This put up is a part of a collection sponsored by AgentSync.
Individuals usually suppose change is pricey. However what about the price of staying the identical? When your insurance coverage enterprise doesn’t spend money on course of enhancements, together with trendy know-how and automation, you run the chance of paying the worth in the long term.
Doing nothing doesn’t value nothing
We love a great analogy, so let’s suppose for a minute about your automotive. Let’s think about you personal a automotive that’s 20+ years previous and has 300,000 miles. Droop your disbelief for a second, or not less than fake it’s a Toyota.
You’ve lengthy since paid it off so there’s no month-to-month automotive cost. And your auto insurance coverage is grime low-cost since you don’t even trouble with complete protection. Wind, hail, and fallen bushes be damned!
Your value of possession could really feel prefer it’s small in comparison with the concept of shopping for a brand new automotive, however the actuality is, not making a change is costing you greater than you’d wish to admit. When you’re centered on the big down cost or the higher-than-zero month-to-month installment, you neglect about issues like:
- New high-tech security options that may stop accidents earlier than they occur
- Gas efficiencies that save massive cash on fuel–or remove fuel altogether
- Zero-cost upkeep on your first few years
- Decrease insurance coverage premiums for vehicles with anti-theft units and web enabled monitoring
- Guarantee protection for main mechanical failures inside the first 5 and even 10 years of possession
Once you actually give it some thought, it’s usually costing you extra to stay with one thing you’ve had eternally than to embrace one thing new.
This identical factor occurs in companies on a regular basis. When individuals take into consideration upgrading their inside processes–changing guide work with know-how, for instance–all types of obstacles get in the best way.
“It’ll be too costly.”
“It’ll take an excessive amount of time or effort.”
“We’ll sacrifice productiveness whereas individuals rise up to hurry.”
And our private favourite, “However we’ve at all times executed it this manner!”
Similar to your previous (imaginary) automotive, the prices on the forefront of our minds are often momentary, and far much less over time, than those we’ll pay to maintain doing issues the previous approach.
Is your insurance coverage compliance course of the equal of an previous jalopy?
Overlook about your automotive for a minute and let’s take into consideration your insurance coverage enterprise. Whether or not you’re an insurance coverage company, provider, or MGA, you’ve gotten processes and techniques in place for coping with issues like producer licensing, appointments, and contracting.
It’s solely potential that your “system” is a spreadsheet. In reality, greater than 10 % of our clients do improve straight from one! Or, it may be some mixture of various tech instruments your group has cobbled collectively over time, however which don’t combine or work together with each other.
It’s tempting to suppose the one value you face is the one for adopting a brand new know-how answer. Now, take into consideration that previous automotive – your course of is probably going related. What looks like a great and cost-effective technique now is definitely costing you greater than you understand.
For instance:
- Duplicate work due to knowledge and workflow silos
- Misplaced income as a consequence of producer downtime between hiring and being able to promote
- Bloated recruiting prices as a consequence of a cumbersome worker expertise resulting in excessive turnover
- Human error as a consequence of guide and repetitive duties that would simply be automated for larger pace and accuracy
In case you’re able to take a great exhausting take a look at what worth you’re actually paying to maintain doing “enterprise as standard” at your insurance coverage firm, company, or MGA, our information might help.
Obtain “What’s the Value of Doing Nothing?”, AgentSync’s information to the worth of “enterprise as standard” within the insurance coverage business to discover how a lot you’re already paying (and threat paying) simply to remain the identical. Or click on right here to arrange a stay demo to see what AgentSync can do to cut back these prices for your online business.
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