So much work that is being done at insurance agencies is processing work.
- Collecting a check from a policyholder to beat a cancellation deadline (then having to call the payment in, get an envelope, address it, stamp it and put it into the outgoing mail)
- Getting quote options for a producer
- Sending a Certificate of Insurance to a vendor (resending it with the correct info that they provided to you after the 4th phone call)
- Faxing a binder to a lender
- and on and on and on
These are necessary tasks of an agency, but not necessarily value-added tasks. From producer to customer service personnel, the value-added services require relationship building, conversations, collaboration and other inter-personal efforts that deepen the trust between the client and agency. These deep conversations are where you discover your clients pain points. It’s where you can find solutions to problems that the client didn’t know existed or didn’t know you could solve. It is where you can increase revenue and margins. The challenge for agencies is how can we have our team focus their attention on the value-added functions that they want to do versus the mind-numbing processing work that they are forced to do?
In this episode of Profiles in Risk, Tony interviews Giri Laveti, CEO of Assuretrac. Assuretrac leverages internet technologies to provide an outsourcing solution to agencies. These solutions are predominantly non-licensed processing activities. The personnel is located in India (which reduces labor costs for processing) and is setup to overlap US hours with fluent English speakers. Assuretrac estimates a 3x increase in productivity which create the necessary time for an Agency CSR, Account Managers and Producers to do the real relationship work that agencies desperately need to thrive. They work with all major AMS systems and can handle both commercial and personal lines.
Connect With Giri: LinkedIn / Assuretrac Homepage
About Nicholas Lamparelli
Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.
Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.
