In just a few short days, Patra will attend InsureTech Connect— the world’s largest insurtech event. The conference, which is being held at the MGM Grand in Las Vegas, offers an opportunity for forward-thinking insurance professionals to learn from the innovators and entrepreneurs shaping the insurtech landscape today.
Your book of small accounts is important to your business, but likely doesn’t account for the largest portion of your revenue. The 80/20 rule applies often in business and life, and servicing your accounts is no different—it’s likely that 80% of your revenue comes from about 20% of your customers. Unfortunately, it’s unlikely that 80% of your staff’s energy is spent servicing your biggest revenue-generating customers.
If you’re reading this, you’ve probably noticed Patra’s new look and feel. As everyone in our industry understands, the insurance marketplace is ever-changing with new technologies, products and regulations that affect us all. In April of 2019, we launched our new website and made a strategic shift to reflect the change our customers are experiencing each and every day. But what you see on the site is only part of the story—we’d like to take this opportunity to give some more context to fill between the lines.
Training Initiatives and National Collaboration Provide an Innovative Approach to Talent Recruiting
Pictured above is Patra's newest class of Academy graduates in Clarksville, TN
True to it's innovative culture, Patra continues to expand Patra Academy, a program developed to meet internal hiring needs and address the talent shortage our industry is currently facing. Developed to expand the pool of talented insurance professionals through recruitment and formal training, Patra Academy recruits, trains and hires individuals with no previous insurance experience. Upon completion of training, graduates are placed within our nationwide network of insurance staff.
Patra Select is a collection of services Patra offers to solve the industry dilemma of making small account management efficient and profitable while also supporting the opportunity to grow your books. Patra’s commitment to its customers is to seamlessly manage their small accounts so that account managers can spend their time interfacing with customers.
Patra Proud, Patra’s philanthropic organization, hosted its 3rd Annual Bay Area Golf Scramble on October 15, 2018 at Hiddenbrooke Golf Club in Vallejo, CA. The charity event raised over $30,000 to directly benefit military families, providing support, including school supplies and clothing, and a scholarship program for high school seniors of families experiencing deployment.
Patra has extensive experience working with brokers of all sizes to implement certificate issuance solutions. Patra's flexible OnDemand solutions can scale to efficiently support cert issuance, with tailored workflows to manage the most complex certificates and those that need to be rushed, as well as managing renewal volumes. Patra's services grow with your agency. We enjoy a long-term client partnership that began with a small project and has evolved into more than 2 million certificates annually. From a small pilot project in two remote offices, this agency saw the value of Patra and adopted the service nationwide.
An effectively managed agency management system (AMS) means that an agency can be confident in its ability to service customers and run meaningful reports. Converting or consolidating agency management systems is an opportunity for an agency to rethink its data structure and review procedures to ensure effective, reliable data. For many years Patra has been providing migration services for agencies. Below is an overview of one such engagement.
A mid-sized agency in California came to Patra with a considerable challenge. Some of their account managers were so busy that they didn’t have the time or resources to check policies and therefore developed a year-long backlog of policies to be checked. This exposed the agency to huge E&O concerns.