Fenn & Fenn Insurance and Policy Works: Month 1

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Fenn & Fenn Insurance Practice recently completed month 1 with Policy Works. Wendy May, Operations Manager at Fenn & Fenn, is responsible for the overall operations at Fenn & Fenn and ensuring the right workflows and processes are in place to help the commercial team do their best. In this post, the 2nd of 12 blog posts in a year-long series, Wendy talks about the experience to-date of implementing Policy Works.

Business and operations alignment

As the Operations Manager at Fenn & Fenn Insurance, it’s Wendy May’s job to ensure that day-to-day operations are aligned with the brokerage’s business objectives. “I was involved (from the beginning) with helping to determine if we were going to bring Policy Works into our brokerage,” states Wendy.

“For us, it was really about finding a system that could help us with quality control and finding efficiencies. We looked at using our BMS to generate professional, customized proposals and the work involved to do this was just too extensive.”

Consistency of process

For Fenn & Fenn, using Word plus their BMS meant an increasing loss of quality control. “We’re a growing brokerage, and the challenge with using a tool like Word (when adding more staff) is the loss of consistency. Quite simply, more staff equals less consistency. The more people that join Fenn & Fenn, the less likely it is that we would have a consistent product going out to our customers.”

The reason? It’s quite easy to edit a Word document. This sentiment has been shared by many other Policy Works customers who previously used Word to generate customer-facing documents like proposals and binders.

(click here for proposals worth presenting)

The commercial team at Fenn & Fenn work on all aspects of the policy lifecycle, from marketing to inforce. The result? When a co-worker is out of the office, or away on vacation, anyone in the office needs to be able to step-in and work on the file. “Knowing that each file (in Policy Works) will be handled exactly the same way gives us the ability (and confidence) to jump in and do the work efficiently.”

Team expectations

Perhaps the single most important key to seeing a return on investment from new software is getting team buy-in to the change itself. Implementing a new system represents a change to a familiar process. Regardless of the software, change is not always easy.

(learn more about improving ROI through implementation)

So how is everyone doing so far? “The team is very positive about the change and understanding that (Policy Works) is going to help with bringing a consistency to our workflow as well as added efficiencies to help meet the day to day service requirements for our clients. Yes, there is some hesitation to change, including the upfront time required to learn the system and enter the policy data.”

Rollout plan

How is Fenn & Fenn planning to manage the anticipated data entry work? “One file at a time,” states Wendy. “We are going to take it slow and steady, starting with renewals, and use this as an opportunity to review each file and ensure that the information we have on each policy is up-to-date and ‘clean’.”

Not only will this approach help to ensure accuracy of information going into Policy Works from the very beginning, but it also improves with usage. “We had initially thought about having a dedicated data entry person. But we realized that getting into the system – entering policy data, creating files – is the best way to get familiar with the system as well as providing a great opportunity for the broker to review the client’s risks and audit the file at the same time.”

 

Topics: Year 1: Fenn & Fenn Insurance