Understanding The Opportunity Cost Across Your Agency
As an independent agent, your time can be rather divided. Between processing claims, building new business and nurturing your current clientele – there is little time to grow..
How are you spending your time?
When hiring support staff isn’t an option, you might have to buckle down and wear a few necessary but non-revenue-building hats. From prospecting to invoicing and everything in-between, you are down in the trenches, doing it all. 15 minutes here, 20 minutes there, and by the end of the week you have 5+ hours spent on… not growing your business. What if you could have those hours back?
Achieve Sustainable Growth
You may have considered investing in some InsurTech solutions such as a digital payment processor to speed up your receivables, but are hesitant. The upfront cost seemed too high at first, but have you crunched the numbers, determined the value of your time, and compared them apple to apples? You might find that the cost-benefits far outweigh the initial expense.
If you are still accepting paper checks, chasing payments, physically making deposits and reconciling your accounts, you are leaving money on the table. You might be saving $20 a month, but when you look at the opportunity cost to you and your team, it just doesn’t add up.
What is Your Time Worth?
Those tasks need to get done, and that’s a fact. However, assigning a specific value to your time can clearly show the ROI from a variety of InsurTech solutions.
If you streamline your workflows and automate repetitive processes—like accepting manual payments—you can allocate those hours towards more profitable activities that will grow your customer base and send value to the bottom line.
Here are examples of profitable activities you’ll have time for:
– Build and expand your business
– Deliver top-quality customer service
– Offer convenience and expedience
– Gain insight and improve your company’s operations
And here are examples of the extra benefits you’ll reap:
– Reduce the time you spend on mundane tasks
– Reduce missed payments
– Streamline and simplify accounting processes
– Eliminate data entry and accounting errors
– Automate payments and improve cash flow
Dreams Do Come True
You might be thinking that it sounds too easy, and in a way, you’re right. You’d be giving up a lot of inefficient busy work and giving yourself the luxury of time; time you can now use to improve the value of your business.
And the cost? Insignificant in comparison. Though your investment will rise a bit, the gains in revenue will more than makeup for it.
It’s 2020. Time to grow and adapt to modern conveniences, time to strategize and invest in your agency. When you’re ready, ePayPolicy is here to help with payment gateway solutions to support your growth. Reach out today to schedule a demo.