An insurance carrier’s loss prevention team is busy. Really busy. Today’s loss prevention reps spend hours creating custom resources for their policyholders to help manage their risks. And while this work is important and certainly needs to be done, it prevents reps from meeting with policyholders face-to-face and conducting on-site evaluations, which is extremely important since the loss prevention representative is often the only person from a carrier an insured will ever meet.
This problem is even bigger when servicing small groups, where time and resources can be even more scarce. Since loss prevention reps are usually restricted to what policyholders they can visit based on premium size, this leaves a lot of smaller groups in the dark when it comes to what they do to promote greater safety and lower their claims activity.
The Impact on Retention
When you aren’t providing additional value-adds like risk management guidance or strategic business advice, you risk losing both small and large groups to another carrier come renewal time. If you’re just quoting on price and only managing claims, what’s to stop your current policyholders from leaving for another insurance company? They’ll go wherever the premium is lowest if there’s no extra value provided throughout the year.
How Technology Can Help
Increase touch points with your policyholders—no matter their size—by providing valuable risk management and safety guidance via email and an online portal. Let your loss prevention reps focus on what they do best. After all, your loss prevention reps are experts at understanding and managing risk—not writing and designing content.
Here are a few ways technology can help boost loss control department efficiency:
1. Save Time
Put more time back in your loss prevention team’s day by offering a robust content management system. Instead of wasting hours creating niche content from scratch, reps can simply search for relevant content based on a policyholder’s line of business or unique risk. By centralizing all your content in one place, you can easily keep track of all available resources and avoid having documents stored in various folders on your company’s network.
By using a content management system, you can send policyholders a variety of ready-to-go content—from videos to flyers to in-depth guides—to educate them about how to avoid future claims and stay safe. All of this frees up your loss prevention reps to service more policyholders and be more strategic about how they’re spending their time.
2. Improve New Hire Onboarding & Training
Not only can resources be used for your policyholders, but they can also be used for internal education. From training a new loss prevention rep to helping a veteran one learn about a new industry, reps can easily find the content they need to educate themselves about the unique risks their policyholders face and stay up-to-date on the latest trends in the P&C market.
By offering one, easy-to-use content library to your staff, you can help shorten onboarding time and the amount of time needed to prep for upcoming meetings.
3. Boost Retention & Increase Efficiency
Pair your content management system with an email marketing tool to make distributing your content easier than ever. By using an automated email marketing engine, your team can set up year-round or one-off email campaigns—allowing them to deliver strategic safety guidance with the click of a button.
That way, come renewal season, policyholders will remember all the strategic advice your company provided all year long.
4. Quickly Service Large & Small Accounts
Another way to deliver safety content to your policyholders is by offering an online, self-service portal. In today’s digital age, people want to be able to find answers to their insurance questions whenever they want. Instead of having your policyholders turn to Google for help, offer them your very own portal full of content they can trust. By offering a 24/7 online portal, you can set your services apart from all the other carriers out there.
These are just some of the ways technology can help streamline workflows for your loss prevention team. To learn more about how to empower your loss control department, explore this page.