- Stay informed. Brokers are stakeholders in claims transformation, so they must keep up-to-date. Don’t be afraid to ask your carriers questions because it will affect your business.
- Manage change. Be prepared to minimize grief for your customers and plan for risk management. Have extra staff on board for contingency and for a smoother transition. (For example, to handle customer queries about changes to their service agreements.)
- Enforce healthy relationships. Interaction between brokers and the claims community (adjusters, insurers) is important to help control and process claims for your clients.
- Understand the bottom line. If you can control claims costs or the costs of administering a claim, you will see reasonable rates and premiums. This should result in a more persistent block of income.
© Copyright 2010 Rogers Publishing Ltd. This article first appeared in the May 2010 edition of Canadian Insurance Top Broker magazine.
This story was originally published by Canadian Insurance Top Broker.