Do you really still have people performing these rote, error-prone chores? “Reconciliation” is just a fancy word for “making sure things match.” It’s an essential cross-checking chore that can be found in all industries. In insurance, you need to make sure that numbers from one source—say a carrier’s commission statement—match those in another—such as your …
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Sales and Operations The recently-hired COO of a large, successful, third-generation, family-controlled insurance brokerage struggled with a range of frustrating challenges. The traditional, “sales-driven” culture typical of almost all comparable brokerages was based heavily on personal, face-to-face relationships. Lots of businesses rely on this model for sales; however, this culture also pervaded senior management’s views …
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Policy Administration A leader in life insurance products for direct-marketing channels in the U.S. struggled to recruit and retain customer service reps (CSRs) for its contact-center operations. And the implications were more serious than simply long, frustrating wait times for callers. That’s because nearly half of all inbound calls involved intense efforts by CSRs to …
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This is part 1 of a 4-part-series. Find the other parts here: Part 2: Crush Policyholder Services Costs & Turbocharge Customer Experience Part 3a: Digitization For Insurance Companies: Reduce Operating Cost and Multiply Effectiveness With RPA Part 3b: Slash P&C Insurance Costs & Multiply Effectiveness With RPA Minimizing claims leakage, defining the solution, …
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