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... x No Thanks Loading.. Outsourcing Public Relations And Marketing 4/30/2013 by CompleteMarkets Editor , Henry Stimpson This content has not been rated yet. It's often difficult for an agency to hire an in-house PR specialist. And assigning PR responsibilities to an existing employee has its drawbacks. This document by Henry Stimpson examines the advantages and disadvantages to hiring an out-sourced PR consultant. Just about every company — insurer, consultant, hospital, or zoo — wants to get more coverage in the news media as part of its marketing plan. Having your organization's products, services, and people featured in relevant media builds credibility and works hand-in-glove with other marketing efforts. Who produces the most public relations (PR) bang for the buck? Is it a staff PR person, a traditional PR agency, or is there a better choice? Today, more organizations are using out-sourced public relations professionals — independent contractors who work with a small cadre of clients. Why hire independents? The advantages include responsiveness, experience, dedication, and lower costs for more results. With out-sourcing, a company doesn't pay an employee's salary and benefits, nor the hidden costs of office space, phone lines, computers, furniture, and support staff. A company might not be able to justify hiring a full-time PR person, but it can justify buying the services of a highly skilled professional without the obligations of employment. In-house PR staff often get pulled into time-wasting activities. Internal meetings, memos, and e-mail can be so pervasive that a staff PR pro might have little time or energy to court the media ...

... x No Thanks Loading.. Outsource Claims Management & Realize Reduced Costs 4/30/2013 by CompleteMarkets Editor , Paul Di Stefano This content has not been rated yet. Within most agencies and insurance companies, claims servicing ranks near the bottom of the organizational hierarchy. Why? One reason: Claims don't bring in revenue. For agencies, the primary source of revenue is commission on premium sales. For insurance companies, it's the return on invested premium dollars. Here's another reason: Most resource dollars have already been spent for account acquisition and policy management-making claims organizations suffer in a number of ways (for instance, inferior automated systems and nonprofessional staff) . This situation has created a cycle of low performance, with consumers ultimately bearing the cost and aggravation of an ineffective business model. CASE HISTORY Let's examine the process for handling Auto Physical Damage claims as it might happen today. Here's the experience of someone we'll call Joe: Joe bought his Auto insurance from Midwest Insurance through the Middletown Agency, whose principal is Joe's lifelong friend. Last month, Joe was in an accident that damaged the right rear side of his new Mercedes. He called Midwest, who took the accident report and called a tow truck, which took the car to ABC Body Shop. Midwest then referred the claim to the Middletown Agency. When Joe called the agency to inquire about ABC, he was referred to Sally, who handles claims. Sally said that Middletown would never recommend ABC and that he should take the car to Prime Auto Body or Top Notch Auto Body-the agency's usual recommendations. Joe had the ...

... x No Thanks Loading.. Pitfalls to Avoid in Running a Captive Premium Finance Company 4/3 /2018 by CompleteMarkets Editor , Chris Farfaras This content has not been rated yet. You've made the decision to form a captive premium finance company. You've also chosen to run your operation either by outsourcing to a third-party vendor or using software to run the operation in house. Chances are that your lending arrangement and state licensing are also in place. You're now ready to get started and you want to book your first loan. Before you open your doors for business, take a moment to consider some important factors in this new frontier of insurance premium financing. PRICE AND TERMS Building a sound game plan and understanding the components of your business are critical. The fundamental choice of the right interest rate, for example, is an important factor in determining your overall return. Make sure that you charge an appropriate APR that will not only cover your borrowing costs, administrative overhead, and other expenses, but also provide a healthy return on your investment. The down payment and installment terms you offer will affect your overall return. For example, playing it safe and offering a 25% down payment and nine installments on your business will keep you above water in most circumstances. In specific cases (i.e. certain coverage types or geographic regions) you might be able to offer a lower down payment; but in other cases, you'll want to require a higher down payment. The same holds true for the number of installments — in some cases, nine or even 10 installments is just ...

