The new business process is critical to the growth of an agency. However, it can often full of inefficient and inconsistent processes. Without the right tools and guidelines, producers can easily find themselves creating their way of doing things, leaving the next person in the process without all of the necessary details to manage the quoting process.
While this can be frustrating, here are a few tips every agency can implement to take the friction out of the quoting process.
Keep the process simple –
The intention is not to create a free pass for not doing the work. However, the human brain is always looking for the path of least resistance. Ensuring the data gathering process is as easy as possible is suitable for both the producer and the client and should yield better results when it comes to getting complete information consistently.
Overloading the process with requests for unnecessary information will lead to more questions, frustration, and a lack of cooperation. Instead, make sure that any forms used for gathering client data are clean and straightforward, eliminating questions (or entire sections) asking for impertinent or duplicate information.
2.) Set a standard for collecting complete information –
This statement may seem a bit like stating the obvious. The agent must ask the right questions and obtain the necessary details. Trying to bypass this work is a disservice to the client and the agency.
And if a prospect is not willing to provide all the information needed, there is a good chance they aren’t interested enough to see the process through. However, if they are engaged, agents need to be prepared to do a thorough analysis, gathering sound information to ensure they understand that risk and provide the appropriate coverage for the insured’s exposures. Look at this as the first step to building a client relationship.
3.) Be open to questions –
Even when it seems like every “i” is dotted and every “t” is crossed, questions will come up. Questions could be from someone at the agency reviewing the submission before it goes out or an underwriter. While the risk may seem simple and straightforward on the surface, there could be unique characteristics or concerns that require clarification for the underwriter.
To ensure the quoting process keeps moving forward, confirm there are communication protocols set up for every person in the process. Whether it’s letting the underwriter know who they should contact with questions, who will communicate with the insured, or the timeline for responses, setting a standard will maintain open communication lines, reduce confusion, and keep everyone involved on the same page.
4.) Document the process and address problems –
All procedures in an agency require documentation and auditing. Clearly defined and documented processes create a reference point for employees to go back to when needing a reminder. Auditing establishes a system for confirming the use of the procedures.
Whether it is making sure that the process is happening according to the described timeline, information returned from the producer is complete or requires back and forth, or that communication is remaining clear and responsive throughout the process. These are all critical components to making sure that the right systems in place. If there are problems evident in auditing or issues brought to light by employees, it’s essential to address and correct early.
Producers want to grow their book and continue building new relationships. Designing proper processes will help ensure that everyone is working together to make that happen!
For more insight on this topic and others, check out the full episode of The Independent Agent here!
About the Author
Justin Goodman has spent the past 20 years in insurance. He is the co-founder and CEO of Total CSR and co-founder and Managing Director of Project 55. By the age of 29, he was recognized as one of the top five construction insurance experts nationwide by Risk and Insurance Magazine. He also was named to Insurance Business Magazine’s Hot 100 and most recently the 2024 Insurance Journal Agent of the Year. Justin has trained over 50,000 CSR’s, account managers and producers through his work at Total CSR. He has a passion for developing the next generation of insurance professionals. When not with his family, he devotes his free time to speaking engagements and advising agency owners across the country.
