How Digitalization Can Reduce Costs for Brokerage

by Canada

The world of insurance is incredibly traditional. At times, this is a good thing. Independent brokerages believe in the personal touch, forging deep, lasting relationships with clients. But, in other ways, relying on what’s tried and true is a hindrance, especially when it involves a lack of digitalization.

Many brokerages are slow to incorporate new technologies. While you don’t necessarily need to embrace every emerging solution that arrives, a lack of digitalization can hold you back. Not only can it cause you to spend more than you need to; it can also mean missing out on revenue-boosting opportunities.

If you are wondering how digitalization can reduce costs and increase revenue, here’s what you need to know.

What Is Digitalization?

Digitalization – also known as digital transformation – is the process of introducing technologies into your business that provide you with new opportunities. This includes capturing cost savings, increasing revenue, or boosting value, all through the use of technology solutions.

While the most obvious incarnation is digitizing paperwork, that only scratches the surface. Digital transformation includes implementations that boost efficiency, accuracy, and profitability through technology.

How Digitalization Reduces Costs and Increases Revenue

Better Customer Experience

Today’s customers don’t just want excellent service; they want convenient solutions. The population gets more tech-savvy by the minute. They rely on technology tools to make their life easier. Whether it’s communicating via chatbot, setting up automatic payments, or gathering information, being able to handle their lives online is a priority.

By embracing digitalization, your brokerage can offer more of what customers are after. It’s a quick way to improve the customer experience. With technology, you can make it easy for them to review their policies, track payment due dates, and pay on time, simplifying their lives as well as yours. That’s all good stuff, and it can help cement your reputation as a tech-savvy provider.

Less Paperwork and Manual Input

Let’s face facts; manual data entry and physical paperwork are tedious to handle. Re-entering information into computer systems takes time – time you could otherwise spend on other activities.

With digitalization, you can reduce the need for cumbersome data entry, relying more on digital forms that customers can complete themselves or scanning technologies that automatically upload the data. Time saved is money saved (or earned), making it worth exploring.

Increased Accessibility

When you embrace digitalization, you have the opportunity to increase your accessibility to critical information. By using cloud technology, you can access your data at any time from nearly anywhere. As long as you have an internet-ready device, you can handle everyday tasks while in the office, on the road, or from home.

Plus, it keeps your data centralized. You’re using one platform no matter where you are, keeping everything consolidated at all times.

Lower E&O Risk

Errors and omissions (E&O) can spell trouble for brokers. Not only can it mean working with inaccurate information, but it may also lead to E&O claims. Claims of negligence, breach of duty, or similar issues hurt your reputation and bottom line; it’s a double-whammy.

With digitalization, you can reduce E&O risk. You don’t need to enter data from paper records or transcribe conversations. Instead, the tech can do the bulk of the work. All you’ll need to do is a quick review, allowing you to ensure important details are captured, and the highest level of accuracy is achieved in less time.

Independent Agencies: Looking for More Great Tips?

At ePayPolicy, we understand the importance of reaching your peak potential as a brokerage. If you’d like to see more tips about how brokers can reduce costs and increase revenue with digitalization, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.

5 Cybersecurity Tips To Keep Your Brokerage Safe While Operating Remote

by Canada

In many ways, technology is a boon for the  insurance industry. It has allowed  brokers to continue providing coverage to their clients as brokerages have adopted a new hybrid remote work strategy. 

But with technology comes risk. Ne’er-do-wells are lurking behind every virtual corner. And, without proper security awareness and the right data protection strategy, you and your clients’ information could end up in the wrong hands (just ask Garmin).

Independent insurance brokerages need to take action to ensure every piece of data is safeguarded not just from theft but also harm. Luckily, by embracing the right security awareness and teaching your team about data protection best practices, you can minimize the risk of a cybersecurity attack (short on time? jump right to the tips!).

Security Awareness: What Are You Protecting?

Before you dig into the steps you can take to bump up your cybersecurity, it’s critical to understand what you’re securing. Independent insurance brokerages have access to a slew of information, much of which is incredibly sensitive.

First and foremost, you’re responsible for protecting your clients’ data. Failing to protect your clients’ financial information correctly comes with devastating consequences. That’s why securing client data has to be a priority.

Additionally,  insurance brokerages have payment information, which is something any hacker would love to get a chance to exploit. Your systems also hold operational data, which, while not necessarily confidential, is critical to your business.

Many  insurance brokerages also have data they’d rather keep private. Company secrets like pricing details and trade agreements aren’t something you want released out into the world.

Finally, there is a mountain of personal identity information. Along with contact details and demographics for your clients, you also have personnel records for you and any employees.

Overall, there is a lot worth protecting. That’s why security awareness and data protection is so vital.

Who Are the Bad Guys (And How Can You Stop Them)?

