How Can Insurance Agencies Manage Small Accounts Effectively?

Frank Phillips is the head of ReSource Pro’s award-winning Insurance Experience (IX) Center.

The trouble with small account management

Small business accounts make up a substantial portion of many insurance agencies’ book of business, and servicing them can soak up significant time and energy from account managers. Yet in many cases, this segment generates only a small portion of the agency’s revenue.

With high attrition and mass retirement sweeping the industry, many agencies lack the resources to divide their attention between these small, often unprofitable accounts and those that are larger and more beneficial to the agency’s growth. At the same time, rising customer expectations are putting even greater pressure on already strained agency staff.

How can agencies shift their focus toward growth?

To address the profitability challenge posed by small accounts, agencies have tried utilizing carrier service centers, establishing small business units within their organization, leveraging insurtech platforms for quoting and binding, and delegating select tasks to third-party vendors.

In our discussions with agencies, however, the results of these strategies are often lackluster. For example, many carrier service centers only handle simple policies and will not provide full support for accounts split across carriers, leaving agencies to deal with much of the work they hoped to eliminate.

Other tactics may even prove harmful, as third-party vendors who lack insurance expertise can introduce inconsistencies in your process along with errors and omissions exposure. And while some agencies have seen success with small business units, these units still require talented staff to be redeployed from other vital areas of the organization.

Try a different approach

Between the talent crisis and the demands of small account management, focusing on growth is a huge challenge for agencies, and many solutions simply don’t do the job.

Agencies need access to experienced professionals with the industry knowledge necessary to deliver best-in-class service to their small accounts, but without having to scour for fresh talent or pull staff away from higher-value opportunities.

ReSource Pro’s ExpressIX can help agencies do just that. Acting as an extension of your agency, ExpressIX provides your small accounts with end-to-end service so you can focus exclusively on the accounts that are important to your agency. At the same time, we’ll help turn this challenging segment into a valuable part of your agency’s revenue stream by pursuing cross-selling, upselling, and other new business on your behalf.


Visit our ExpressIX page or set up a conversation with us to learn more.