A Deep Dive Into 9 Insurance Business Costs You Don’t Need

Tough times don’t last. But tough businesses do. 

Looking for ways to save money at your insurance carrier, agency, or MGA/MGU? Who isn’t? 

As the economic outlook remains uncertain and companies grapple with how they’re going to maintain (if not grow) business in the coming years, it can seem logical to put your entire budget on a crash diet. But just like crash diets don’t work for people, often having the opposite of the desired effect, companies that aggressively slash staff and budgets in reaction to current economic trends may find themselves worse off in the long run. 

This is why it’s so important to look at what spending is truly unnecessary before eliminating it. For many insurance businesses, these areas are concentrated in operational inefficiency. Namely, where manual processes, tedious hours of staff time, and technology you purchased but haven’t effectively leveraged result in dollars down the drain. 

If you’re wondering which areas these are, and how you can identify and eliminate unnecessary costs within them, we’re happy to help. 

 

9 common places insurance businesses pay for what they don’t need 

If you’re examining every dollar your insurance agency, carrier, or MGA/MGU spends, don’t be distracted by the occasional office lunch or holiday party. Chances are, cutting that kind of spending will only make your culture more gloomy. Sidenote: The insurance industry can’t afford to sacrifice on culture with a huge wave of retirees and a shortage of new talent

Instead, laser focus on these nine places where you might be spending way more than you need to be, without even realizing those costs aren’t necessary. 

Our guide includes more details, and answers to questions like: 

  • How can we ensure we’re only appointing producers who’ll bring revenue in the door by selling policies? 
  • How can I cut costs without sacrificing compliance and my reputation? 
  • Am I getting the real value from technology I’ve already invested in? 
  • How would my organization benefit from reducing the time staff members spend on manual tasks? 
  • What types of cybersecurity risks do our current practices create? 
  • Do we have a reputation as being a business our distribution channel partners actually want to partner with?
  • Are we making decisions based on what we know, or just how we feel? 

If your organization’s grappling with any of these questions, or others about how you can identify and eliminate unnecessary costs without kicking yourself in the foot, download the Insurance Industry’s Guide to Not Paying for What You Don’t Need.

Download AgentSync’s How-To Guide for the Insurance Industry

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