Now that you understand what you’re safeguarding, let’s take a look at the bad guys you’re defending against.

Malware

One of the biggest baddies around is malware, or malicious software. This category encompasses a wide variety of threats, including worms, trojans, and a range of other viruses. Often, these relatively tiny clumps of code can be incredibly damaging. Some may create backdoors into your systems, allowing unauthorized personnel to reach your data. Others may cause catastrophic damage, erasing, or scrambling information.

Ransomware, a subset of the malware category, is an attack-type on the rise. With these, the malicious software seizes control of your computer, database, or network, encrypting the information and locking you out. Hackers then demand a ransom, usually in the form of cryptocurrency, to decrypt your data and give you back control.

Stopping malware should always be a priority. Luckily, best practices like installing antivirus software and keeping it up-to-date makes a big difference. Similarly, a robust firewall can prevent unauthorized traffic from reaching your systems.

Finally, backups are a powerful tool. By backing up regularly, even if your data is damaged in an attack or seized by ransomware, you haven’t lost everything. You have an accurate, recent copy of your information, allowing you to rollback if the need arises.

Phishing

Phishing attacks are all about trickery and deception. The hacker tries to deceive a company employee into handing over login credentials, personal information, brokerage data, financial details, and more.

A classic form is an email or text message that tries to convince the recipient to click on a link or download an attachment to resolve some kind of issue. The trick is, that link doesn’t go to a legitimate site. Instead, it’s a fake designed to steal the person’s credentials or other information. With attachments, it’s a way to download malware.

Some phishing attempts can be incredibly sophisticated. They may feature spoofed email addresses, making it look like the message came from a person or company the recipient knows and trusts. The body of the email may look legit, featuring well-known logos and other hallmarks of the real thing.

However, there’s usually something amiss about the message. Maybe the spelling or grammar isn’t quite right, or the domain on the email address is off. The content not being tailored to the recipient – such as saying “account holder” instead of addressing the person by name – could also be a clue.

Security awareness and training is crucial for every employee, particularly when it comes to combatting phishing attacks. It ensures everyone knows how to spot the signs of a suspicious email or text message, ensuring they won’t interact with suspicious links or give information to someone who shouldn’t have it.

Lack of Secure SSL/TLS

While not technically a kind of attack, a lack of secure SSL/TLS is an issue. SSL/TSL (secure socket layer/transport layer security) protocols mean the website connection isn’t secure. Data moving between that page and the recipient isn’t encrypted, making it vulnerable to interception and theft.

Never send sensitive information – such as personal identity information or financial details – through a site that doesn’t have SSL/TLS in place. If you do, a hacker could intercept the packets, snagging your data while it’s in transmission.

5 Tips to Protect Your Clients’ Data, as Well as Your Own

As an  insurance brokerage, data protection must be a priority. Not only are their regulations that make certain steps a must, but failing to keep your clients’ data protected can harm your reputation and potentially leave you open to litigation.

Make sure you take the right steps to secure your system and embrace these 5 best practices plus a bonus tip that every brokerage should implement today. 

    1. Update your computers, applications, and antivirus software regularly
    2. Choose strong, unique passwords, and change them regularly
      1. Use password managers when necessary, and always say “yes” to two-factor authentication procedures.
    3. Consider switching to digital payments and eliminating paper checks from your workflow. This one simple action can reduce the risk of clients’ personal data being mishandled or misplaced.
      1. Follow all PCI-mandated data protections when handling or accepting payments.
    4. Reduce your use of other paper in the office, particularly documents with sensitive client data on them.
    5. Be skeptical about any unexpected email, particularly those containing links or attachments, or that are asking for sensitive data.
    6. *BONUS Always… always… ALWAYS backup your data. It’s a final safeguard, allowing you to revert back if something goes awry.

While security awareness and data protection practices require some effort, they are worth it. Ultimately, you are what stands between hackers and yours and your clients’ data. So, make sure to take every precaution. In the end, it’s a much easier road than the one you’d have to take after an attack.

7 Ways to Speed Up Your Brokerage’s Receivables

by Canada

We’ve all had them. Chronic late payers. Clients who violate your payment terms can wreak havoc with your brokerage’s cash flow.  

Add to that the reality of COVID-19. It’s anything but business as usual. This makes it more important than ever to rev up your payment collection and make sure you get paid timely.  

You may know businesses that protect themselves against accounts receivable losses with A/R insurance / trade credit insurance. You may even be one of the specialty brokers that sell it. We hope you will never need such coverage. 

Yet you should not need to shield yourself from late- and non-paying policyholders.The key is to speed up the payment process and minimize the chance of non-payment. We’ve put together 7 tips to help you do just that.

#1. Go Digital 

We’ve said it before and we’ll say it again: consumers (including businesses) have long since embraced digital payment.They live in a 24/7 digital world and they expect to pay instantaneously for purchases.The keyword here is “instantaneously.” It’s 2021. It’s time. 

