As an insurance agency, your success depends on the very core members of your business – your producers. Producers help you build those long-lasting relationships that bring in most of your business’ profits. Moreover, they help sustain those relationships to ensure the longevity of your ROI. What most agencies tend to overlook however, is the overload on their producers. Understandably, with a larger client base, comes more responsibility – but those responsibilities can be divided in a balanced manner when you begin to make smarter choices.
What often happens is that producers begin to shift their focus towards back-end tasks such as quoting, doing COIs, following up on claims, and even tending to phones more than they need. This results in a lack of focus on building relationships with prospects and clients – where producers need the most focus on. Focusing on those back-end tasks also ends up costing your agency a lot more than you think which we’ll break down later in this blog.
Many of our clients noticed this disbalance in their own agencies – especially after onboarding an Edge Ambassador. Our Ambassadors are full-time, trained remote employees, who are on boarded at your agency to help support the back-end work your producers need to succeed. After realizing the success of onboarding an Ambassador, a lot of our clients realized they can assign an Ambassador to each producer to take care of the busy work.
Here’s how that benefitted them:
Increase In Productivity
Almost immediately, producers were able to shift their focus back to building relationships. Because our Ambassadors are pre-trained, they’re able to hit the ground running the moment they’re onboarded at your agency. Multiplying that effect to more than one producer helped our clients tremendously when it came to back-end work.
While agencies might be wary of putting an Ambassador in a front-end role, 90% of our Ambassadors do end up in front-end positions because of their great communication and customer service skills. Answering phones, following-up on claims, and writing emails saved up to 48% of the time for producers! On a larger scale, that time is incredibly valuable. With each producer having the time to focus on enriching customer relationships, they’re able to perform better allowing your business to thrive.
Let’s face it, time means money especially in the insurance line of work. Did you know it costs most insurance agencies $30 to make one quote? It also costs $10 to make one certificate of insurance. We did the math in some of our previous blogs you can check out – and those numbers multiply when you have your producers doing all the busy work.
We forecasted the cost of a client who requires 50 COIs on a yearly basis which results in a value of $500 on making certificates for one client alone. Now multiply that same number across multiple clients and you’re seeing expenses in the thousands. The same rule applies to quotes. The simple fact is, you’re spending an extremely large amount of money for your producers to take on back-end tasks. The main reason why those numbers are so inflated is simply because it takes your producer longer to do those tasks. 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 just how much time means money when you break down the cost of what you’re paying your producers to do.
Circling back to the cost of COIs, if you divide $30/hour by 3 – that’s about what you pay per hour to have three Edge Ambassadors. That means you pay approximately $3 per Ambassador to make one COI. The same $500 you would pay for a client requiring 50 COIs would now cost you $150 – a $350 difference. Again, take those numbers on a large scale for multiple clients and you’re saving in the thousands. Applying the same numbers for quoting would give you the same result.
The thought of onboarding multiple Ambassadors may at face value seem like an added expense, but that couldn’t be further than the truth. Our clients realized this and have successfully saved on a ton of overhead by onboarding multiple Ambassadors. When we say we help insurance agencies work smarter, we mean it.
With numbers like that, the results are clear. Onboarding multiple Ambassadors means you have multiple benefits. When you partner with Edge, you see results immediately – starting with your overhead. Boosting productivity helps you ensure that your revenue climbs in the right direction. Our clients have been able to focus on building relationships while their Ambassadors take care of the busy work. This synchronization and balance in workflow has been tremendously successful and at Edge, we see that as our own success.