... x No Thanks Loading.. The Telemarketing Process 7/27/2018 by CompleteMarkets Editor This content has not been rated yet. Before implementing a telemarketing campaign, several key issues need addressing to be sure your objectives are met: Management Commitment Your agency-management team must be fully committed to telemarketing for it to work. Whether you're using an outsource telemarketing company or employing in-house telemarketers, your commitment must be solidified philosophically and financially. Without 100% support, the program will inevitably fall short of its goals. List Preparation Before embarking on the telemarketing campaign, determine which markets to target-and evaluate them at the agency and company levels. Consider price, competitiveness, your competition's products and services, and local underwriting expertise, to ensure that your chosen targets make sense for your agency. For Commercial Lines, determine which SIC codes you want to target, any geographic criteria (by ZIP code or county), and the size of the businesses (by employee or gross sales) . Make sure the target size equals the targeted premium average you want to obtain. Different classes of businesses require different size criteria. When evaluating the size of accounts and the premium involved, you may be able to justify calling on smaller accounts if they're close to your office; however, you may find this to be cost-ineffective. Purchasing Quality Lists A telemarketing program can be successful only if its foundation is strong. That foundation is a top-quality list. Zeroing in on who you want to target and choosing the appropriate vendor source for your market is the core to making your telemarketing efforts work. Automation Just as ...

... licensing fees to use a particular agency management system. Instead, it pays the ASP a monthly subscription fee, which is based on the number of users. Additional fees might be applicable if the agency requires custom programming. An ASP offers a number of benefits, including: REDUCED EXPENSE Start-up agencies or those that haven't invested heavily in technology could enjoy significant savings by using an ASP. Running an agency management system on an ASP reduces total automation costs because there's no need to invest in hardware, software installation, and software licenses. On the other hand, an agency converting to an ASP might face setup and conversion fees, higher monthly costs, and the reconfiguration of internal systems. Such expenses level off after the conversion has been completed. Savings might also be reduced by the need to outsource the management of the network and related software or to keep employees who perform that function. DISASTER RECOVERY When agencies create emergency preparedness plans, they usually focus on the risk of losing their customer data and the equipment that supports it. Agencies can back up their data, but if their physical plant were destroyed, they'd need to replace equipment quickly and find an alternative location in which to operate. With an ASP, an agency doesn't have to be concerned with maintaining backups of data in a safe site or restoring it if a server is damaged or the agency's physical facility is destroyed. As long as an agency has access to an Internet connection, it can access the system and process transactions. LOWER UPDATING AND MAINTENANCE COSTS With an ASP, no regular software updates are needed on the ...

... licensing fees to use a particular agency management system. Instead, it pays the ASP a monthly subscription fee, which is based on the number of users. Additional fees might be applicable if the agency requires custom programming. An ASP offers a number of benefits, including: REDUCED EXPENSE Start-up agencies or those that haven't invested heavily in technology could enjoy significant savings by using an ASP. Running an agency management system on an ASP reduces total automation costs because there's no need to invest in hardware, software installation, and software licenses. On the other hand, an agency converting to an ASP might face setup and conversion fees, higher monthly costs, and the reconfiguration of internal systems. Such expenses level off after the conversion has been completed. Savings might also be reduced by the need to outsource the management of the network and related software or to keep employees who perform that function. DISASTER RECOVERY When agencies create emergency preparedness plans, they usually focus on the risk of losing their customer data and the equipment that supports it. Agencies can back up their data, but if their physical plant were destroyed, they'd need to replace equipment quickly and find an alternative location in which to operate. With an ASP, an agency doesn't have to be concerned with maintaining backups of data in a safe site or restoring it if a server is damaged or the agency's physical facility is destroyed. As long as an agency has access to an Internet connection, it can access the system and process transactions. LOWER UPDATING AND MAINTENANCE COSTS With an ASP, no regular software updates are needed on the ...

... licensing fees to use a particular agency management system. Instead, it pays the ASP a monthly subscription fee, which is based on the number of users. Additional fees might be applicable if the agency requires custom programming. An ASP offers a number of benefits, including: REDUCED EXPENSE Start-up agencies or those that haven't invested heavily in technology could enjoy significant savings by using an ASP. Running an agency management system on an ASP reduces total automation costs because there's no need to invest in hardware, software installation, and software licenses. On the other hand, an agency converting to an ASP might face setup and conversion fees, higher monthly costs, and the reconfiguration of internal systems. Such expenses level off after the conversion has been completed. Savings might also be reduced by the need to outsource the management of the network and related software or to keep employees who perform that function. DISASTER RECOVERY When agencies create emergency preparedness plans, they usually focus on the risk of losing their customer data and the equipment that supports it. Agencies can back up their data, but if their physical plant were destroyed, they'd need to replace equipment quickly and find an alternative location in which to operate. With an ASP, an agency doesn't have to be concerned with maintaining backups of data in a safe site or restoring it if a server is damaged or the agency's physical facility is destroyed. As long as an agency has access to an Internet connection, it can access the system and process transactions. LOWER UPDATING AND MAINTENANCE COSTS With an ASP, no regular software updates are needed on the ...

