When you were a kid, did you use up the green crayon first? Then, when you wanted another green crayon, you had to buy a whole box. You needed a green crayon because the grass is green, not beige or pink and beige grass is not very attractive, is it?
That’s my analogy when it comes to explaining the difference between an all-in-one solution and a best of breed system. You’re not obligated to buy a whole box of crayons, only the colour you need.
How do you personally become best of breed, even temporarily? It’s simple. You need to focus on doing one thing and do it better than anyone. In a world where you’re doing four things at once, you’re giving ¼ of the effort 100% of the time. It’s nonsensical, like buying a box of crayons when you only need one.
If you’re a commercial producer, have you ever tracked time spent on distractions that take you away from prospecting? Things like:
- Resolving administrative problems.
- Doing data entry.
- Following up on abeyances.
- Scanning/photocopying proposals.
- Running errands like going to the post office or the office supply store.
- Maintaining a paper filing system or a labyrinth of folders on your computer.
- Answering calls from existing insureds requesting liability pink cards or certificates of insurance.
Even though issuing a single certificate of insurance is a 15-minute task, issuing four means you’re spending one-hour every day not prospecting new business. When you’re not prospecting new business, that seriously affects your bottom line.
One clear way to become a best of breed is to adopt a best of breed system. A best of breed system like Policy Works, does one thing better than anyone—manage commercial lines data. When your commercial lines data is housed on one system, it allows you to:
- Easily locate your insured’s policy information. It’s quicker to search on a commercial management system than it is to riffle through hundreds or even thousands of paper files or network folders.
- Standardize data. Data is becoming more and more valuable; it's importance in a digital world can't be overstated. If you're assessing your digital strategy, including commercial lines, think about how you are capturing, storing and sharing commercial lines data.
- Seamlessly monitor the marketing life cycle. If you have 10-20 prospects in the hopper, it’s difficult to remember the status of each one every minute of the day. With a commercial management system, you can check the status of any submission or proposal with a couple of clicks.
To learn more about the benefits of a best of breed system, read my blog.
Think back to your last super-productive day; I hope it’s not a vague memory. Were you juggling five things at once, or were you putting your undivided attention into one thing?
While having a whole box of crayons leads you to believe your life is more colourful because you have it, I bet there's at least one crayon that’s always been your favourite.