Accounting for your revenue, while balancing your service
Your book of small accounts is important to your business, but likely doesn’t account for the largest portion of your revenue. The 80/20 rule applies often in business and life, and servicing your accounts is no different—it’s likely that 80% of your revenue comes from about 20% of your customers. Unfortunately, it’s unlikely that 80% of your staff’s energy is spent servicing your biggest revenue-generating customers.
It’s time for you to outsource those small account tasks so your staff has more time to spend servicing and nurturing your larger customers.
It can be challenging to balance efficiency with excellent service while also trying to increase profitably and grow your books! By leveraging small account insurance outsourcing, you can have it all. By outsourcing your small account management, you and your team can easily improve efficiency, exceed customer expectations, and increase profitability.
A small business insurance outsourcing team is often available for more hours in a day than your organization can provide. Having a team available for longer hours means they can respond to customer needs in a shorter amount of time and can turn around a final product faster. Your outsourced team will be highly skilled and knowledgeable in their service offering, which reduces errors and allows them to work faster and more efficiently because they’re exceedingly familiar with their task.
A good small business insurance outsourcing partner will dedicate specific team members to your small accounts, giving them unique insight to your customers and the ability to anticipate their needs. Similarly, your internal staff will have greater capacity to form stronger relationships with existing clients and new accounts, build trust, and provide consistent service that exceeds expectations.
By spending less time servicing your small accounts, your staff will have increased capacity to nurture stronger relationships with your larger, higher revenue-driving accounts—not to mention capacity to close new sales. Improving these relationships creates more cross-sale opportunities and improves retention, thus increasing your overall profitability.
If you select the right outsourcing partner you should receive a guaranteed return on commission through increased margins on your book of small accounts, increased insured retention rates, and improved client satisfaction.
A company like Patra can solve these small account management challenges with you, by taking on your mission-critical tasks, freeing your staff to set their sights on bringing in new business, and building stronger relationships with your existing larger accounts.
About Patra
Patra is a leading provider of technology-enabled insurance outsourcing services and AI-powered software solutions. Patra powers insurance processes by optimizing the application of people and technology, supporting insurance organizations as they sell, deliver, and manage policies and customers through our PatraOne platform. Patra’s global team of over 6,500 process executives in geopolitically stable and democratic countries that protect data allows agencies, MGAs, wholesalers, and carriers to capture the Patra Advantage – profitable growth and organizational value.
