If you’ve attended any broker conventions recently, it’s impossible not to notice one thing. More and more startups are coming onto the scene. Once upon a time, all the technology vendors could fit into one aisle. Now there’s:
Broker management systems
Commercial management systems
All-in-one solutions that do it all (whether you need it or not)
and the list goes on.
All the new (and old) technology choices can get overwhelming. But if your goal is to grow your commercial book by introducing a commercial management system into your brokerage, here are three things to consider before you take the plunge:
Maybe this isn’t your first attempt at trying out commercial lines technology. Maybe you gave it a go a few years back and now realize that an all-in-one-solution or trying to fudge a broker management system into something it isn’t was nonproductive.
As personal lines customers move away from the brokerage and purchase coverage online or at the bank, you need to become more innovative to meet your bottom line. We get that, because we’ve been there.
Timing is everything. If not now, when? I’d use the boiling frog analogy, but it always makes me feel bad for that poor frog.
Why a commercial management system?
Depending on the region of Canada you’re in, you may have dozens of brokerages to compete against. These days, there’s a sliver of difference between a good broker, a better broker and the best broker.
And who doesn’t want to be the best broker?
What’s that sliver of difference…that one thing that keeps you one step ahead of your competitors? It may be your top producer or a prime office location. Of course, those are good things to have but the one thing we’ve discovered the best brokers want is access to their commercial lines data.
But what data and why? We consulted with groups of brokers to join us in an online workshop facilitated by an analytics consultancy firm and the results were thought-provoking. If you’d like to know more, download our free eBook.
Why your brokerage?
Or better yet, why not your brokerage?
When speaking with our broker partners, we frequently hear that they’ve hired someone who used a commercial management system at their previous job (at your competitor) and wish they had access to:
Machinable data that lets you enter data once and then produce assorted documents in the policy life cycle without having to copy and paste information.
If part of the reason for adopting a commercial management system is to fill an identified gap, and if there’s a tried-and-true solution that’s been proven by others, is that all you need to know? Or, maybe it’s the first answer to several questions you have about managing your commercial lines team and the data they’re collecting.
Regardless of the reasons why or how, we’re here to help. We’ve been helping commercial brokers manage their commercial lines for over 25 years, and we’re happy to share our experiences and resources to help you move from a good broker to the best broker.