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What are the main risks of not prioritizing processes in a Brokerage House?

Good process management at Corretora de Seguros contributes to the reduction of production bottlenecks in its day-to-day activities. This is because, when the workflows are well established, there is a standardization of demands and the time spent on each activity is reduced, increasing productivity. Another benefit of this process standardization is the fact that, when hiring new employees, their learning is accelerated.

To reach this level of organization, it will be up to the manager to adhere to strategies that make this structuring feasible, with a broader view that identifies the company's demands, what needs to be corrected and what should be enhanced. In this way, in a process of continuous improvement, the Brokerage Company improves its routine, doing more with less.

To help with this mission, in this post, we will understand the risks of not prioritizing process management and how to improve it. Check out!

What are the main risks of not prioritizing processes in a Brokerage House?

Before we start with the tips for creating processes within the Insurance Broker, we need to understand the risks that the company takes when it neglects this management. See what they are below!

There is no clarity in the assignments

When there is no process management, employees have no parameters and find it difficult to understand their attributions. This lack of clarity results in delays that can cause sales to take longer than they should come to fruition.

Allows duplication of functions

Another problem that the lack of process control can bring is the duplicity or overlapping of tasks, that is when more than one employee ends up performing the same activity.

lack of pattern

Even if the company has, in a bureaucratic way, defined standards, without proper process control, the chances of these standards being met are low. The tendency is for employees to perform tasks randomly, according to their priorities, and this can lead to inconsistent processes and risk of failure.

How do create processes in the Insurance Broker?

Now that we understand the risks of the lack of well-defined processes, let's understand how to create these processes within the Insurance Broker, from mapping the current situation to analyzing data and metrics for continuous improvement.

Map current processes

Before creating new processes at the Corretora, it is necessary to understand how the current processes are going, and then define the necessary steps to achieve the objectives set. What is the division of steps in each area of ​​the company? Are they structured to get the best result or just to fulfill a practical objective?

For example, selling CLU insurance in a Brokerage Firm with well-structured processes needs to cover several stages, ranging from prospecting new customers, to attraction, lead nurturing, relationship, promotions, conversion, after-sales, etc. In a Brokerage without a standard, the sales process, being just bureaucratic, occurs only with the manifestation of the client and the answer of the broker - that is, without pre-and post-sales work.

This division into stages needs to be taken to all areas of the Brokerage, including administrative, commercial, and financial, among others. It is important to understand in-depth how processes begin and end and the impact that one step has on the other.

From the moment the manager draws up a general map of the Broker's processes, he has greater visibility of their operation, having at hand the necessary data to optimize the work in a broader scope, structuring the steps so that they are performed in a fluid and organized manner.

Make a structured plan for the new processes

After mapping the existing processes and identifying the need to create well-divided steps, it is time to start planning the new processes, based on the demands, difficulties, and failures present in the current routine.

Use all the information obtained to create an action plan that goes directly to the root of the problem or solution. Always prioritize what is most urgent to be corrected or implemented, with a focus on improving results.

For example, if you have identified that the sales process does not have steps aimed at personalization and customer loyalty, this is the time to create the necessary processes, focusing on personalization of service and proposals, in addition to not letting the contact end. after signing the policy.

Use technology to your advantage

If you identify that bureaucratic and repetitive processes are taking up precise time from employees, it is time to adopt a good management system to automate these processes, which will contribute to having more time available for more strategic activities.

Wasting time on bureaucracy instead of structured processes, in an increasingly competitive market such as insurance, will prevent you from differentiating yourself from competitors, having the ability to make more accurate decisions, and structure smarter processes.

Therefore, it is important that planning is results-oriented, defining the flow of tasks and the resources that will be needed for these processes to be carried out efficiently.

Adopt metrics to monitor processes

As important as structuring the processes for the proper functioning of the Insurance Broker is monitoring the results so that the improvement process is not static and becomes obsolete. After all, what cannot be measured cannot be managed.

In this scenario, along with the creation of processes, it is important to define which key indicators will be monitored, which will show the metrics that are most relevant to your business.

In an Insurance Broker, there are a series of metrics that can be used, and that can be modified according to the company's demands. Among the indicators that need to be monitored periodically, we can highlight:

  • productivity metrics — which show the volume of deliveries in relation to the stipulated period;
  • conversion metrics — which are used for the manager to evaluate the relationship between the number of people who looked for the Brokerage and the sales made;
  • CAC — customer acquisition cost — which shows the amount invested to win new customers;
  • profitability metrics — which will indicate the relationship between the amount invested and the profit obtained in a given stock;
  • quality metrics — which serve to evaluate the customer satisfaction index.

As we have seen, good process control at Corretora de Seguros only brings benefits, as it contributes to the greater organization, better use of time, and an increase in the quality of services provided. All this is enhanced when the Broker uses a good management system to streamline the routine of employees, freeing them up for strategic activities.

Do you want to know how to optimize the processes in your Brokerage using our Insurance Brokerage Management platform? Contact us and ask your main questions about the tool!