by Syndicated Insurance Resources | May 23, 2018
Digital transformation (DX) is impacting business everywhere around the globe. Unfortunately, many insurance agents and brokers who stick to old methodologies are caught in the crosshairs of this transition.
Those who decide to use technology in their business can win. Those who do not are certain to lose.
With decades of clunky workflows, reams of paper, and cumbersome software that continually needs updating, the insurance industry has a tremendous opportunity to connect with customers by leveraging digital tools in their business.
Those insurers who embrace DX are on a path to enhanced profitability, lower costs and stronger customer loyalty, according to management consulting firm McKinsey & Company.
Insurance agents and brokers can remain competitive by tapping into digital resources and tools in a number of innovative ways.
Make Informed Business Decisions
It is clear that digital strategies are being launched in many companies. Yet, some businesses are trying to create digital transformation without using existing data and analytics to make informed decisions. Others are becoming obsolete as they watch from the sidelines and do nothing at all.
Today’s DX-focused world uses data as the foundation that drives everything. Digital transformation is not even possible without tapping into existing data.
For example, your paper and computer files contain valuable insights and information about your customers wants, needs, and preferences.
Are you using this information to service your customers? Or do you simply rely on conversations to help uncover information about every situation?
Are you still:
- Using paper documents for your intake forms?
- Manually filling ACORDS for processing? and
- Investing hours of time calling for quotes?
Automated data can allow help you make smarter decisions faster, especially in today’s highly competitive insurance industry.
Keep Your Business Competitive
There is no doubt that technology can help your business grow.
The question you should be asking is, “what resources are available to help me achieve results and meet my customers’ needs?”
The good news is there is a free, no-strings-attached solution guaranteed to produce results that are easy-to-use and can earn you higher commissions.
However, simply knowing about these tools and solutions won’t do anything for you if you don’t use them.
The key to success is taking action to tap into the resources and make them part of your daily business operations.
Doesn’t getting instant indications sound a lot better than leaving messages for people that never return your calls?
Think of a new reality where you can respond to clients quickly with quotes that meet their needs.
Don’t be left in the dust by other insurers. Use technology in your business to save time while increasing your bottom line.
Experience The Results For Yourself.
Test out Syndicated’s Broker Gateway.
Not comfortable with technology? No problem. Email or call us (877-333-8195) for a quick and easy conversation.
Syndicated team members can quickly walk you through how to upload ACORDS and access more than 150+ markets.
Here’s how to access Syndicated’s Broker Gateway:
- Sign Up here and click on the link in your confirmation email.
- Get Started following these simple directions for the option you need.
The choice is yours. Remain competitive, or stay the course and get left behind. Independent insurance agencies that use technology will replace those agencies that don’t.
Let Syndicated help you embrace digital transformation and grow your business.
by Syndicated Insurance Resources | May 14, 2018
With new restaurants opening around the nation, insurance agents and brokers have continual opportunities to sell workers compensation insurance to restaurant owners.
According to the National Restaurant Association (NRA), restaurant industry revenue exceeded $799 Billion by the end of last year.
A quick look at statistics by the NRA paints a picture of favorable conditions for a targeted class that insurance agents should focus on serving. For instance, did you know that U.S. restaurants:
- Represent 10 percent of the overall workforce
- Employee 14.7 million restaurant workers
- Report one million locations
The potential for minor and major accidents to occur at restaurants is consistent. In fact, Marsh’s 2017 Restaurant Loss Cost Trends Report shows that 24% of all restaurant workers’ compensation claims were from cuts, punctures, and scrapes.
Anything from grease burns to knife cuts to falling on a coke spill can happen in the blink of an eye. Each incident can leave a restaurant short-staffed while injured employees see medical treatment. Every situation costs time and money that restaurant owners typically cannot afford to add to their bottom line.
Fortunately, as insurance brokers and agents you can help restaurant owners protect their business and employees with workers compensation insurance that covers everything from medical expenses to potential legalities.
Since a restaurant owner has to juggle a laundry list of responsibilities, they may not be aware of the options available to them.
Educate Restaurant Owners
If you proactively reach out and educate restaurant owners about how insurance can cover potential risks and limit their exposures, you are sure to build long-term relationships that look to you for your insurance expertise.
