Doing Nothing Prices Extra Than You Suppose!


This publish is a part of a sequence sponsored by AgentSync.

Individuals typically suppose change is dear. However what about the price of staying the identical? When your insurance coverage enterprise doesn’t put money into course of enhancements, together with fashionable know-how and automation, you run the danger of paying the value in the long term.

Doing nothing doesn’t price nothing

We love a superb analogy, so let’s suppose for a minute about your automotive. Let’s think about you personal a automotive that’s 20+ years outdated and has 300,000 miles. Droop your disbelief for a second, or no less than fake it’s a Toyota.

You’ve lengthy since paid it off so there’s no month-to-month automotive cost. And your auto insurance coverage is grime low cost since you don’t even trouble with complete protection. Wind, hail, and fallen timber be damned!

Your price of possession might really feel prefer it’s small in comparison with the concept of shopping for a brand new automotive, however the actuality is, not making a change is costing you greater than you’d wish to admit. When you’re targeted on the massive down cost or the higher-than-zero month-to-month installment, you overlook about issues like:

  • New high-tech security options that may stop accidents earlier than they occur
  • Gasoline efficiencies that save massive cash on fuel–or remove fuel altogether
  • Zero-cost upkeep on your first few years
  • Decrease insurance coverage premiums for vehicles with anti-theft gadgets and web enabled monitoring
  • Guarantee protection for main mechanical failures inside the first 5 and even 10 years of possession

If you actually give it some thought, it’s typically costing you extra to stay with one thing you’ve had ceaselessly than to embrace one thing new.

This similar factor occurs in companies on a regular basis. When individuals take into consideration upgrading their inner processes–changing handbook work with know-how, for instance–all kinds of obstacles get in the way in which.

“It’ll be too costly.”

“It’ll take an excessive amount of time or effort.”

“We’ll sacrifice productiveness whereas individuals stand up to hurry.”

And our private favourite, “However we’ve at all times carried out it this fashion!”

Identical to your outdated (imaginary) automotive, the prices on the forefront of our minds are often momentary, and far much less over time, than those we’ll pay to maintain doing issues the outdated method.

Is your insurance coverage compliance course of the equal of an outdated jalopy?

Overlook about your automotive for a minute and let’s take into consideration your insurance coverage enterprise. Whether or not you’re an insurance coverage company, provider, or MGA, you could have processes and programs in place for coping with issues like producer licensing, appointments, and contracting.

It’s totally doable that your “system” is a spreadsheet. Actually, greater than 10 % of our clients do improve immediately from one! Or, it may be some mixture of various tech instruments your group has cobbled collectively over time, however which don’t combine or work together with each other.

It’s tempting to suppose the one price you face is the one for adopting a brand new know-how answer. Now, take into consideration that outdated automotive – your course of is probably going comparable. What looks as if a superb and cost-effective methodology now is definitely costing you greater than you understand.

For instance:

  • Duplicate work due to knowledge and workflow silos
  • Misplaced income as a consequence of producer downtime between hiring and being able to promote
  • Bloated recruiting prices as a consequence of a cumbersome worker expertise resulting in excessive turnover
  • Human error as a consequence of handbook and repetitive duties that would simply be automated for higher pace and accuracy

If you happen to’re able to take a superb laborious have a look at what worth you’re really paying to maintain doing “enterprise as standard” at your insurance coverage firm, company, or MGA, our information may help.

Obtain “What’s the Value of Doing Nothing?”, AgentSync’s information to the value of “enterprise as standard” within the insurance coverage trade to discover how a lot you’re already paying (and threat paying) simply to remain the identical. Or click on right here to arrange a stay demo to see what AgentSync can do to scale back these prices for your online business.

A very powerful insurance coverage information,in your inbox each enterprise day.

Get the insurance coverage trade's trusted publication

Leave a Reply

Your email address will not be published.

Go up