#2 Offer Payment Options 

The trends in payment choice are clear. Debit cards, credit cards and ACH (direct payment) are on the rise.The move away from checks (and cash) was already accelerating before “touchless” payments became a public safety essential. Choice means clients are not tied to any one payment method. They can earn points on their Visa card this month or use their AmEx or a debit card next month.

#3 Make It Easy to Pay

Don’t stress about having to layer an ecommerce platform onto your website.You don’t need one to make online payments a breeze for your policyholders. First, be up front about it. Don’t make people have to search for your payment page. They’ll get frustrated. A link from your invoice template and a “pay now” button on your website will do the trick. Once clients know you offer card/ACH payment, they’ll quickly convert into delighted digital payers.

#4 Deliver Help on Demand 

Sometimes even tech savvy clients have questions or need help making their payment. They expect instant support (because they’re used to it from the other vendors). Be prepared to answer their questions, whether it is through chat, in an email, or over the phone, and have resources in hand that can help them solve problems on their own.

#5 Enable Automatic Payments

Many policies require multiple payments, either monthly, quarterly or semiannually. This creates multiple opportunities for clients to put off making payments. And you can never predict which client or which payment will be late! Offering recurring payments is a “set it and forget it” convenience for them. Equally important, it makes your receivables timely and predictable.

#6 Automate The Dunning Process

Imagine freeing your staff from sending out hundreds of invoice reminders and late payment notices each month. It’s a necessary task, but consumes a lot of staff time. Switching to automated emails makes sure these notices go out on schedule. At ePayPolicy, our invoice reminders feature makes it even easier by creating automated emails for your team.                                  

#7 Integrate With Your AMS

If you’re already using a management system, you know the power of automating business functions across your brokerage. While there are a number of industry agnostic payment processors out there (e.g., PayPal, Square, etc.) you’ll be better served with one that is designed specifically for insurance brokers and that integrates with your management system. 

The Bottom Line

I know it’s a cliche, but time really is money. Your time is valuable, and so is your client’s. When it comes to paying insurance premiums, you both have a “need for speed.” If your goal is to turbocharge your receivables, you need to minimize slow-pay opportunities.vThe best way to do that is with client-pleasing digital payments.  

ePayPolicy is here to help. Feel free to wander around our website. When you’re ready,  get started.

6 Reasons Why Brokerages Need A Strong Website

by Canada

Standing out as a brokerage can be surprisingly challenging. While you may not think that your website is a crucial part of that equation, that genuinely isn’t the case.

To put it simply, without a strong website for your brokerage, you are missing out on opportunities. If you are wondering why having an exceptional site matters, here’s what you need to know.

1. First Impressions Matter

In many cases, your website is the first interaction a client has with your brokerage online. It acts as a digital handshake, introducing the visitor to what you have to offer. If your messaging, aesthetic, and information fall short of expectations, you may miss out on a new client.

Similarly, if you don’t have a website at all, today’s digital-savvy consumers won’t even know you exist. That leads to more missed opportunities.

But if you have a well-presented, highly informative website, you create opportunities. You draw visitors in through this exceptional first impression, keeping them engaged longer and increasing the odds that they’ll reach out or move forward as a client.

2. Bolster Your Brand Credibility

If you don’t have a website, you’re hurting your brand credibility. Without a site, your  brokerage doesn’t seem as legitimate in the eyes of prospective clients.

Similarly, a poor-quality website harms your reputation. It makes it seem like you don’t care about the details or take your online presence seriously, both of which work against you.

Even a simple but well-crafted website makes your brokerage seem more credible. It creates a sense of longevity while also showing that you care about quality.

3. Showcase Your Company and Products

A website is, first and foremost, a resource brimming with information. When you spend time creating a standout site, you can highlight the best of what you have to offer, both as a company and in the way of the products.

Without a website, clients may not know where to turn for helpful information. If your site is poor, they may struggle to navigate it or otherwise finding the details they are after.

By focusing on the quality of your website, you can showcase your company and products with ease. The information they are after will be right at their fingertips, whenever they want it.

4. Increase Brand Visibility

Without a website, many prospective clients won’t know you exist. It’s akin to not having a sign on your company’s office, something that a brokerage would never dream of skipping.

Since so many people head online to find out about businesses, you need to make sure you’re represented. Your website makes you visible to those clients, ensuring they know you’re there and ready to meet their needs.

5. Boost Your Online Marketing

If you aren’t marketing online, you’re missing out. A great website opens this door wider. You won’t just have an online presence, but you can also embrace SEO to place your site higher in results lists. This can increase traffic levels to your site, making it more likely that anyone looking for a brokerage finds you before your competitors.

