Use Case: Workflow Optimization Restores Profitability

About the customer

Top-30 U.S. insurance broker

The challenge

The client was experiencing 40% attrition among account managers in one region’s small business unit, reflecting a larger trend in the insurance industry’s turnover rate. In addition to high turnover, the business unit lacked a clear workflow for employee training. Both contributed to reduced profitability for the small business unit, which normally served as a $2 million annual revenue stream.

The solution

ReSource Pro’s Premier Service team provided end-to-end business process management for the client’s small business accounts and introduced a segmented workflow. Best practices and procedures were better defined and documented to meet the broker’s unique operation requirements. The new standardized workflow clearly defined responsibilities for both the client’s account managers and the Premier Service team. Ensuring the right people were performing the right tasks limited redundancies and improved the overall efficiency of the account management process.

Impact and results

With the support of the Premier Service team, the client’s account managers achieved an 85% capacity lift. This enabled a renewed focus on higher value activities that require an insurance license, such as responding to client calls, setting renewal strategies, and cross-selling and upselling accounts. In addition, the client saw a 7% increase in revenue retention and improved its direct margin by 15%.

Need support managing your small and middle-market commercial accounts? Find out how our Premier Service can help.