Blog

Where did you get that data?

In my August post entitled ‘On the road to good data! What are Key Performance Indicators? And what do they mean?’ I talked about typical metrics that most insurance brokers use on a daily/monthly basis. I also point out the ‘guiding principles’ that need to be considered before even starting to think about doing some math. The first guiding principle is determining if the data you are using is reliable and accurate. To figure this out, you must review data in a way that actually structures it in a logical (and easy to understand) way. To do this, we always ask our clients if we can get our hands on some raw data……the conversation usually goes like this:

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What are Key Performance Indicators?

On the road to good data What are Key Performance Indicators? And what do they mean? Key Performance indicators (or KPIs for the cool kids) are essentially measurements of ‘something’; the ‘key’ is that the measurement results leave no doubt in your mind about the impact the numbers have on your business. That’s why it’s considered as ‘key’ J; examples from the non-business world could be: The pH level of the water in your pool LDL and HDL levels of cholesterol Batting averages of baseball players Using the baseball example, Joe’s current batting average is .210 but the team manager […]

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On the road to good data!

We often hear when working with insurance brokers across Canada that they “know their clients”, they know their employees are making sales and they know they keep hearing about lost clients and competition. They just don’t really know what is happening…because they are often basing their strategic decisions on anecdotal evidence (he said, she said, I think, perhaps) rather than an actual data. There’s a great quote we refer to often, which is ’Without data, all you have are assumptions’. So how do we get from anecdote to fact? Use your data! Simple enough….but what if the data is unreliable? […]

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From Price to Value: The customer experience shifting perception.

It’s popular these days to refer to the “3 Ps” of “something” when putting together a blog or white paper. To be part of that bandwagon, I will be discussing those “3 Ps” that I feel are most relevant: First thing you need to do is look at the 3 “P’s” within your brokerage and honestly ask yourself, “Are we truly driving a great customer experience (the eight points outlined by the Cranfield University study) through our people, processes (operations and technology) and the products that we offer?” The key to a successful transformation is to imagine the processes in […]

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A new approach to an old profession

The sales paradigm: a new approach to an old profession Today’s insurance consumer is constantly exposed to insurance advertising. “Shop around! Find the CHEAPEST PREMIUM! You can get a quote in 10 MINUTES!” Notice they never discuss coverage details or claims service? I love asking clients, “If you arrive home one night and your house has been broken into, what would come to mind first? The premium you paid or the coverage you expect to have?” Trust me, it’s always the latter! And since when did “the best premium” become the benchmark of “the best broker” on social media? Why […]

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How to shine in Personal Lines! – Part 3

Setting yourself apart with common sense and answering the clients real needs I had a wise insurance Broker tell me one day that “an Insurance Broker doesn’t sell insurance. An Insurance Broker helps their client buy insurance!” Based on the recorded calls I listen to as part of my SCORE training program, I feel there is one great trick to help clients feel like their Broker is truly helping them buy insurance: when a Broker focuses on an approach of offering the “best price” for insurance it plays right into the hands of their competitors who pride themselves on “low […]

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How to Shine in Personal Lines – Part 2

Part 2 – Answering the clients real needs We discussed in our first blog the importance of “Opening up the Pipeline of Communication” more with our client and how that can lead to more opportunities. Rather than trying to understand what makes the client tick and understand how to use that information to your advantage when offering clients various solutions, I often hear variations of “let’s jump straight to the premium”. I often ask my groups “what do real-estate Brokers do when they have a new customer?” Do they get in their car and drive their clients to the most […]

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How to Shine in Personal Lines – Part 1

Part 1 – Opening up the pipeline of communication It has always astonished me! Every time I work with a new Broker I learn that 70% of their employees have never taken a sales course, nor truly understands that sales are not just instinctive but very strategic. Insurance Brokers are paid commissions; therefore every level of employee must understand that each and every interaction with a customer is an opportunity for revenue. I appreciate that “the directs” and banks are a strong opponent that cannot be taken lightly, but when I listen to recorded calls I cannot believe the amount […]

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Getting our flow back by reducing or eliminating waste!

By Ann Marie Gloutney I know, the word ‘Waste’ sound nasty. It immediately makes me think of Monday mornings in the middle of January when it’s -30C and I have to haul the town-approved garbage bin to the end of the driveway before the snow plough gets there! But then I remember how happy I feel when the bin is EMPTY! When it’s full, it’s hard for the bin to do its job. Get rid of the waste. Save the world. In an earlier blog ‘Getting our flow back to drive efficiency’ I discussed how non-standard work can block the […]

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Getting our flow back to drive efficiency!

By Ann Marie Gloutney So in my blog ‘Where did flow go’ I discussed the fact that variety, while it might be the spice of life, is the poison pill when it comes to creating a standard workflow.  So when our clients ask us to create workflows to drive efficiency AND we are faced with a lot of variety (variance in Lean terms) we have to take a look at what CAN be standardized, what SHOULD be standardized and what do we simply have to accept AS IS. How is this done?  Let’s start by breaking down the three core […]

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Where did flow go?

Over the last 7 years I have had the opportunity to work with dozens of insurance brokers across Canada. One of the most frequently asked questions I get regardless of where I am (province) or what BMS is being used is ‘can you help us build a standard workflow?’

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Getting to the finish line!

How to ensure your plans get executed! One thing we often see with our clients is that they put considerable time into planning out their various sales, operations and marketing strategies but they spend limited time preparing the action plans required to roll them out. These are the plans that really bring ideas to life. Yet all too often, they are considered as secondary when they really are primary. Here are three different tools to help you plan your work and work your plan, as my father in-law used to say! Once you have all your initiatives laid out for […]

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Strength, Weaknesses, Opportunities and Threats

It’s an oldie but a goodie! SWOT Analyses (Strength, Weaknesses, Opportunities and Threats) Although SWOT analyses have been around since the 50’s and 60’s we feel they are a great way for an organization to reflect internally before they get to their big bright ideas!  All too often when this step is skipped and or not taken seriously the organization risks not being able to realize or implement its “strategies” due to some “missing strength” or specific weaknesses. Whenever we do planning with our clients, our goal is to flush out the organization’s strengths and weaknesses and see which ones […]

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Plan your work and work your plan!

15 years ago my father-in-law spoke those words to me and I have to say they stuck! And they have served me well as a mantra ever since! So, it’s late January and most of us have likely sat down and written out some ideas of what we would like to accomplish in 2015. Many of us are hoping that some these ideas actually become a reality. However most of us will look back at the end of 2015 and realise that, at some point, several of our ideas got derailed! “Planning is not the problem, execution is!” As consultants […]

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Make perceptions change from PRICE to VALUE!

Where does the client really see value - in the insurance policy or the customer experience?

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Improving business results by improving the customer experience!

I have worked with over 80 Brokerage firms across Canada and far and away the # 1 producer in all their organization is their client base, but sometimes we lose sight of that!

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Customer service vs customer experience

How did we go from talking about customer service to talking about customer experience? It’s actually customer service which drives the customer experience.

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