The harsh realities of work from home are catching up to everyone as the whole world relies on it more and more. People are getting grumpier, businesses are getting beaten and battered, and most are failing to hold their own and ensure continuity.
Insurance agencies are no different. If you failed to embrace the cloud or foresee the impacts of COVID-19 on the insurance sector, chances are that you are having some trouble right now.
Here, we’ll discuss how you can poise your business to become more resilient and ensure the business secession planning you had in place remains valid once things come back to normal.
Supporting Remote Work
We’ve discussed this several times in our past blogs, as much of a shock working from home was for the insurance sector, making sure you have the right systems to accommodate employees and clients from a distance is one of the most important things you need to focus on right now.
A report by KPMG (TH & Co.) suggests that insurance agencies put in just 2-3 weeks instead of 2-3 years to upgrade their systems – and those that did it beforehand are poised as the next market leaders now.
Hiring & Retirements – During & Post-COVID
The medium-term future holds a huge shift in workforce. Not only are employees bound to get frustrated and resign, but clients’ needs are also going to change. When hiring new staff or letting some go, make sure you keep new requirements in mind.
Update your job descriptions, ask employees to be realistic about their performances and what you’re expecting, reevaluate your agency’s directions as an agency, and consider the immediate and longer-term future. Your main concern here should be staffing the right individuals for your clients.
Encouraging Word of Mouth
If your clients are in recession, chances are that you’re going to be in the same boat too, struggling for a way out to improve your and their investment portfolio and stay afloat. When that happens, it’s time to be compassionate and flexible.
Digital marketing has changed quite a bit because of the coronavirus as business flock towards it left and right. One surefire way of helping you stand out of the crowd is to make sure people remember you for your service and let others know of what you’re offering.
Word of mouth is the best form of marketing and clients who are spreading the word about you are perhaps your biggest assets.
A Business Resilience Plan
And finally, developing a resilience and a business succession plan. To do so, you need to consider the following aspects:
- Do you have the right tools for the market’s shifting demand?
- Are you future-proof? Is there anything that could render you outdated? If so, what’s stopping you from getting those updates?
- Are you primed for remote work?
- Is your workload manageable or is it overwhelming?
- How can you ensure maximum availability and training of these tools?
- Do you have the right tools to help you support workers as well as clients?
- Do you have a rainy-day fund or a rainy-day plan?
- Do you have an insurance plan, should the day come when you need to wind up?
If you find yourself answering negatively to any of these questions, you might be in trouble in the near future. Going online is perhaps one of the best things you can do for your clients – and even for the workers. At Legacy Armour, we can help you manage your clients and ensure their peace of mind, starting today.
Any tool you need, we’ve got your back – from legacy planning storage all the way to customer and their family facilitation. Get in touch today to learn how!