The world of group insurance is undergoing major changes. Insurers used to be brokers’ suppliers; they are now becoming competitors. To stand out, brokers need to increase their service level as well as their added value for their clients.
But it’s not that simple. Brokers’ administrative processes are complex, but the technologies supporting them are often obsolete. In fact, many players in the industry are slow to modernize, which could compromise their position sooner than later.
What avenues do brokers have to differentiate themselves and remain competitive? What about a technology platform designed specifically for group insurance brokers? Here’s a quick overview of the situation and some of the benefits of a platform designed for their needs.
What’s the situation for group insurance brokers?
Many brokers use management systems that are not adapted to the evolving market and new client expectations. We believe that, in the long run, group insurance brokers who have not adapted may simply disappear.
Currently, cumbersome administrative processes often get in the way of quality customer service. Group insurance brokers must address several challenges: slow renewal process, policy activation, commission management, etc. All this while advising their clients on their coverage.
Similarly, the decentralization of data is often a source of problems for brokers. Information can be hard to find and use, and data spread across multiple systems adds to the burden. As a result, administrative tasks take more time and the risk of error increases.
A tailor-made platform for group insurance brokers
XRM Vision has set up an integrated management system to streamline your daily brokerage activities. TANDEM is unique in that it’s a complete database management solution as well as a brokerage management system. In other words, it’s a platform for the management of your prospects and your entire sales cycle.
In the rest of this article, we’ll explore the benefits gained by implementing a platform tailored to your profession.
Here are 10 advantages of opting for a management system tailored to the reality of group insurance brokers:
1- Manage all your processes in one place
What if you could manage all your processes in a single platform? TANDEM takes care of your entire broker process—policy, renewal, implementation, billing—all while centralizing your data so you get a 360-degree view of your clients.
2- Automate your processes
Do repetitive tasks take up too much of your time? By automating your processes in TANDEM, you’ll reduce your administrative tasks by about 50%. This process digitization will also help you shorten waiting times and improve customer experience.
3- Bring value to your customers with TANDEM’s TPA functions
TANDEM is a BMS (Broker Management System), but also offers all the tools you need to be a TPA (Third Party Administrator). As a result, participants, administrators, and brokers benefit from a separate administration portal. In this way, you maintain your dealer relationship with your clients while also advising them.
4- Talk to your customers more often
Currently, most brokers spend more time on administrative tasks than interacting with their clients. In the past, brokers had much more time to maintain their client relationship. After implementing TANDEM in your company, you’ll be freed from many of your administrative tasks and have more time for your clients.
Indeed, a PKF study shows that 55% of brokers talk to their clients barely once a year. Those who manage to talk with each of them at least twice a year account for only 18%. Finally, only 9% of brokers manage to do so each quarter.
5- Integrate your platform with your current tools
TANDEM can also be integrated with the technological tools you currently use. Whether it’s your accounting or telephony applications, your data will be automatically connected to provide a seamless flow.
6- Be mobile
Your system will automatically synchronize to tools that streamline remote collaboration, like Microsoft Sharepoint. You’ll be able to create sites with customized security access. Likewise, all users of your TANDEM platform will be able to access the interface from any device (smartphone, tablet, computer) at any time.
7- Make your move to the cloud in complete security
As a broker, it’s essential to ensure the security of your clients’ data. TANDEM, built with Microsoft Dynamics 365, offers all the security, scalability, and integration with Microsoft productivity tools (Outlook, SharePoint, Excel, Teams, etc.).
8- Reduce the risk of error
By automating and centralizing data, you’ll reduce the number of double entries and time spent on data entry. As a result, your risk of error drops drastically while your productivity increases.
9- Increase agility to boost your growth
If you manage business processes with obsolete technology maintained by a few employees, you could be hindering your growth. TANDEM can be easily modified to cope with new situations and evolve with your business.
10- Get started quickly
Implementing TANDEM in your company is simple. We estimate the implementation time at one month, thanks to our team of digital transformation specialists.
Learn more on TANDEM, our insurance broker management system, by watching this video:
In short, there are many benefits to opting for a platform that supports all your group insurance brokerage processes. But the biggest gains are in improving your business processes and customer service. TANDEM enables you to differentiate your business in both these areas by lightening your workload and allowing you to focus on your relationship with your clients.
We know that sound change management is a major issue in achieving the results promised by a platform. Our specialists will help you along the way to ensure a smooth transition. We’ll accompany you through it all and guide you in managing change and training your employees.
Do you have questions about how TANDEM can speed up your work as a broker? Our digital transformation experts can answer your questions and advise you. Contact us.