No matter what state a restaurant resides in, this type of insurance is critical. However, you should remind them that policies can vary based on state laws.
One of the first ways you can educate restaurant owners is by showing the benefits of workers compensation coverage, and how it can give them peace of mind.
At a high-level, you can share with restaurant owners the following overview that shows what workers compensation insurance covers.
- Medical expenses from injuries that occur while on the job.
- Wages missed if an employee is injured on the job and needs time to recover. (Typically, this covers a portion of their full wages.)
- Illness caused by job-related issues, such as exposure to dangerous chemicals, etc.
- Legal fees for defending the business should an employee sue for work-related injuries.
Examples of common restaurant work-related injuries include:
- Burns from hot surfaces, materials, and liquids
- Cuts from improper knife use or storage
- Falls from spills and wet floors
- Sprains and strains from lifting heavy trays
- Robbery during a catering job
- Accidents traveling to and from locations for catering jobs
- Hand injuries from repetitive tasks
- Machine-related injuries from equipment malfunction or improper use
The more you provide your prospective and current restaurant owner clients with educational insights about insurance, the more you’ll build your brand as a helpful resource they can count on. Consider sharing tips for restaurant owners tips about:
- Lowering the cost of individual claims,
- Training employees to recognize potential accidents before they happen,
- Getting employees back to work faster,
- Accident reporting procedures,
- Offering return-to-work programs that give employees modified duties during recovery.
Download your free one-page overview—“Why Restaurants Need Workers’ Comp— that you can share with restaurant clients today!
Interested in learning how Syndicated can help you access Workers Comp options for all restaurant classes? View our page for a taste of what we cover.
by Syndicated Insurance Resources | May 3, 2018
Allied Healthcare Professionals are among the fastest growing occupations in the U.S. With a projected growth of 18 percent between 2016 and 2026, there will be more than 2.4 million new jobs created.
This non-physician healthcare group includes anesthesia technicians, nurses, dentists, massage therapists, physical therapist, technicians, and even yoga instructors.
No matter what type of allied healthcare service an individual provides, most are contractors or self-employed. Their focus is on creating, growing and expanding their business.
While these optimistic, entrepreneurial careers sound amazing, there are also potential risks they encounter daily. Putting things in place to mitigate the risks is where you come in.
Help Your Clients Get Peace of Mind
Most allied healthcare professionals know they need some type of insurance to reassure clients and to protect their business. But they may not be sure what kind of coverage they need. And some practitioners need reminders about why they need this type of insurance coverage.
Here are some compelling insights you can share with prospective allied healthcare customers who need a general liability policy.
Liability: When complaints are filed against the services an allied healthcare business performs; the business owner is financially liable. The potential risks sometimes seem abstract and unrealistic. For example, unexpected accidents can happen. A simple trip or fall could result in unforeseen medical expenses the allied healthcare provider has to pay.
Statistics: According to The Hartford: 10 percent of small business claims come from customer slips and falls. Insurance Journal cited that 35 percent of all general liability claims results in a lawsuit. With 22.2 percent of small business owners experiencing a client complete or dispute, the potential adverse financial impact is staggering.
Selling: Customers are more likely to hire allied healthcare contractors who are insured. In addition to the right license, general liability insurance tells customers they are working with a business-savvy professional. Part of selling customers is putting their mind at ease and reassuring that your work is fully covered by general liability insurance.
Protection: A simple, general liability policy can make the difference between staying in business or closing the doors. When an accident happens, the policy covers damages and medical expenses. If a lawsuit occurs, the insurance covers any defense costs or attorney fees. The protection gives peace of mind while ensuring protection from unexpected incidents.
Provide Your Allied Healthcare Customers General Liability Protection
You can quickly offer general liability policies tailored to your employer client’s specific business needs. In fact, you can get a quick quote when your customer answers a simple questionnaire.
With two simple steps—fill out our form and click submit—you can receive a confirmation email with instructions to bind.
Learn more about our General Liability program. See sample GL classes.
You can even set yourself apart from competitors by signing up to offer the general liability application on your website.
Don’t let your prospects become another failed business statistic because they didn’t take the necessary steps to protect their business. Proactively share with customers how you can help them ensure their hard earned money and business is never at risk.
