To help CSRs and others throughout the agency focus on sales and servicing and take a vested interest in the profitable growth of the firm, various plans among successful agencies have been implemented that shift the traditional salary-based compensation program to one that is incentive based.
For an incentive plan to work effectively, it takes commitment on the part of the agency’s top management. It also means, as we said at the onset, freeing up the staff’s time to sell and service. This involves improving workflow efficiencies and creating standards on how business processes are performed – a push that has been underway by agencies for some time and is currently being addressed by vendors of agency management systems. But this approach still requires in-house personnel at the agency to do the work, along with a significant technology investment and training.
A viable alternative solution is to contract out some of these tasks to professionals who are trained in insurance business processing operations and are well-equipped to take care of the work. In doing so, you’ll reduce your IT costs; cut business operating expenditures; lower per capita personnel costs; consolidate and standardize similar processes; and eliminate errors. Working with a professional company, together you can determine which tasks within your company culture can be outsourced, the systems you need to use for integration with your agency management and rating systems, and how best to begin the implementation process. This will allow you to transform your front office into a dynamic sales and service operation and truly maximize your staff’s contribution to your agency’s profitable growth. Your CSRs and other staff will have the time to seize opportunities to deliver new and additional products while adding value to your customers’ insurance program.
Based in New York, ReSource Pro is the premier provider of business process outsourcing services for the insurance industry, working with retail agencies, Managing General Agents (MGAs), and regional carriers. Our processing centers in Qingdao and Jinan, China are wholly owned subsidiaries of the U.S. corporation.
