When it comes to quoting your customers, most producers are on the task. The question is, should your producers even spend time quoting? Although it is the norm – it’s a norm that costs you a lot more than you think. Producers are meant to spend their time building relationships and selling -and while quoting customers is a big part of that, it’s a back-end task that can take anywhere from an hour to 24 hours for agencies that work with multiple carriers. 

We’re here to tell you that you can save a ton of time and overhead when it comes to quoting. 

Here’s how you’re spending way too much on quoting and how you can counter that:

The Numbers

If you haven’t checked out our previous blog on how COIs are costing your agency big bucks, you should add it to your list of things to do! We calculated the average rate per hour for a mid-level account manager which was about $30/hour. Following the same rate as the foundation for our calculations, we can go ahead and calculate how much you’re actually paying for one quote. 

The math is quite simple, if you divide the $30 you pay your producer by the amount of time it takes them to do a quote – which in this case we can go with one hour as a baseline, you pay $30 for one quote. If it takes your producer longer than that per quote, you’re looking at that number exponentially increasing. Customers also demand instant service and taking too much time on quotes can reflect poorly on your customer service front.  Understandably, producers have a ton of things to focus on at once which not only adds to their workload but it surely adds to your overhead when you realize how much time means money when it comes to quoting.

The simple fact is, you can allow producers to focus on building relationships and selling if you have someone taking care of the back-end work. How? That’s where we come in. 

The Solution

The cost of quoting can dramatically be reduced if you’re looking to start making smarter decisions and save on your overhead. At Edge, we believe in complete transparency and rather than just telling you what we do, we show you how to do it. Born from an insurance agency, we know all too well how costs add up which can hold you back from growing your team to divide agency tasks efficiently. We bring you the resources you need to ensure your agency’s success. 

We’re here to tell you that you can save up to $25 per quote! That’s a huge amount if you look at how much that saves you on each quote that’s made. If you divide $30/hour by 3 – that’s about what you pay per hour to have three Edge Ambassadors – remote, talented, and pre-trained employees ready to take your agency to the next level. Following the same math from earlier, it costs you about $4 per Ambassador to do one quote! The hourly rate you pay for one Ambassador is about $12. The amount of time it takes an Ambassador to do a quote is about 20 minutes on average, if not less! Moreover, our Ambassadors can do anywhere from 20-50 quotes a day depending on what you need! You’re looking at a range of $80-$200 per quote whereas if you had a producer focusing on quotes you’d be spending an extremely steep cost on quoting. Not to mention that with the amount of workload producers already have on their shoulders, doing 20-50 quotes a day simply isn’t feasible. 

You can already see just how much of an impact saving those costs can have on the success of your agency overhead. Not to mention you save on a ton of other expenses with an Edge Ambassador such as training, onboarding, as well as replacement costs – you can check out our blog on how it costs you up to $11,000 to replace one producer. How much does it cost to replace an Edge Ambassador? Absolutely nothing! 

We mean it when we say we help make insurance agencies work smarter. Your success is our success – even when it comes to your pocket!

The Result

With numbers like that, the results are clear – you’re spending way more than you need to on quoting. Providing insurance agencies with smart solutions is what we offer through our Edge Ambassadors. Partnering with us means you open up a pandora’s box of resources to help bring your overhead down while boosting productivity to a whole new level. Your producers can focus on building relationships while your Ambassador takes care of the busy work – it’s a win-win situation.

You can even check out our blog where we talk about How an Edge Ambassador Cut an Agency’s Quoting Time from 24 hours to 15 minutes

We don’t just tell you what we can do for you, we show you – say goodbye to 20-40 minute long tasks and take your agency to the next level with Edge.