With the holiday season and the end of the year approaching, you're likely faced with your team going on vacation and using up that accrued PTO before it expires. Additionally, the end of the year can be a high-turnover time as people look to retire or take the next step in their career in the new year.
When looking at your insurance back office, you might be trying to move toward a more paperless process. That isn’t always possible when you’re catering to a wide array of customers with distinct communication preferences. Effective print management services are critical to ensure that your customers are receiving their documents in a timely fashion and that any return mail is being processed effectively.
The insurance industry has an extremely low unemployment rate at just 2.2% as of August 2019, significantly lower than the national average of 3.7%. Not only do you have existing openings to consider, but you need to plan for the possibility of turnover, as your current employees may be tempted by offers from your competitors.
Customer expectations are constantly evolving, and it can be extremely difficult for insurance agencies to scale business operations at the speed necessary to remain competitive. Offering a consistently excellent customer experience is essential for not only retaining your current customers, but also acquiring new ones. Customer experience is a primary brand differentiator, arguably more important than price and product features to most customers. In fact, 86% of buyers are willing to pay more for a great customer experience, and 73% of buyers point to customer experience as an important factor in purchasing decisions
When deciding on tactics to help your insurance business grow, you might consider business process outsourcing. Working with an external partner for insurance BPO services can help your team work more smoothly and efficiently, reduce internal inefficiencies, and open your team’s agenda to focus on value-driven work. However, you might encounter some objections to outsourcing insurance services that make it difficult to choose the right partner for your business. Knowing what those challenges might be helps you know what questions to ask and what to look for when selecting a BPO partner.
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.