The Coronavirus has brought a slowdown across industries and effectively changed the way in which businesses work. It remains to be seen is whether this will be a short-term or long-term change. While insurance agencies have not been immune to the effects, some are weathering the crisis better than others. Agencies that have invested in the right types of technology and diversified tasks across different employees are better prepared for the unexpected and disruptive “new normal”. For those agencies that have not, all is not lost. Business Processing Outsourcing (BPO) services can lend a hand.
How is COVID-19 Affecting Insurance Agencies?
Let’s start by taking a look at some examples of how the pandemic is affecting insurance agencies:
- Decrease in Sales – With layoffs, furloughs and business cuts, many agencies have experienced a slow down in new sales, which affects agency revenue & commissions.
- Lack of In-Person Sales – Agencies that relied on face-to-face transactions/sales are losing ground to digital competitors because they lack the technology to transact business online and at a more efficient pace
- Decrease in Resources – With an increasing number of people getting sick, kids out of school and a lack of childcare options, there are limited resources in many agencies, especially those that rely on just one or two people for a variety of tasks.
- Increased Customer Service Needs – There has been a huge increase in the number of customer-related service calls ranging from health plan inquiries to requests for lower premiums and policy cancellations.
- Communication with Third Parties – Agencies often depend on MGA’s, brokers and insurance companies to complete transactions. Given their businesses have also be affected, possible slow response and technical issues can slow down the sales process on your end.
- Remote Working – We overestimate the ability of employees to work from home when there are clear limitations including a slow & unreliable internet connection, proper set up, connection to necessary systems and more. This can affect employee productivity and impact overall agency performance.
Staff Boom Business Process Outsourcing (BPO) Can Help Your Agency
At Staff Boom, we have a vast amount of experience with remote work. That’s because we have been very successful in helping agencies with their back-office support and have been doing it for many years. Staff Boom can help with:
- Lower Costs – A remote employee is a lot more affordable than someone here in the states, without many of the HR issues. Additionally, you save money on set up and infrastructure costs.
- Experienced Staff – Our employees are trained by a team of insurance professionals with years of experience in the industry. They are ready to help not only manage your current workload but find ways to help improve your process.
- Back-Office Support – Staff Boom has a team available to manage those pesky time-consuming tasks, and allow your staff here in the States to focus on higher priority activities for your business, such as cross-selling & upselling to generate additional revenue and client retention. Additionally, you can have the peace of mind knowing if some of your employees were to get sick, there is a team managing your day-to-day tasks, ensuring your business continues to move forward.
- Technical Support and Data Security – We have the infrastructure and experience to ensure the security of your data and the proper set up of all your systems. This comes about from years of experience working with customers, connecting their employees and protecting their data, thus providing a safer and easier alternative to your employees working from home.
- High-End Customer Support – Our employees are trained to provide the best customer service and are trained to seamlessly integrate into your organization so your customers receive the same quality service they are accustomed to. It is not uncommon for our employees to adopt the same culture you have developed within your business and establish a relationship on a first name basis.
This is a challenging time for all insurance agencies, and the decisions you make at this point can have a big impact on your agency now and following this crisis. At Staff Boom, we are committed to providing our clients with outsourcing solutions that have an immediate and positive outcome on their businesses. Incorporating BPO services into your current & future plan, now more than ever, can help your business weather the current storm and position it for growth for years to come. Request a consult today!