’s easier to stay on top of your policies with automated triggers that will send reminder emails to both your agents and clients so they know the renewal date is approaching.
You will also be able to view detailed graphs showing the various statuses of your policies, the different coverage types you offer, and from which carriers the policies belong. This helps you maintain more control over your policies, understand which kind of policies you’re profiting from, and determine the types you may want to phase out.
Image Source | AgencyBloc
Another major downside of a CRM built for the masses is commissions processing. Either it won’t have that ability OR it will take a significant amount of work and money to build it out. If it’s the latter, then you’ll likely have to hire another full-time position or contract out to a developer which could run you $75,000 or more a year. The full-time is better as they’ll be around all the time to help put out fires and overcome challenges whenever they arise.
You want to grow, and to do so, your agency needs to stay profitable. A generic CRM can help you by giving you an audit trail and month-to-month records of your various accounts and policies, but you can’t truly see where you are with these records only.
An AMS like AgencyBloc can give you not only detailed records of your various accounts and policies, but it can also track your commissions on a granular level. You’ll be able to see what commission payments are coming in from the carriers vs. what you expected them to be, see where they are going, and how much of the split is going to each agent and the house.
This way you can better monitor the money flowing in and out of your agency and ensure that the flow is correct. By utilizing this information and tracking their payments, our clients have been able to uncover tens of thousands of dollars in missed commission payments from carriers.
Image Source | AgencyBloc
You will also be able to view detailed graphs to give you insight into the health of your agency. You can see where you are being the most and least profitable in a variety of areas like marketing automation, lead generation, certain carriers, or particular policy types.
Having these capabilities are essential for your agency whether you want to grow or sell because you’ll know exactly where your agency is and where you could improve. If you want to sell, it gives you a baseline of what your agency is worth to help you determine at what price you should sell.
Image Source | AgencyBloc
Want to learn more about how AgencyBloc can help you save 75% of your time processing commissions?
Schedule a live, 1-on-1 demo with one of our sales reps today to see how AgencyBloc could work for you.
Let’s face it, your entire business is all about your clients.
You want to serve them to the best of your abilities, provide them with whatever information they need, and keep them happy so they remain loyal. In order to stay loyal, they need to know, without a doubt, that you have their best interests at heart and are dedicated to helping protect their livelihood. Your clients need to know that they can trust you and lean on you in the worst of times. They are buying the protection and peace of mind of the coverage as much as the trust that you will be there when they need you most.
If you’re not sure where you stand with your clients, then a goal for this year is to find out! After all, it can cost up to 10 times more to acquire a new client than it does to keep one.
One way to help you understand overall happiness is an NPS survey. You’ve likely interacted with an NPS survey in the past. It consists of one question:
“How likely is it that you would recommend [your agency] to a friend or colleague”.
Then they rate you on a scale of 0-10—10 being highly recommend. It’s an easy email to send and a great way to gauge how happy your clients are with your services.
The next step is to then follow-up.
If they rate you a 9 or a 10, they are what is called a promoter. These people are your best candidates for referrals, testimonials, references, and more. These are the people you should be reaching out to for all of the above. Just don’t forget to say thanks!
If they rate you a 7 or an 8, then they are a passive. These people are neither overly impressed or unhappy with your services, but they are also the ones in danger of becoming a detractor if they are made unhappy. Reach out to them to see how you can best serve them to get them up to a promoter.
Lastly, if they rate you a 6 or below, they’re a detractor. These are the people who are unhappy or vehemently unhappy and can pose a danger for your brand. Remember, we as humans are far more likely to share criticism rather than praise, so keep that in mind. Reach out to your detractors immediately and get to the root of their unhappiness so you can, hopefully, make them happier. It doesn’t work every time, and you may find that it’s not the right partnership for either of you. Regardless, it’s the effort that counts and it shows you care enough to try.
Another way to make your agency more client-centric is by boosting your client communication strategy. Staying in more consistent communication with your clients can really make a difference in how they feel about you. We discussed Automated Workflow earlier, but there are some workflows you can set up In AgencyBloc that are specifically built for client communications:
- Happy birthday emails
- Policy renewal notifications
- Policy status alerts
The policy-specific notifications are especially helpful because it makes your clients feel as if they are a part of the process and have a hand in it all.
You can also help your clients better prepare for upcoming changes by running simple reports that help you identify who will be affected by what change. Being proactive makes a big difference and can make a significant impact on your clients because they’ll be grateful you were able to prepare them ahead of time.
With a CRM, this may be more difficult because policies, carriers, and clients may not all be tied together, so you may have to run a multitude of reports then cross-reference between them all. This boils down to a very time-consuming process that leaves you with a lot less time to contact and focus on your clients.
With an AMS, you have everything tracking together in one cohesive unit so you can pull one report with all the information you need. One example would be when changes come from the ACA on which carriers and plan types will be offered and which ones will be discontinued for the upcoming year. You can pull a quick report detailing all of the clients that will be adversely affected and reach out to them sooner to set up a game plan. That way, when the change does happen, you’ve already got everything figured out and ready to go and their coverage will continue without incident.
Making the plan and reaching out can make a world of difference in how your clients feel about you and can significantly affect how they respond to your NPS. All of these will help to show your clients that you are dedicated to their well-being and that you’ll be there for them through all the coming changes.
This type of commitment goes a long way to impressing your clients and can seriously build your client retention. Eighty-one percent of clients leave due to lack of communication, so these tactics to maintain contact and conversation with your clients is essential for client retention, referrals, and overall agency well-being.