Page 33 - COVID-Proof-Your-Agency

Chapter 4 – Take Action | Blew, Caldwell, Masiello

As you're acting on these issues, it's important to communicate with your staff. And it's

important to engage them in the process. They will have many good ideas to help. In fact, those

closest to the work often know the best way to make changes to improve processes and to do so

quickly.

As you move into your new normal, be sure to communicate clearly and frequently with

your clients. Let them know as you add service opportunities and products. If it's been more than

a year since you had a coverage review with clients, now would be an excellent time to do that.

What else can you do to deepen the communication, and the relationship, with them? This is a

great time to deepen your relationship by being useful. Remember, their futures have been

shattered in many cases and they may have residual fear and uncertainty.

FOCUS ON GETTING BETTER

One of the things that you can do to improve your processes and reduce your expenses is

to make sure you're operating as efficiently as possible. So, during the virtual work phase, take

the time to review your policy processing. Review expiration lists. Confirm status of renewals,

endorsements, new business and cross marketing activities. Carefully check your staff utilization,

suspense activity and account distribution. Make changes now, during the virtual phase, to

maximize your productivity.

Be sure that you're on top of agency bill receivables and current account payables. It's

likely that agency bill clients will become past due on premiums. It's important to manage these

things so that your agency doesn't become the financial loser. Many insurance companies are

now offering premium forbearance agreements depending on client's needs. You'll want to be in

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