SMA's Insurance Transformation, Where Strategy Meets Action

Deb Smallwood

Insurance Agency Series: Reducing Expenses And Controlling Costs

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Key questions for Agents to consider:

Do you know what the time and costs to do basic tasks?
What is being done to automate as many tasks and activities as possible?

In a marketplace with shrinking premiums and economic downturn, controlling costs is essential. Payroll is the number one expense for an agency with average starting salaries for producers ranging from $52,000 to $95,000 (Big I Study 2008).

If staff is faxing, re-keying data into multiple systems, pushing and pulling paper files, searching manually, cutting and pasting spreadsheets to produce basic reports, playing phone tag with carriers and putting clients on hold, it is costing an agency big money both in hard dollars and soft dollars such as lost business.

The purpose of the SMA blog is create a dialogue around insurance transformation; launching a different perspective on linkage between strategy, process and technology choices and shifting the mindset from a technology driven approach with SOA & BPM to a business driven service-oriented thinking that creates agile and flexible new insurance business models. Look for a wide gambit of trends, research, case studies, and insights on making transformation a reality.

Deb Smallwood

"I grew up in the insurance industry and have experienced the shackles that ineffective business processes with misaligned monolithic technology solutions have placed on insurance companies...

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Karen Furtado

Karen Furtado brings a wealth of industry knowledge to SMA. She spent 25 years at CGI, focused in insurance. Her specific areas of expertise include product development, complex system implementations, vendor selection processes, project management and business and IT outsourcing services. Her passion is working with both technology providers and carriers to deliver high-value solutions for core issues facing the industry. Karen actively participates as an industry speaker.

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