COVID-19 Action Checklist for Your Insurance Agency
The challenges that the Covid19 pandemic has posed are unprecedented and have been quite overwhelming for insurance agencies. Agencies are now concerned about employee security, business continuity, finances, and servicing clients with utmost efficacy. But not all have been able to accomplish these goals .
Business processes are disrupted, survival has become difficult for most, thanks to an unexpected increase in demand in the sector which is expected to spike more in the coming days. The recurring changes in policies and govt regulations have also added to the pain points
However, there are many insurance agencies that are surging forward with new ways to stay upright and productive as usual during these trying times. They are no magicians, they were also not prepared for the pandemic to arrive. But they have acted quickly as the challenges came by and have taken smart measures to adapt to the current situation.
It’s not too late for you to dive into the usual business again. Rather than jostling around with strategies and actions, an effective checklist to start with will help your business reap results in less time than you think possible
Here is an action checklist for your insurance agency amidst the COVID-19 pandemic to stay competitive
Ensuring the safety of employees for seamless Business Continuity
Employees can fall sick, demands can increase more than what’s expected, remote work culture can threaten workflow – there are a plethora of such impediments that call for an effective business continuity plan.
Here’s what they need to do to:
- Ensure the security and wellbeing of employees at workplaces. Engage them with meetings and conversations to boost their morale.
- Fix the number of people working at a time in the office as per safety regulations to stop the deadly virus from spreading.
- Start initiating flexible working methods coupled with other arrangements that help employees work remotely with much ease. Ensure that the work-at-home systems are running fine.
- Stay informed about the government policies and changing rules and regulations and keep employees aligned with the same
- Find out better and effective ways to balance the workflow amidst the remote work culture and bring in immediate reforms to business models for better and secure work environments
Strategizing the right Business Continuity Plan
Insurance Agencies are coping with a daunting challenge to keep up with their business targets amidst the need for them to offer the calming support that their clients need. Many agencies are being flooded with inquiries on business interruption insurance questions and wanting to know if their policies covered them from pandemics. The way out isn’t simple or easy but can strategize better and have the right Business Continuity Plan in place
- Work on enhancing the cash flow management. Predict challenges and stay well equipped
- Do your best to collect premiums and receivables and make sure that you don’t lose existing clients. Eliminate time-consuming manual processes and power your collection processes with automation. Get notified about dates and make the process smooth and error-free.
- Communicate with market resources and partners on a regular basis to stay aware of any upcoming threats that can affect the working capital cycle management.
- React to the new terms and conditions quickly and renegotiate financial arrangements by keeping both customer satisfaction and profitability under consideration.
- Monitor in-house vulnerabilities that can affect productivity
- Keep your customers updated with any changes in policies or offers being made
- Rule out the possibility of any error in your work process to save time and energy. Empower your employees to focus on client and business-critical tasks.
- Incorporate new-age technologies to stay efficient by eliminating manual work as much as possible
- Give your customers a digital experience that can help build trust and enhance customer loyalty
Although the checklists are quite effective to upscale insurance businesses amidst the current pandemic it is, in reality, a technology transformation of workflow that can work as a game-changer
Yes, it’s a tough time, but it’s not the end. Right now, it is essential for insurance agencies to fight the battle smartly and just remain calm as the future seems to be bright. With such a crisis affecting lives all over the world, insurance agencies can now expect a whopping demand for their offerings in the post-pandemic era.
Talk to the experts at Exdion to know more about how Insurance Agencies can tide through this crisis. Click here!
Talk to the experts at Exdion to know more about how Insurance Agencies can tide through this crisis.