Plus, if you decide to pursue other online marketing options, such as using Google Ads or a similar network, having a website is crucial. It gives you a place to direct people who see your advertisement that offers more than you can get those a social media profile alone.

6. Increase Accessibility

Today, shopping online is the go-to approach for many consumers. They can tackle research, make purchases, and more at any time, day or night. Plus, they can do it all while on the go, thanks to mobile devices.

If you don’t have a reliable, well-put-together website, you’re missing out on these digital-first prospective clients. By having a fantastic site, you’re essentially increasing accessibility, making it easier to do business with you.

Jumpstart Success: How to Crush Your 2021 Goals

by Business Strategy

The new year is classically a time when independent agents, like yourself, look to the future. Goal setting is typically a part of the equation.

Whether you call them New Year’s resolutions, career goals, strategic objectives, or anything else doesn’t matter; the purpose is the same. It’s all about identifying where you want to go and making it your mission to get there.

The thing is, goal setting alone isn’t enough. If you want to jumpstart success, you have to go further. Luckily, it isn’t as hard as it may seem on the surface. With the right approach, you can crush your 2021 goals. If you aren’t sure where to begin, here’s what you need to know.

Define Your Personal Goals

You can’t crush your goals if you don’t pick one to go after. After all, you can’t achieve success until you envision it, so let your imagination run a bit wild.

Spend a little time considering what you want to achieve. Jot down ideas as they come to you, even if they seem tiny or outlandish.

The purpose is to really reflect on what you want. If you’re struggling to come up with an idea, don’t be afraid to start small. Goal setting doesn’t mean you always have to go for broke. As long as the objective matters to you, keep it on the table.

Implement a Tactic

Once you’ve got some solid ideas, it’s time to refine them. If a goal is too broad, odds are you’ll run into trouble. That’s why you need to get a bit granular.

So, how do you get detailed goals? By implementing a reliable tactic.

SMART Goals

If you want to go with a classic goal-setting approach, try SMART goals. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. By going this route, you use the meaning of each letter as a guiding principle, empowering you to drill down into your ideas and refine your goal. Here’s a quick overview of what each point means:

  • Specific goals are well-defined. You need to know what you want to accomplish, why it matters to you, and what it might take to get there.
  • Measurable goals have a clear point of success. It’s a metric that lets you know you’ve accomplished what you’ve set out to do.
  • Achievable goals are realistic objectives. You want to make sure attaining it is possible.
  • Relevant goals feel worthwhile. What you’re trying to achieve needs to matter to you personally. Otherwise, staying motivated is going to be tricky at best.
  • Time-bound means having a deadline. It’s giving yourself a time constraint, creating a sense of urgency that can keep you focused.

Objectives and Key Results

The objectives and key results (OKRs) approach is another goal-setting tactic that may work for you. It’s a fairly simple (and incredibly agile) framework for creating meaningful, well-defined goals.

First, you identify an objective. Ideally, this will be a specific target that you can express concisely. They should be ambitious but reasonable. For example, “Improve work-life balance” is a potential personal objective.

Second, you determine the key results. Usually, these are deliverables or actions that allow you to achieve that goal. Using the “work-life balance” example again, a key result might be to “Stop responding to email at COB” if you tend to keep working after-hours.

The key results are what you’ll do to achieve the larger objective. They are crucial overall, but especially for goals that aren’t quantified or could otherwise be a bit vague.

Be Reasonable

As you set goals, make sure they are reasonable. While stretching a bit is fine, if you reach too far, you may topple well before you get there.

Make sure your objectives are challenging but technically doable. That way, you’re promoting growth and positive change in a way that’s inspiring, not frustrating.

Build a Roadmap for Success

Once you make achievable goals, it’s time for a roadmap. Essentially, you want to create a step-by-step process that gets you from where you are to where you want to be in the end.

In some cases, finding the lowest common denominator works. It can be a suitable beginning point, allowing you to envision what has to come next.

For others, working backward is ideal. You look at your final goal and figure out what has to occur right before you achieve it. Then, you identify the step that has to happen immediately before that one, and so on.

As you proceed, identify and align the proper resources. Additionally, treat your roadmap as a flexible framework. Obstacles do happen, so embrace the idea that you might need to pivot along the way.

Track Your Progress

Once you have your roadmap, it’s time to get to work. Start working your steps, moving ever closer to your goal.

Additionally, perform regular progress check-ins. If you’re working on personal goals, pause once a month to see where you are and what needs to come next. If you’re focused on team or company goals, have high-value meetings each week or month to sync up.

Either way, determine if you’re on target. Then, if you aren’t, start problem-solving to get back on track.

Rinse and Repeat

The approach above can be used for all kinds of goals, including on personal, career, and company levels. Work one angle and then repeat the process on another. In the end, you’ll have well-defined goals that can help you move forward in 2021.

