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Don’t Let the Sun Go Down On Your Insurance Business Planning

It’s the end of a long work day. You’re tired and, frankly, you’d like to leave the office, eat dinner, and go to bed. However, you know that from the beginning to the end of your day, you need to make sure that you maintain a strong business. What tasks should your agency do every day to keep your business running smoothly?


Establish Processes & Procedures

How do you ensure that your employees are accurate and efficient at the same time?

  • Use metrics. Track your quality and accuracy issues, and know where you need to make improvements.
  • Crosscheck documents with another employee for accuracy.
  • Use automated form and workflow software with fields and prompts that ensure that you don’t miss any vital information from your customers.
  • Make your software and manual processes integrated and consistent. According to Information Builders, inaccurate data “can be from as simple and seemingly innocuous circumstances as one person using data discovery whilst a second focuses instead on Excel or standard reports.”

As you train new employees, don’t just show them around the office. Familiarize them with the processes you use to manage workflow to maintain accuracy and efficiency in your business.


Reflect On Your Needs 

The day is busy and you often find that you’re struggling to stay a step ahead of your clients. Whether it’s weekly or monthly, you need to take some time to reflect on your own job and reflect on the company as a whole.

Where is it struggling?

Where could it improve?

Encourage your employees to participate. Support them by listening to and considering their suggestions.


Invest In Infrastructure 

People are only one part of your business. The other part involves the support structures you use. Today, most of these are on the tech side. According to Search Data Management,

“There’s ample room for improvement, particularly if data quality analysis and remediation is currently a fully manual process.” 

Knowing your regular issues, your employees’ concerns, and your clients’ needs, look for software tools that can support better business accuracy.


Learn From Best Practices 

Take time to look investigate what is going on in the insurance field. Observe others. Join a networking group. Search for online for ideas for how you can improve your processes. Observe what others are doing and how they are innovating. Study best practice standards. Evaluate your business in light of those practices.


Have a Short Term and a Long Term Plan 

You have business goals. You may want to reach more seniors. You may want to expand into the commercial insurance business. You may want to establish another location or move more business online.

How often do your goals involve accuracy and efficiency? Improving your business processes is key to reaching your business goals. For example, in the short term, your goal might be to save time by migrating from spreadsheets. In the long term, this may help you to better able to manage the data that they provide.


Make a Contingency Plan with E&O Insurance

Any long term plan should also involve contingency plans. If you make a mistake that affects one of your clients, what happens? If your business is hacked, what do you do next? Having E&O insurance can help you survive errors, omissions, and disasters so that you can continue to operate your business.

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