Wednesday, November 30th, 2022

Doing Nothing Prices Extra Than You Assume!

This publish is a part of a collection 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 expertise and automation, you run the danger of paying the value in the long term.

Doing nothing doesn’t value nothing

We love an excellent analogy, so let’s suppose for a minute about your automotive. Let’s think about you personal a automotive that’s 20+ years previous and has 300,000 miles. Droop your disbelief for a second, or at the very least faux it’s a Toyota.

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

Your value of possession could really feel prefer it’s small in comparison with the thought of shopping for a brand new automotive, however the actuality is, not making a change is costing you greater than you’d prefer to admit. When you’re centered on the massive down fee or the higher-than-zero month-to-month installment, you neglect about issues like:

  • New high-tech security options that may stop accidents earlier than they occur
  • Gasoline efficiencies that save large 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 throughout the first 5 and even 10 years of possession

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

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

“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 all the time finished it this manner!”

Similar to your previous (imaginary) automotive, the prices on the forefront of our minds are often non permanent, and far much less over time, than those we’ll pay to maintain doing issues the previous approach.

Is your insurance coverage compliance course of the equal of an previous 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, service, or MGA, you’ve got processes and programs in place for coping with issues like producer licensing, appointments, and contracting.

It’s fully potential that your “system” is a spreadsheet. In actual fact, greater than 10 p.c of our clients do improve straight from one! Or, it is likely to 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 value you face is the one for adopting a brand new expertise answer. Now, take into consideration that previous automotive – your course of is probably going comparable. What looks as if an excellent and cost-effective methodology now is definitely costing you greater than you understand.

For instance:

  • Duplicate work due to information and workflow silos
  • Misplaced income on account of producer downtime between hiring and being able to promote
  • Bloated recruiting prices on account of a cumbersome worker expertise resulting in excessive turnover
  • Human error on account of handbook and repetitive duties that might simply be automated for larger velocity and accuracy

When you’re able to take an excellent onerous take 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 might help.

Obtain “What’s the Price of Doing Nothing?”, AgentSync’s information to the value of “enterprise as standard” within the insurance coverage business 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 dwell demo to see what AgentSync can do to cut back these prices for your online business.

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