Looking for More Independent Insurance Agency Tips?

At ePayPolicy, we embrace the OKR approach. It lets us work from the top down, keeping our objectives and alignment clear.

If you’d like more tips about goal setting for independent agents, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.

Mavon Makes Switch To Insurance Centric Digital Payment Processor

by Client Spotlight Series

Mavon Insurance is a managing general agent (MGA) based in Hinsdale, a suburb of Chicago. Mavon serves agents across the country, offering an eclectic mix of standard and specialty lines and insurance programs through esteemed carrier partners. 

Accounting Manager Jennifer Riter talked candidly about the firm’s technology journey. She says that Mavon likes to stay up-to-date on technology, but finding solutions that accommodate their needs has been a challenge because most InsurTech solutions cater to agencies rather than MGAs.

For example, Mavon had been using Applied TAM® for some time, but briefly switched to another system that offered a specific MGA customization they wanted. Ultimately, they went back to Applied, using Epic® since 2017. Since returning, she’s found the system has evolved and is increasingly accommodating of insurers and MGAs.

Paper Checks Became a Burden

A pressing InsurTech issue for Jennifer was digital payment processing. She says, “We need to cater to our policyholders and agents. They wanted it.” She also notes that mail was getting slower and slower, affecting both accounts receivable and accounts payable. Plus, as the payables processor for Mavon, Jennifer gets frustrated with payees who only take checks. She reasons, “If paying by check is a hurdle for me, it’s a hurdle for the people paying us.”

Mavon and Digital Payment Processing

The road to ePayPolicy started with a suggestion from Mavon’s office manager. Jennifer discovered that ePayPolicy is IIA of IL’s Payment Processor of Choice and an Applied Solution Partner. She attended Applied Net, met ePayPolicy representatives in person, and the rest is digital payment history.

ePayPolicy’s pay-as-you-go monthly pricing and ease of use definitely sold Mavon. Go-live was simple and straightforward. Another huge benefit has been expense reduction. Mavon had been absorbing credit card fees and maintenance fees on a few of their programs. With ePayPolicy, credit card fees are passed on to the payer, and the savings for the MGA have been substantial.

They customized their payment landing page with the Mavon logo, putting in customized fields they want the brokers to enter. Mavon’s brokers are happy that they can now pay online. Mavon also set up ePayPolicy for their in-house finance company, GAMCO Premium Finance. Currently, ePayPolicy integrates with the system used by GAMCO, and brokers can now have their insureds who choose to finance pay directly online as well. Once payment information is in the ePay system, it integrates with the finance system. Jennifer looks forward to using ePayPolicy as they further their Applied Epic integration.

She’s also a big fan of ePayPolicy’s “super-fast” response time. She mentions their help pinning down specifics on rejected payments. In all instances, CSRs diagnosed the problem and found the cause to be user, not system error.

Overall, the biggest plus for Mavon is being able to offer more payment options. Jennifer is also happy to now be able to pay their carriers faster.

Advice to Other MGAs and Independent Insurance Agencies

Jennifer suggests anyone considering digital payments through ePayPolicy should “Just do it, like we did. There’s no long-term contract. You can try it and see how it works. ePay fees start at only $20 per month, $50 per month for customization—not much out of pocket to make these enhancements.” She concludes: “We were happy right from the start. After a couple of months, I bet you will be, too.

5 Ways to Speed Up Your Receivables with ePayPolicy

by Business Strategy

I’ve never heard an insurance agency say, “We really need to slow down receivables.” Have you? Of course not. Your cash flow depends on prompt client payment. Ultimately, speeding up receivables hinges on changing client behavior. 

Today I’ll share five tips to get paid faster, and how ePayPolicy can help.

Accepting digital payments is a giant first step. But I want to make sure you’re aware of all the ePayPolicy features to turbocharge payment collection (and reduce those dunning process tasks that are no fun for anyone).

Tip 1: Make sure clients know they can pay you digitally

Paying insurance premiums via ACH or credit card is easy, convenient, secure and (drumroll, please), instant. Yet some ePayPolicy clients tell us they’re still collecting too many checks! 

The key to geting more payers to break their check/cash habit is awareness! Here are some easy ways you can promote digital payment and increase client adoption:

  • Use the co-branded flyer in your dashboard to send out with your invoices and newsletters
  • Access the client marketing tool kit containing custom graphics and copy
    • Let your clients know you’re now accepting digital payments via social media
    • Send an email blast or include your new offering in your newsletter
  • Include a PayNow button in your email signature and on your website
  • Make digital the #1 payment option on your invoices

Tip 2: Make payment foolproof

Paying bills is a hassle. No wonder payers drag their feet. 

