Maximizing Agency Technology: A Change Worth Making

What drives my journeys is ASCnet's vision, which is for members to “increase system utilization, resulting in increased agency value and profitability.” As an organization, we recognize that even the best technology out there falls short when people fail to capitalize on its functionality.

The message in my chapter visits is rooted in a study done by The Academy of Producer Insurance Studies, which identifies 32 key factors that drive agency value and profitability. In our meetings, we focused on the top 10 factors and explored how applying automation can positively influence each. The factors, in order of impact, are:

We talked about how the efficient use of technology needs to expand beyond the technology people and get to managers and owners. These individuals need to understand their business goals and that technology can help them manage business issues. We talked about getting back to business goals, what agents and brokers want to do with their businesses.

Misperception

I opened many chapter meetings by polling attendees on what percentage of their systems they believed they were utilizing. I often heard estimates of 50 percent or higher. After completing the presentation, which highlighted practical system features principals could use to drive greater agency value and profitability, I asked the same question again. The second time around, answers were much, much lower.

And that's okay. My purpose—and our goal as an organization—is to challenge them. Based on feedback I received at the meetings, agency and brokerage professionals recognized the opportunities. Scores of emails I have received since the meetings show that members are acting on them.

I shared some of the responses at TENCon, our annual Technology, Education and Networking Conference. For instance, a member from North Dakota was able to take information from the chapter meeting and use her system to enhance retention activities. One from Idaho wrote to let me know he now recognizes all of the capabilities of his system and is changing procedures and workflows to tap the full power of his automation.

In Michigan, good friends of mine had been using their system for nearly 20 years, but had never implemented any of its accounting functionality. They used receipt books, ledger cards and a checkbook to manage finances. They switched from manual to automated processes, which streamlined workflows and provided more detailed financial information than they ever had. The best part? These individuals—a married couple—are in their early 70s. It's never too late to change!

At TENCon, I shared the stage with another producer from Michigan—a young fellow who grew up in a plug-and-play environment and who wants anytime, anywhere system access using today's technology. He connects to TAM on the cloud and has full online use of his CRM and sales pipeline management tools. I know he's using his management system to add and market prospects, log client activity, track closing ratios and retention and other factors that drive agency value and profits. How do I know? He's my son.

This chapter tour wasn't the only catalyst for change. ASCnet's targeted education, advocacy, networking and other tools helped drive greater system use, too. For instance, one agent wrote to tell me that after participating in a webinar on document management, the agency sat down and cleaned up their document management categories, sub-categories and descriptions. Then they began the process to move to front-end scanning and a 30 percent productivity gain.

Change

These are just a few examples. I received dozens and dozens of emails from agents and brokers who have committed to building new habits and making greater use of their existing technology. Change can be tough, but for those that are willing to learn and act, the rewards can be significant. Agencies can realize greater productivity and profits through better utilization.

Gone are the days of just working faster or harder. Agents and brokers—regardless of what automation system they use—need to find ways to work smarter. For many, that way is sitting right on their desk. My advice to agents and brokers is simple: Explore your systems, work with your vendor and network of fellow users to see what it can do, and then make use of its capabilities to ensure a return on the investment and to realize increase agency value and profitability.