The Small Insurance Firms Business Dilemma -- Time Management Is the Internet the Answer?

Dr. Rahul Razdan, CEO Ocoos

02/24/2015 17:55 PM
Total Views: 3988

As the primary sales and service representative for large insurance companies, time management is critical to keeping satisfied customers.   Given the fact that most insurance firms are small, the same people often have to handle delivery of services as well as Sales/Marketing and G&A. Thus, these three functions literally compete for the same time, and because only a very unusual person is an expert at all business functions, generally most insurance firms are not very efficient at these tasks.


The Internet has been a massive force for change, and one of its key values has been to democratize access and capability. With Internet capability, everyone can be a publisher (blogging systems), build a video channel (youtube), or sell to the world (eCommerce).  With this backdrop, one might well expect the Internet to solve the fundamental issues of better efficiency for Sales/Marketing or to reduce radically the cost of G&A.  However, the rate of change of Internet technology has been so rapid that most small insurance firms simply are not in a position to absorb the technology.  Further, the technology is generally built to be consumed by more sophisticated clients. Thus, large insurance firms can indeed use Internet technology for deep data mining and analytics or sophisticated targeted marketing. However, this capability is largely out of reach for most small insurance firms.


What would be an appropriate solution for a small insurance firm?


1.    Simplicity: Using a tax analogy, they need the 1040EZ form of the Internet-- something that provides maximum benefit with minimum complexity.

2.    Cost:  Most of the major software systems are out of reach for small Insurance Firm firms, so there is a need for a "linkedin" -type business model to help them.

3.    Training: Integrated training and support are critical for closing the adoption gap for most Insurance businesses.


After addressing these three issues, small Insurance firms could increase their productivity dramatically and shift their focus to what drives revenue.

Looking For a Solution: Please Look at Websites For Insurance Agents

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