But we have the perfect antidote: Prefilled ePayPolicy Payment Pages. In the dashboard you can send a payment link that contains your payer’s information already filled out to simplify the process. The hard work’s done for them! This is convenient for all clients, but extra valuable for those who need that “extra nudge” to complete their payments on time. 

Tip 3:  Promote player-friendly features

As noted in #2, we want to remove obstacles to prompt payment.  Reduce (or eliminate) clients’ time and effort with features like save payment information and autopay.

When you pay the same vendor regularly, it’s a drag to re-enter your payment information every time. Many policies require multiple payments per year. Let policyholders know they can securely save their payment information (we use tokenization). They can even store more than one bank account, credit card or debit card.

For clients paying a variety of invoices throughout the year, AutoPay offers the ultimate convenience*. Just set it, forget it, and wait for the e-receipt confirming the payment was made. 

*Only available for integrated payment pages.

Tip 4: Create positive client touchpoints

Our new feature lets you send automatic invoice reminders for due and past due invoices on your behalf*. When the client clicks the link, the page prefills with their due invoices. And you score points for being so thoughtful. 

*Currently available with AMS360, Sagitta, AIM & MGA systems. (More coming soon.)

Tip 5: Integrate ePayPolicy with your management system

We typically think of management systems in terms of its benefits to agents and staff. But having everything in one place, including payment processing, creates a seamless user experience. Clients don’t have to search for invoices, they’re pulled directly from the management system integrated with ePayPolicy.  How easy is that? 

Let’s review:

The key to speeding up receivables is to get more clients to pay digitally. Digital payments are easy and convenient for them, and they put money into your account right away — when they pay. ePayPolicy is designed to make the entire process a breeze. Payer-friendly features like prefilled payment pages, automated invoice reminders, auto-pay and more make paying you a positive, convenient experience — and almost impossible to be late. All of these factors combine to encourage prompt payment, leading to better cash flow and smoother business for you. 

Try these tips and let us know the effect on your clients and your accounts receivable! Contact support if you need help setting up any of these features.

8 Tips for Staying Productive While Working from Home

by Business Strategy

Today, the working from home (WFM) paradigm is undoubtedly here to stay. WFM became the new normal the moment COVID-19 entered our lives, and many independent agents in the insurance industry have since discovered its virtues.

If you want to stay productive when you work from home long-term, you need to make sure that your home office works for you, not against you. That way, it’s comfortable, efficient, and boosts productivity. If you don’t know where to begin, here’s what you need to know.

Adjusting to the Work from Home New Normal

WFH is undoubtedly here to stay, and it does bring with it some advantages. You get to skip commuting, for one. For another, it gives you the ability to cultivate your perfect workspace. Plus, if you’re a bit under the weather, you don’t necessarily have to take a day off. Instead, you can curl up in some comfy clothes and tackle what you can, keeping productivity high.

Now, that doesn’t mean there aren’t drawbacks. Being at home all day can get boring, and may even lead to some burnout. But if you take the right steps, you can stave that off and remain productive day in and day out. Here are 8 tips that will allow you to stay productive while working from home. 

1. Have a Designated Home Office Space To Work In 

While working from your dining room table may have worked for independent agents at the beginning of the pandemic, it’s not a good long-term solution. Not only is that setup not built to support great ergonomics, but it allows your work life to bleed into your personal one.

Instead, designate a space for working from home. This could be an entire room, a desk in an alcove, or anything else that lets you separate work from personal time.

2. Invest in a Great “Chair” For Your Office 

An uncomfortable chair can sap your energy and leave you distracted. Ideally, you want to choose a chair that supports your body well and promotes good posture.

However, this doesn’t mean you can’t use alternatives to traditional chairs. Some people do well on exercise balls, for example. Figure out what positions work best for you, and find an option that fits your workspace and style. 

3. Reduce Neck and Back Pain 

While working on a laptop occasionally is fine, the screen and keyboard positions aren’t great for your neck. Luckily, this is a pretty easy issue to solve. You can either create your own DIY stand, invest in a laptop stand, or add a monitor with a separate keyboard and mouse. That way, you can position your screen at the right height. 

4. Try an Adjustable Standing Desk

If you can invest in a new desk or enjoy small DIY projects consider switching to an adjustable height desk. Adjustable standing desks give you a chance to stretch your body when the need arises and reduces the chances that you’ll spend all day sitting. Just make sure to grab a mat as well so that you can keep your feet and back comfortable.

5. Keep a Set Schedule and Follow It

When your home office is only a few steps away at all times, it’s easy to let work creep into your personal time. This can increase your odds of burnout, mainly because you feel like you are “always-on.”

If you want to stay productive and reduce burnout, follow a set schedule. Define your work hours, schedule breaks, and lunch into your calendar, and completely disconnect when the workday is done.

