Smart Broking: The Workflow of an Insurance Broker

March 3, 2021 in Insurance Broking



Smart Broking: The Workflow of an Insurance Broker

Every insurance broker has their own way of doing things. Their ability of insurance broking depends on a variety of factors such as their attitude towards insurance selling, body language, knowledge about the industry and the products that they deal with, capability in handling customers, and a lot other factors contribute to it. These reflect in the workflow they practice-the activities they perform then vary from broker to broker, client to client, policy to policy, and claim to claim

Even though these factors vary considerably, if we generalize the process they involve, we could generalize some processes that all of them deal with.

If you are a newbie to the insurance business, take note of this to standardize your organization. If you are already an expert, take a quick look and make sure you are doing it right.

Stage 1 – Prospects Management

The most complicated step in the insurance business is sending various quotes to prospects and helps them choose the best deal. The steps include creating RFQs, sending them to various insurers, sharing the quote slip with prospects, and choosing the best policy.

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Stage 2 – Policy Management

Once the business is converted, payment has to be done and tracked. The steps followed are requesting policies, waiting for documents, and receiving documents. After receiving the policy documents, those should be sent to customers. Also, it has to be tracked until the customer sends an acknowledgment. The same works for claims too.

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Stage 3 – Premium Management

Managing premiums is always something that has to be done with 100% transparency. Problems might occur due to many reasons – Payment can be missed out during bulk transactions or might forget to request all policies. In order to ensure the best quality of customer service, this should be taken care of as a high priority.

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Stage 4 – Accounts & Reports

In this stage, you will have to create invoices and keep track of them and find out the missed out payments. In addition to that, weekly and monthly reports have to be maintained to compare business performance and increase sales.

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Stage 5 – Claims Management

Managing claims is one of the many areas that insurance professionals get overwhelmed. In this stage, you will have to create a documentation checklist for processing claims, collect all required documents carefully, track claim status and settle them professionally.

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