The COVID-19 pandemic has disrupted business worldwide and Insurance Agencies are no exception. The number of Insurance claims has sky-rocketed to unexpected levels and they are expected to increase further with time.
The workload is huge and it’s catered to with either manual processes or by outsourcing some partners or vendors. However, these processes are time consuming, error prone, and costly.
Moreover, due to social distancing, most employees are working from home, making it more difficult to establish communication and perform tasks with efficacy.
Let us look at how insurance agencies are dealing with the current situation and what will become the new normal in the coming months.
Here is What Insurance Businesses are Considering:
- Analyzing the impact of the crisis on the business’s sustainability
- Maintaining good cash reserves
- Freezing of unwarranted capital expenditures and investments
- Reduction in salaries
- Reduction in team size
Agencies That Want to THRIVE are Thinking Differently:
- Adopt technologies that help improve productivity in both virtual and physical working environments, with minimal or zero upfront CAPITAL investments
- Efficiency improvements that will result in cost reductions and improved margins– elimination of non-value-added services (especially those which does not impact client relation or satisfaction)
- Repurpose workforce in core revenue-generating activities that require client relationship management and risk advisory skills
- “Policy Checking” – is a critical process, though it does not directly generate revenue. Its impact is 2-fold:
- Directly impacts client experience, business retention and thereby growth
- Ensures that an agency is not caught off guard with an E&O claim. E&O compliance is critical to protect client interests and the agency’s financial stability
At Exdion, we specialize in providing cutting edge solutions to insurance agencies and brokers. ExdionPOD, our flagship product is built to automate the policy checking process. Top Insurance agencies and brokers in the US rely on ExdionPOD to provide them with a reliable E&O safety net. In the current times, agencies using ExdionPOD are experiencing this freedom more than ever, as their key insurance team (CSR’s and Account Managers) are now available for their clients.
The below infographic illustrates why these larger brokers chose ExdionPOD over keeping inhouse or outsourced operations.
Automation, remote working and social distancing are the new normal. It is imperative for insurance agencies to adoptadapt technology that will automate redundant activities and focus on value driven processes. ExdionPOD provides a great alternative for agencies to reduce cost, improve efficiency and boost revenue.