6. Have a Video Call Space

As an independent agent, when you have a video call, you need privacy, quiet, and a distraction-free space, preferably with a solid background. This will help you not just look your best but sound your best as well.  Find an area in your home where you can make this happen. Ideally, it will be part of your home office. However, if you live in a smaller home, you may need to carve out a nook for these calls.

7. Have Water and Healthy Snacks Nearby

Hunger, thirst, and dehydration can all cause your productivity to tumble. Make sure it doesn’t happen to you by keeping water and a healthy snack accessible (thank you Costco). A nice water bottle and a stash of almonds in a desk drawer could do the trick. That way, when you feel hunger or thirst creeping in, you can handle it.

8. Tap into Nature 

Being close to nature can keep your mood up and help you stay productive. Try to place your work desk near a window so that you can use natural light. Bring some houseplants into your space for a touch of greenery. Not only will this make your workspace more pleasant, but it can reduce your stress levels, too.

Bonus Tip: Dress for Success

While you have the option of working in your pajamas, if you find your productivity dipping, switch things up. If you dress like a professional, your mindset will shift. It could be just the boost you need.

Looking for More Independent Insurance Agency Tips?

WFH is part of the new normal, including for insurance agencies and independent agents. Take advantage of what the arrangement offers, ensuring you can stay productive long-term.

If you’d like more tips about to thrive as an independent agent, we’ve got you covered. Follow us on Facebook for more tidbits, tricks, and insights.

Tech-savvy Alpha Direct Agency Gets Digital Payment Processing Right

by Client Spotlight Series

Alpha Direct Agency doesn’t just embrace InsurTech. Technology is one of their core values: “Driven to Win with Technology”.

The 17-year-old agency even offers (among other specialty lines) technology services insurance and drone liability. Licensed in 17 states, Alpha Direct Agency has offices in New York City, Raleigh and Miami, plus international presence in the Dominican Republic and soon in Ecuador. Clearly, technology is critical to the agency’s revenue, as well as connecting its producers to each other and to the flagship office in upper Manhattan.

Asked about his agency’s use of InsurTech solutions, Principal Emmanuel Osuyah chuckles. “We are the earliest of adopters! People look to me before they buy new software. They know if I’ve used it and recommend it, it’s going to work.” 

It’s not surprising, then, that Alpha Direct Agency started offering digital payment processing way back in 2006. Notwithstanding his agency’s international footprint, Emmanuel describes his agency as locally focused. “Customers would literally take the elevator up with baby carriage in tow to find our suite.” Most paid in cash or by money order. But carrying large amounts of cash around is a hassle. And, says Emmanuel, “the cashless world has forced change on all of us.” About the decision to offer online payment, he notes: “There was a time when if you could process ACH (check) payments, you were king. We had to go there.” As for credit cards, Alpha Direct Agency is “all plastic all day long.”

He tried out a series of payment processors over the years before becoming an early adopter of ePayPolicy (which he fondly refers to as “ePay3”). As one of ePayPolicy’s first clients, Emmanuel is clear about why he made the move: batching and fees.

None of his previous vendors had the capability to separate transaction fees as ePayPolicy does. He had to reconcile their fees monthly, decidedly “batch unfriendly.”

Prior to Insurance, Emmanuel worked as a banker, where he had to triple count cash for verification (those were the days before the desktop teller machines). When he founded his agency, he was no stranger to triple counting cash late into the night; and that’s when he knew there had to be a better way. With other merchant services vendors, he would take a month-and-a-half to reconcile credit card payments. Some vendors have two separate portals for credit cards and ACH transactions; which necessitates two different logins. In contrast, with ePayPolicy, mid-month and at the end of the month, his bookkeeper would run the reports, and “the transactions are right there. Both credit cards and ACH in the same transaction summary. With another click you hop into the batches. It’s so smooth, with easily searchable fields, which gives us more time in the month to focus on other things.”

Agent Reaction to ePayPolicy

His agents like the payment portal also. He says, “I lean on my 15 employees for feedback. My people were complaining about the old platform.” The Agents particularly like that refunds to customers are easy with ePayPolicy. Confirmation of the refund can be sent to the customer from the platform within minutes of processing, saving them from having to take follow-up calls about the refund’s status.

The ePayPolicy Experience

The transition from the previous payment processor vendor was smooth. ePayPolicy integrated easily with Alpha Direct Agency’s website. Emmanuel shares that, “right off the bat, I was impressed with the seamlessness of it all. My logo was in the portal, access to reports was painless and payments were hitting my bank account in the expected time frames.”

Emmanuel also gives thumbs up for:

  • Ease of payment (a big plus in redirecting customers away from cash payments)
  • Speed of payment (frees up agents to spend more time on sales)
  •  Web 2.0 friendly (it offers a clean look without a lot of “gibberish” on the screen)

Alpha Direct Agency hasn’t had to lean on ePayPolicy’s Customer Service often, but they’ve been very responsive when called or emailed. He cites this example: “Our customers know immediately when a transaction fee shows up in their account. Disputes are rare. But one customer contested a fee, even though he knew he was in the wrong. ePayPolicy shut it right down once we provided supporting documents.”

