Revenue is the name of the game in any business. Higher revenue allows you to innovate and grow your business, offering customers with new, valuable solutions through your products and services. Conversely, lower revenue restricts your ability to come up with easier solutions for potential problems that your customers are facing and puts incredible pressure on your business. Insurance agencies are no different from other businesses that strive for high revenue.
But the question then arises: How can an insurance agency complement their current company structure and increase revenue? The answer is through embedding Edge Ambassadors in your business.
Who Are Edge Ambassadors?
Edge Ambassadors are pre-trained, remote employees that specialize in front and back-end office tasks for your insurance agencies. They complete a training program known as Edge Academy before they join your insurance agency, ensuring that they waste no time in being productive with you. They cost 50-70% less than traditional physical employees, and have an edge over them because of their insurance-specific training.
To read more about what Edge Academy entails, Read our blog here.
How Do Edge Ambassadors Increase Revenue?
Instead of telling you how Edge Ambassadors do it and you having to take our word for it, let’s focus on how Ambassadors have done it successfully in the past. Take the example of Provence– a mid-sized insurance agency based in the US. Before Edge Ambassadors were introduced to Provence’s business, the insurance agency sat at an 18% profit margin. Just to put things into perspective, a really good profit margin for insurance agencies is around the 32-33% mark. So, as you can see, Provence still had room for a lot of improvement in their profit margins, and subsequently their revenue.
How Did Provence’s Profit Margins Increase?
Provence finally put faith in Edge and their Ambassadors and it completely changed their business for the better. After using Edge Ambassadors, Provence saw a growth of 24 percentage points; they ended up increasing their profit margins from 18% to 42%, going well beyond the industry standard. Edge Ambassadors had a major role to play in Provence’s success, to the point that they are still working with Provence to this day. Here’s how the Ambassador’s changed the game:
Decreased Time Per Insurance Proposal & Quote
Before the introduction of Ambassadors to the business, Provence was spending too much time on each proposal and quote. Previously, it was taking Provence 24 hours to quote a customer or send a proposal. In a day and age where fast service is expected of every business, Provence’s pace per customer proposal just wasn’t cutting it. This was leading to suboptimal revenue generation because Provence was losing customers due to long waiting times.
That’s when Provence put their trust into an Edge Ambassador. The Ambassador was able completely take over Provence’s quoting and proposal processes, decreasing the time by a significant amount. This led to customer satisfaction, customer retention and an increase in profit margins. While before Provence couldn’t capitalize completely on all the opportunities they were presented with, the quick, quality service that Ambassadors provided allowed Provence to tap into customers they would otherwise not be able to secure.
Provided Specialized Service
In the case of Provence, their sales team was distracted by putting in too much time on proposals and quotes which resulted in a lack of sales required to increase Provence’s bottom line. With every minute spent on making proposals and filling out quotes, the sales team was wasting precious time contacting potential customers and bringing in new clientele.
This changed when Ambassadors were given control over the proposals and quotes. Because Edge Ambassadors were already trained by Edge on how to quote, they were able to take this burden off the sales team. Now that the sales team had some more freedom to do what they were meant to do, – building relationships and cementing business for Provence. This resulted in the sales team being able to do what they were meant to do all along– sell!
Adaptable Employees For Customized Solutions
All of these are just the ways that Edge Ambassadors helped one insurance agency– Provence. Ambassadors are embedded in insurance agencies around the US helping them achieve their goals; each insurance agency’s requirements are different and depending on their requirements, our Ambassadors are able to adapt and contribute positively to the challenges they are faced with.
For instance, with Provence, it was an issue of substandard revenue generation with a particular focus on how their proposal/quotation process was not optimal, amongst other additional areas that Ambassadors positively contributed towards. However, it’s not like Provence cut costs to see their profit margins sky-rocket; on the contrary, they made a smart, calculated investment in a tried and tested veteran service in the insurance industry that provided quality remote, human capital that helped take their business to the next level.
While this case study focused on two ways Edge Ambassadors helped Provence increase their profit margins, Ambassadors are extremely versatile employees that can be embedded in different parts of your agency. So, if you’re having trouble with following up with clients, contacting clients, and other front and back-end tasks, look no further. Or if you just want someone that understands the space that you operate in, Edge Ambassadors are the way to go – that too at a fraction of the cost.