Group Insurance Brokers: Assess Your Business Processes

group insurance broker :asset your processes

As group insurance brokers, addressing change is essential, if not fundamental 

With the advent of Bill 141 and a market disrupted by the pandemic, matching the competition is no longer enoughNow is the time to adjust to current developments and modernize your business processes.  

The group insurance brokerage industry is at stake.  Therefore, to survive in this new complex environment, group insurance brokers must pivot quickly, especially in order to 

  • Retrieve all your information quickly and stop wasting time,  
  • Automate your processes, 
  • Centralize your communications, ensuring flexible documentation management throughout interactions, 
  • Find new business opportunities.  

In other words, you need to reinvent yourself, and fast! 

Now, let me ask you a question: Is your organization ready to face technological changes? And if so, what is the maturity stage of your business processes? How do you plan to deal with the implementation of a CRM or a broker management system?

The maturity of group insurance brokerage processes

The term maturity refers to a development process that leads an organization to an optimal state of performance.   

Originally, the term Capability Maturity Matrix was coined by the U.S. Army, which has refined the method over many years. We have adopted the practice and adjusted it to the reality of group insurance brokers. We call our unique approach the group insurance brokerage process matrix.  

 An analysis of the maturity of your group insurance broker business processes will allow you to 

  • Prioritize changes that have an immediate positive impact on the companys operations,   
  • Engage employees in adopting the change by streamlining their daily tasks 
  • Ensure that the company is ready for each to adapt to each successive series of changes resulting from the implementation of a brokerage system, 
  • Track the expected benefits of each change.

group insurance brokers :asset your processes

The maturity matrix will help you determine where your company stands. Thus, the matrix can be broken down into different stages: initial, repeatable, defined, mastered, optimized.  

Assess the maturity of your company and understand to what extent your company has mastered a given process. This assessment will also allow you to evaluate the risks of changing a process.

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Based on the Capacity Maturity Matrix, our methodology will help you assess the maturity level of your business processes and customer relationship management. With our ebook and the web questionnaire that comes with it, you will be able to identify the next steps to progress based on your specific situation.