The “fees” theme continued throughout the interview. Emmanuel finds ePayPolicy’s flat fees for ACH transactions ($3 per) a major benefit. He recently had another vendor pitch him, but they charge a percentage of the ACH transaction. Needless to say, that company will not be getting the Emmanuel Osuyah stamp of approval.

Next Steps for Alpha Direct

Alpha Direct does not currently use the invoicing function, but Emmanuel looks forward to implementing it. In addition, he’s excited to know that ePayPolicy’s platform has plans to integrate with his agency management system (Hawksoft).

Advice to Other Insurance Agencies

To any agencies out there researching digital payment processors or dissatisfied with their current vendor, Emmanuel Osuyah does not mince words:

“Sign up with ePayPolicy. Go straight to where the future’s at.” 

How To Guide: Finding, Binding, and Delighting Young Policyholders

by Business Strategy

By now, your client base likely includes some young policyholders consisting of Millennials (ages 24–39) and possibly some older Gen Zers (ages 8–23). Millennials have already surpassed Baby Boomers as the largest generation, (72.1 million), with another 20 million Gen Z Americans right behind them. They are our future.

Whether you’re reaching out to them as prospective clients, or as agency staff/managers), the more you know about the young policyholder generations the better. Spoiler alert: technology plays a central role in their lives, making  InsurTech solutions increasingly vital.  

Where To Market To Young Policyholders 

Let’s start with the obvious. Millennials and Gen Z (especially) are digital natives. They are used to multitasking with more than one digital device:  Millennials up to three and Gen Zers up to five screens at once! That gives you multiple opportunities to engage with them on their mobile phone, tablet, laptop, desktop monitor and/or TV screen. 

And what are they doing on these devices? 

  • They’re doing research, which includes reading and writing product/vendor/service provider reviews online.
  • They’re making purchases and paying bills (ideally, including their insurance premiums). 
  • They’re checking out and logging into provider websites. 
  • They’re using apps. Gen Zers, in particular, are crazy for apps.
  • They are active on multiple social media platforms. Facebook is an all-purpose choice. Businesspeople gravitate to LinkedIn. But to get in front of Gen Z you’ll need to be on Instagram (and their #1 love: Snapchat).
  • They’re receptive to digital ads, but not overwhelmingly so.

What Young Policyholders Value

Convenience and authenticity top the list. Both generations are fans of on-demand services. Millennials are self-reliant and like to find answers on their own. FAQ sections and AI chatbots provide that autonomy. Gen Zers, on the other hand, balance their tech agility with a craving for personal attention. Often described as the loneliest generation, Gen Z welcomes a caring, human touch. For example, they prefer brick-and-mortar stores to buying online.

Convenience also means conducting business when, where and how they want. They demand digital…everything (document sharing and signing, digital payments, you name it). Paper is seen as an environmental no-no.

In terms of authenticity, it’s said that these generations can spot a phony from a mile away. So don’t attempt to use hipster phrases, and don’t market “to” them. Be your own brand, and make them feel a part of what you are doing. (Tip: Google “co-creation” for reference.)

How Young Policyholders Communicate

There are some differences of note in their communication styles.  

Millennials process information through verbal and written language.They use IM (instant messaging), text and email. 

Like Millennials, Gen Z use IM and text, along with social media (but not email) to keep in touch. Images and visual content are the way to interest them. YouTube is a favorite channel, and videos on websites work well, too. Bring them into your story.

But, like it or not, you have a very small window to capture both generations’ attention. Millennials average 12 seconds. For Gen Z, it’s only eight!

You may find it useful to compile  buyer personas based on known psychographics as well as your agency’s experience with these generations. The key is to recognize the subtle and not-so-subtle differences and focus your engagement and client retention strategies accordingly.

How to Keep Them Loyal to Your Insurance Agency

If you’re a regular reader of our blog posts, these tips should be pretty familiar:

  1. Client-centric=mobile first. Stay away from old school media channels. These generations don’t use them.
  2. Be mindful of each generation’s technology and communication preferences.
  3. Provide a superior user experience (UX) across platforms.
  4. Emphasize solutions built on speed, security and availability (feel free to use ePayPolicy as your model for this!)
  5. Offer self-service options to honor their independence (e.g., FAQ, chatbots).
  6. Balance automation with human interactions. Gen Z, in particular, crave human breaks from all tech all the time

For those who absorb information visually, this nifty infographic summarizes several of the points above.

We also offer a series of articles on automating various client-facing functions: 

You might want to (re)read these with these up-and-coming generations in mind.