Insurance companies must make these New Year’s resolutions in 2022

Insurance companies must make these New Year’s resolutions in 2022

The start of a new year is a great time to implement changes. Individuals make New Year's resolutions to improve themselves, whereas organizations use these to set achievable goals toward business growth.

If you need ideas for New Year's resolutions for your insurance company, here are some to consider:

Improve customer service

This year, find ways to improve customer service. High-quality customer service will keep your policyholders happy and loyal to your company. It may even encourage them to get more insurance policies from you, thereby boosting sales. .

To enhance customer service, you can start by sending out customer satisfaction surveys to existing policyholders. Their feedback will give you an idea of where the company should improve.

If you get complaints about your response time, consider hiring more customer service representatives. You can also equip them with IT systems like customer relationship management solutions that increase their productivity.

Your policyholders may not always have the time to speak to someone on the phone. This is why you should create more communication channels, such as email, social media, and your website's contact form. Policyholders can simply select the one that is most convenient for them.

Another way to improve customer service is by proactively reaching out to your policyholders. You can send them newsletters or updates on their policies to keep them informed about their insurance and what coverages they have.

Make sure your employees feel valued

Your employees are the backbone of your company. They are the ones who work hard to provide quality customer service and sell insurance policies. This is why you should convey how much the company values their skills and contributions.

When employees achieve or exceed their targets, give them praise or reward them with a cash bonus or some other incentive, like an extra paid leave. You can even hold a company-wide ceremony where select staff are awarded with certificates, plaques, or medals to show that the management recognizes outstanding performance.

Investing in your employees also shows that you want them to succeed, so provide them with plenty of professional development opportunities. You can pay for them to take online courses, invite a trainer OR an expert to conduct a seminar, or create an internal mentorship program.

Finally, carve out time for team bonding. Treat your employees out to lunch or have annual team outings so you can establish rapport and personal connections with each of them.

Streamline your processes

This year, work on streamlining your internal processes and making them more efficient. You can conduct process mapping to document the steps involved in completing a task. This will help you identify bottlenecks and flaws in the system so you can make the necessary improvements. From there, you can develop your company’s standard operating procedures to guide employees on how certain tasks should be done.

Leveraging technology is another great way to streamline your processes. Automate tedious and repetitive tasks to reduce processing time and human error. For example, you can utilize chatbots to answer FAQs so that customer service personnel will have more time for handling complex queries.

Moreover, you can outsource non-core business activities, such as marketing campaign execution, data entry and forms processing, commissions management, and record retrieval. By outsourcing tasks to a third-party service provider, you save yourself a lot of time and trouble. When you partner with Record Retrieval Solutions, in particular, you can easily submit your medical record requests online and get those records within 12 days on average.

Interested to learn more about our services? Get in touch with us today.