Growing Small Insurance Accounts
Frank Phillips | ReSource Pro| Posted: 5/4/2021
GIVING SMALL ACCOUNTS THE SERVICE AND ATTENTION THEY DESERVE
Managing small commercial accounts is a struggle many insurance agencies face. After all, small accounts bring in less revenue and are often less experienced insurance buyers who need more support.
How can you avoid this common problem? Typically, agencies combat it by using small accounts as training for new staff or putting thresholds on how large an account must be. Yet these tactics can make the problem worse by introducing greater inefficiencies, removing standardization, and worst of all, exposing the agency brand to E&O and reputational damage.
Learn how one broker successfully increased the profitability of their small accounts by leveraging ReSource Pro’s onshore, licensed professionals of ExpressIX.
CASE STUDY: SERVICING UNPROFITABLE SMALL ACCOUNTS
A U.S.-based insurance broker found it increasingly difficult to devote the resources needed to handle small accounts while maintaining profitability. The broker sought out a new solution to retain small accounts while exercising minimal oversight.
SOLUTION: ACCOUNT MANAGEMENT THROUGH EXPRESSIX
The broker partnered with ReSource Pro, handing off 1,000 accounts with 3,000 policies to the Lincoln, Nebraska-based ExpressIX team. As trust increased, the broker began to leverage the ExpressIX team for more advanced account management, and within a few months, the broker was sharing new business leads that the ExpressIX team pursued on the broker’s behalf.
THE IMPACT: INCREASED REVENUE RETENTION AND BOOK GROWTH
In less than a year, the broker saw significant growth in the accounts managed by ExpressIX, including:
Achieving a revenue retention of 114.63% on previously unprofitable accounts
Growing the book of business from $800,000 to $1.46 million
Thanks to its partnership with ExpressIX, the broker was able to remove the strain on its internal teams and boost profitability while maintaining excellent customer service.
WHY CHOOSE EXPRESSIX?
With ExpressIX, our trained account experts not only service but grow your book of business. Our team works as an extension of your agency and can grow your book by as much as 80% in a year while freeing up your teams and increasing efficiencies. Working out of a facility that is carrier and geography agnostic, we can centralize and standardize your processes through methodologies like Lean and Six Sigma, apply new technology like automation, and focus on delivering exceptional service.
If you have any questions or would like to learn more, please reach out to Robyn Eberhart at [email protected].
About Author: Frank Phillips is the head of ReSource Pro’s award-winning Insurance Experience (IX) Center.