How to Write, Organize and maintain an effective SOP (Standard Operating Procedure) for Any Insurance Agency

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SOP
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Standard Operating Procedures ensure consistent quality for all clients, at all times.

In the text below, we will go into further detail on the way you can generate step-by-step instructions on how to carry out routine operations.

Identify Processes That Can Be Automated

Insurance agencies and brokers rely on manual processes in order to complete day-to-day tasks which are integral to their business, such as; sending and receiving policy documents, following up on quotes, issuing renewal reminders, and much more. For agencies with hundreds or thousands of policyholders, this process is costly and time-consuming. Sometimes, this means they need to onboard additional staff in order to handle these administrative tasks. To keep up with the cut-throat competition and minimize operation costs, some insurance agencies opt for automation. 

PathwayPort is a marketing automation platform that helps insurance agencies get business done faster. Pathway’s intuitive solution sends automated insurance email campaigns to prospects and policyholders, allowing staff to focus on more important tasks at hand.  By seamlessly integrating with the insurance agencies’ Agent/Broker Management Systems, Pathway uses an automated trigger system to send the emails to the right people and the right time. For example, policyholders who have purchased homeowners insurance will receive automatic pre-renewal and renewal emails months before the policy is due to expire, all this is done automatically with no additional input from staff. At a significantly lower cost than it would take to hire additional insurance administrators, brokers can also automate upsell, cross-sell, and other types of marketing campaigns, as well as give policyholders 24/7 access to their document through an online portal. 

In addition, you should be clear on the way new business SOP overlaps with the other processes in your company. Plan the new business loyalty journey during the first year in detail.  Anticipate their needs and deal with what proved to be the biggest sources of dissatisfaction. To encourage new business via referrals, set up a reward-based standard procedure. Determine how (and when) you should ask policyholders to refer new policyholders. Then, make sure to know how to handle referrals when they become clients, and how to reward the policyholders who refer you. Decide which channel to use when asking for referrals – social media, email, both?

Policy Review, Cross-Selling, Policy Renewal

Should you include a reminder about reviewing a policy as soon as the policyholder receives it via email or in-app? Decide which customers should be reviewed first based on surveys and feedback. Create a detailed script for policy reviews, so that no review misses any important steps. Finally, create a system that works out which policyholders should receive an upsell or a cross-sell. Other than the price, determine the benefits of purchasing multiple lines via your agency. Decide if you want to have the same insurance broker that sold the initial insurance policy to a policyholder keep working with them throughout their customer journey.

This could take the form of additional earthquake coverage for homeowners, or adding a driver or another vehicle in the case of auto insurance policies. In the end, produce a pre-renewal and renewal process for policyholders nearing the policy expiration date. Remind policyholders to update policies before renewing them. Find out how to motivate them to review the policies in detail, once received. Decide how policy renewal operating procedure will coincide with selling additional lines.

Digital Marketing – Social Media, SEO

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Determine which social media channels to use. Decide on the preferred tone of voice across all channels. Schedule social media posts where applicable, and decide how often you want to post. Decide which marketing efforts to run on social media. Asking for referrals and offering a reward is one idea. Plan on how you should react to positive and negative feedback, and which terms/language/attitudes are off-limits. Design an SOP for generating online content that will improve your ranking on Google. Determine the word count, tone, and frequency of creating new content such as blog posts. Decide who should be in charge of doing keyword research, writing content, editing it, and approving it. Finally, build an SOP for checking and improving your Google ranking. Prescribe exactly who should evaluate your Google ranking and how often.

Claim Handling Procedure

Every insurance agency needs to communicate the correct information to clients in a timely manner. The information refers to anything from renewing policies, offering upsells, warning policyholders of missed payments, or just reminding them to update existing policies. Whether you aim to acquire new clients or build trusting relationships with existing policyholders, automation and detailed SOP will ensure quality and consistency in the long run.

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