Insurance Agency Tax Time: How Are You Tracking Revenue?

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.

Schedule Your NRT Demo Now


5 Small Steps to Raise Your Insurance Agency Profile

Your insurance agency is sure to get noticed if you use these tactics to reach prospective clients.

The world of insurance is changing rapidly, but word-of-mouth referrals remain the biggest source of leads for property and casualty brokers.

Word-of-mouth, today, means a lot more than attending local networking meetings or playing golf with business owners and HR directors.

To get noticed in a crowded environment, your insurance agency needs to stand out in every way. And this means raising the bar for the way you present your company and showcase your brand—online and off.

These five tips can help you raise the profile of your insurance agency and showcase your brand as trustworthy and professional. And remember, The DBL Center Ltd. is always here to help as your general agency insurance wholesaler, providing white-glove service to you and your customers.

1. Welcome callers with a professional voice mail.

Is your agency small? Is your office manager often overworked? Don’t waste time answering phones when a professional voice mail or answering service can help your customers reach who they want faster—without pulling employees away from their regular duties.

2. Create a strong social media presence.

More than 70 percent of insurance agents say they view social media marketing as their primary means to reach millennial customers. If you’re looking to connect with today’s up-and-coming HR directors and build trust, you need to be online. And while insurance agents know that, studies show they aren’t necessarily acting on it effectively. According to a survey by KnownCircle, Inc., a social media referral service, less than 30 percent are engaging with customers on social media. In fact, most agencies (more than 60 percent) simply build a social proSocial-Graphfile on Twitter, Facebook, or LinkedIn, and then ignore it.

Set your agency apart by building a social profile that is consistent with your branding, and then keeping it updated with relevant content.

3. Build a better website.

Does your website look like it was designed in 2005? Or even 2010? Like clothes, cars, and home décor, web designs go out of fashion. If your website was designed more than five years ago (or looks like it was!) it’s time for an update.

While you’re re-designing the site, make sure the branding across your organization (from your website to social media platforms to business cards, letterhead, and in-office signage) are all consistent, modern, and enticing.

4. Provide 24/7 service to your customers.

Today’s customers are more demanding than ever, largely driven by millennials. According to one article in Entrepreneur, 71 percent of millennials say the most important thing is that an organization values their time. And 25 percent expect a response within 10 minutes of reaching out to a company via social media.

This goes back to building a strong web presence, paying attention to how customers feel about your brand, and engaging with your customers—which would all make sense if you were dealing direct with consumer.  However, because you are working in a B2B environment, you have the luxury of streamlining that path to engagement and customer service: Give your customers an easy way to get help 24/7 through your insurance wholesaler.

5. Use a wholesale general insurance agency as your full-service, back-office support staff.

Here at The DBL Center Ltd., we make it easy for you to preMobile application (1)sent a professional image and white-glove support to your customers. We are your full-service, back-office support staff answering questions, helping your customers file claims, and providing information on claims filed. Our professionally designed web interface makes it easy.

And, as a broker working with us, our mobile app and website make it easy for you to provide the service your customers need, too. Whether you’re writing a new policy or upgrading mandatory DBL to enriched DBL coverage to give your customers more value, we are here to help you serve your customers with speed and professionalism.