... , ' today's workers fear change more than anything else. How do you embrace the notion of change and celebrate it as it occurs? Are your workers getting the training they need to produce for you, as well as to increase their value in the marketplace? In today's learning economy, you should consider spending as much as 5% of your overhead on training, particularly in the area of new technology. We also have to train people in high-touch skills - how to build relationships. The notion of leadership has changed. Today's business owner/executive has to be less concerned with creating followers and more interested in building a team of leaders. Yesterday's notion of control in the workplace has met its demise. You can't control people into staying; you must empower them to do so. OUTSOURCING HIGH-TURNOVER JOB FUNCTIONS Some positions have a high rate of turnover no matter what - for example, low-paying jobs such as messenger or janitor. Rather than putting these people on your payroll, chances are you'd be better served by simply outsourcing the function. On the other hand, many critical job functions also have a high turnover. Computer programmers and network administrators come to mind. These workers are in such high demand they seem capable of hopping from job to job, with a raise and a promotion at each step of the way. One company president complained that as soon as his engineers became certified in the SAP process, which occurred at his company's expense, they were immediately recruited by a new employer. Many others simply open up their own consulting practices. If your employees are acting ...

... place to work, or have the power to fire employees-their employees are defined as common-law. The employers will probably be required to withhold taxes on these employees. INDEPENDENT CONTRACTORS The article hotlinked above details the status and relationship of independent contractors. LEASED EMPLOYEES Companies providing leased employees are basically an extension of temporary help agencies. These workers are employees of the leasing company, which pays their taxes, Workers' Compensation, and other costs. Properly operated, employee leasing can provide workers (at a fixed fee per time period or project) for generally longer periods than temporary help agencies. Employee leasing can be useful for projects that require a number of specialists who will not be needed after the project's end. One usual advantage of leased employees is that the cost of getting the job done through an outsource is less expensive than using common-law employees. A danger, however, occurs if the company providing the leased employees does not meet the tax or Workers' Comp obligations under the law. In this case, an employer utilizing leased employees may be liable for their taxes and benefits (including obligations under the Family Leave Act) . A recent IRS ruling exemplifies this confusion on the part of employers. Nurses supplied to a hospital by an outside firm were found to be working full-time on a schedule set by the hospital, were paid hourly by the hospital, and had no investment in their own equipment. The hospital required their attendance at an orientation before starting their job and could fire them. Of course, the ruling declared them to be hospital employees. The IRS said the hospital exercised ...

... licensing fees to use a particular agency management system. Instead, it pays the ASP a monthly subscription fee, which is based on the number of users. Additional fees might be applicable if the agency requires custom programming. An ASP offers a number of benefits, including: REDUCED EXPENSE Start-up agencies or those that haven't invested heavily in technology could enjoy significant savings by using an ASP. Running an agency management system on an ASP reduces total automation costs because there's no need to invest in hardware, software installation, and software licenses. On the other hand, an agency converting to an ASP might face setup and conversion fees, higher monthly costs, and the reconfiguration of internal systems. Such expenses level off after the conversion has been completed. Savings might also be reduced by the need to outsource the management of the network and related software or to keep employees who perform that function. DISASTER RECOVERY When agencies create emergency preparedness plans, they usually focus on the risk of losing their customer data and the equipment that supports it. Agencies can back up their data, but if their physical plant were destroyed, they'd need to replace equipment quickly and find an alternative location in which to operate. With an ASP, an agency doesn't have to be concerned with maintaining backups of data in a safe site or restoring it if a server is damaged or the agency's physical facility is destroyed. As long as an agency has access to an Internet connection, it can access the system and process transactions. LOWER UPDATING AND MAINTENANCE COSTS With an ASP, no regular software updates are needed on the ...