Designing your insurance business strategy is important for the success of your business. But keep in mind your strategy should be fluid and flexible — changing with the changing conditions around you. Your business is dynamic, and your strategy should be, too.
A business strategy is your action plan for achieving success. It includes your goals, key objectives, actions, and checkpoints. Your strategic plan outlines how, where, and when you will introduce your product or service — it outlines your targeted market, geographic region, types of product, and more.
Technology and tools can help drive your strategic plan and actions, but you’ll need to first focus on your goals. Read on to learn more about how to design your insurance business strategy for success.
Insurance Business Strategy Musts
Taking the time to plan your insurance business strategy is critical to the long-term success of your business. Try focusing on these areas as you create your strategic plan:
Leadership and Management
The leadership of your business includes more than just management processes and workflows. Having the right leaders in place who can motivate and lead your employees is critical. Without sound leadership, the rest of your strategic plan falls apart.
Along with the right people, you need the right management processes. Many smaller companies can’t afford to have an onsite HR person, but you can outsource your HR processes to streamline these workflows.
An important part of any company is its culture — and your leadership style is the first thing to influence company culture. The people you hire, the systems and tools you employ, and the communication tactics leaders use will continue shaping your culture over time. But it is your management who first sets the tone for your company culture — so pick your leaders carefully.
Technology and Tools
An important part of your business strategy is the technology and tools you will use to reach your goals. When designing your strategy, think about not only the tools you use now but also what types of technology you will need to scale and grow your business.
A straightforward way to incorporate tools that will grow with you is by using low code robotic process automation (RPA) to design your systems. With low code or no code automation, everyone in your organization can update your system easily — no need for onsite programmers or expensive IT outsourcing.
With so many steps involved in insurance workflows, there is plenty of opportunity to streamline your processes with robotic process automation. How much time could you save by automating basic, routine tasks, like data entry? Automation also removes the possibility of human error, saving you both time and money. And your employees can focus their attention on more critical tasks, like handling customer inquiries or adjusting complex claims.
A good insurance business strategy includes a great marketing plan. Your product and services could be the best around, but if no one know about your company you cannot succeed. Your marketing plan outlines where you will do business and identifies your target customer. You may need to do surveys to help you learn more about your customers and their needs — this data helps craft your marketing plan to your intended targets.
Social media is a smart way for many small businesses to engage with customers. When you consider all the different social media channels available for free — like Twitter, LinkedIn, Facebook, TikTok, Instagram, Clubhouse, YouTube and more — you quickly realize there are many fun ways to interact with potential customers.
Try providing educational content and insightful posts. Offer value to your potential customers by giving them information. You can share industry news or tips based on current events. For example, if you are a P&C agent living in New York State, you could share helpful winterizing tips for your home and auto customers. If you sell commercial coverage in California, offering details about wildfire coverage and new regulations could help your clients make better decisions.
Share your message on different social media platforms for the most impact. Different customers prefer different platforms, but it is clear that by engaging with social media you can reach a wide variety of potential policyholders. Research shows 72% of Americans use some form of social media — don’t miss out on this valuable marketing opportunity.
All businesses have operating costs, so you will need to account for your resources in your business strategy. Consider how you are securing capital and if you will need to find partners or apply for a loan. The US Small Business Administration has information about loans that you might find helpful. While the SBA doesn’t directly loan money itself, it can connect you with banks and other avenues for funding.
Working with an accountant to help you project expenses, profits, and losses could also give you a starting point when determining the resources you will need to carry out your strategic plan. Consider where you plan to do business and what products and services you will offer. Whatever type of insurance business you are operating, these are important questions to answer.
What’s Next For Your Insurance Business Strategy?
Businesses with a clearly designed and well-informed strategy succeed. Designing an effective insurance business strategy takes time and effort — but it’s time well spent. If you’re ready to take the next step in designing your insurance business strategy, Integratz is here to help with the tools and technology you need to advance your strategic plan.
See how we make everything simple with our low code robotic process automation tools. We can collaborate with you as you design your strategic plan to incorporate the right technology and tools to move your insurance business forward.
Reach out to book your free preview call today!