Use this tax season to reflect on how you can improve processes in your insurance agency
It’s tax season once again and for insurance brokers, it’s also a good time to reflect on ways to improve business efficiency in your insurance agency.
For small to mid-size businesses in New York and New Jersey, including many DBL Center brokers, March means working with your tax accountant, sorting through receipts and expenses, running QuickBooks reports, and reviewing your annual revenue.
But there is a lot of data hidden inside those numbers besides just how much you owe the I.R.S. Are you tracking and leveraging your business analytics to their full capacity? The DBL Center is introducing a tool that will allow property & casualty and other licensed agents the ability to do just that.
DBL Center Offers Net Revenue Tracker Software to Insurance Brokers
QuickBooks and other accounting software provides reports to help you track income and expenses, but it is not tailored to an insurance agency. You can’t view the profitability of different types of insurance or different types of customers. You can’t track cancellation trends so you can improve customer retention. And you can’t reliably predict cash flow or opportunities for growth without a way to track renewals.
CRM software can help your insurance agency sales team track leads to generate new business. But someone in your office has to input the data and your sales team has to be invested enough in the process to use it.
Our new Net Revenue Tracker is tailored to P&C insurance brokers to help you manage all your accounts and spot opportunities for growth. It connects directly to your DBL Center back office so all the analytics you need are at your fingertips at any time, wherever you may be. The cloud-based software functions seamlessly and securely on any internet-enabled device, including a desktop PC or Mac, laptop, or Android- or iOs-based smartphone or tablet.
Grow Your Book of Business with NRT
The Net Revenue Tracker provides the information most important to help you grow your book of business, enabling you to track the profitability of specific accounts, track policy renewal dates so you can be proactive about renewals and up-sells, and view important business metrics at a glance.
You can view accounts by carrier to see where you might want to diversify to protect your business interests, and where it might benefit your customers to consolidate for better coverage and lower premiums.
And because it is based on software we’ve used here at The DBL Center for years, we know it is user-friendly to help you increase efficiency and streamline your business processes.
How Will The New Tax Laws Affect Your Insurance Agency – And Your Customers?
As you’re assessing your business processes to increase efficiencies and track your revenue more effectively, it’s also important to begin thinking about tax strategies for 2018.
This year’s tax season should be straightforward for most insurance brokers, or at least business as usual. The big changes went into effect beginning this year and will be reflected on corporate taxes filed in March 2019. Talk to your tax accountant about the new tax laws and how they may affect your business — and your customers’ businesses, for that matter.
With reduced or eliminated deductions for fringe benefits like transportation, meals and entertainment, employers and HR directors may be looking to enrich disability coverage and ancillary benefits to recruit and retain top talent. Our Net Revenue Tracker can help you spot these opportunities for increased sales with existing customers at your New York insurance agency.
Be one of the first brokers to catch a sneak preview of the software in a live webinar demonstration.