Embracing Change in Insurance Agencies: Time Management Techniques with Raghav Tanna of Tarmika
The technology used in independent insurance agencies can be a touchy thing. It’s easy to hear about the up-and-coming thing and think that that is going to change our lives.
“Insurance agents don’t often get dreamy tech, but this is pretty close.”
And we quickly end up disappointed when it’s not the cure it was promised to be. There is nothing out there that will solve all of our problems, no. But here at APP, we know that, which is why we love when we find answers to very specific problems.
Today, the problem we are talking about is one insurance agents only know—the dreaded re-shop.
What’s wrong with them? Here are a *just a few things*.
- They take too long.
- They are a lot of work for a little result.
- They take an actual eternity.
Time is a big focus here. So, what is our latest solution to this issue?
The Commercial Lines Rating Platform of Your Dreams
That title is serious. Insurance agents don’t often get dreamy tech, but this is pretty close.
In this episode of the Ridiculously Amazing Insurance Podcast, we talk to Raghav Tanna of Tarmika, the industry leader in creating a commercial lines rating platform that basically does it all for you.
You submit a single application and you receive multiple quotes. We know that you are hesitant already because it’s very new tech. Let’s talk about some of the myths and misconceptions that Raghav walked Kelly and Heath through.
Myths and Misconceptions
Myth #1 It’s Not Worth The Time To Learn
“It’s going to take months to get the hang of.”
“I can’t let that kind of time go.”
We feel so sad for agents who feel this because they probably have so much going on (that could be managed better) and when they shift focus to this “new thing” a backlog develops.
And soon, they have to go back to work because that backlog gets scary and that new tech, process, or protocol withers to nothing. So, we say your insurance agency needs to slow down to speed up. Things might be different and feel uncomfortable for a month or so, but when you get rolling it gives you time back that you never thought was possible. Tarmika sees this happen time and time again.
Our comeback would be asking if they let fear and hesitation hold them back from trying everything or is it just stuff that is hard? 😉
Myth #2 The Rate Given Is ALWAYS Wrong
First off, no, it’s not ALWAYS wrong. Nothing is as absolute as that.
Tarmika’s rates are API-based, which means, for commercial, these quotes are bindable. When issues do arise, it’s actually more likely to be human error or inaccurate information at fault over the actual platform.
We say you should “lower your standards and call it data integration.” Because it’s still a better use of your time than copying and pasting a couple of hundred times. Independent agents like to do the hard thing because it’s the way things have always been done, but if you open up the doors you never know what great thing will come in. Just think of the time you could save!
Myth #3 We Aren’t Going to Write Those Smaller Bops
This one is a bummer because you could make a good deal of money with an efficient process set up for taking those bops.
Generally, it’s because quoting and remarketing are going to take so long that we don’t want to tackle these small bops, but with a rating platform, it happens so quickly that it’s not losing you anything. Your agency could see whole percentage increases in profit because of something like that.
Ultimately, the small bops need to be “quick hitters” as Raghav calls them. It’s not wrong to say a licensed insurance agent shouldn’t waste their time with these small ones, but when would we EVER recommend something that is a waste of time?
Results In An Insurance Agency Speak Louder Than YOUR Fears
Independent insurance agencies have very, very high standards for our technology, which is funny because some management systems actually require a doctorate in quantum physics to figure out.
But Raghav has been through the ringer time and time again over hesitations that leaders have about adopting this program. Your hesitation is understandable, but if you’ve been following us long enough you know that we always think you should have an open mind. This doesn’t mean you let every new tech solution into the doing of your agency.
Just know the difference between your fears and actual reasons to not try something. Anyway, rant over, let’s look at the numbers.
Tarmika has worked with over 1000 agencies and throughout almost all of them the amount of time spent on quoting, PER DAY, was 4-6 hours. With Tarmika, it takes less than five minutes to complete the entire process and get a BINDABLE rate back to the customer. It’s actually more like 2 minutes. So, whatever reservations you have, they should be outweighed by all the oodles of time you’d get back with this platform.
Benefits of Tarmika
The absolute best part of using this is the amount of time you save in every quoting situation.
You have the initial quote for that new customer and then you have the potential remarket when time has passed and things have changed. We would venture to say that this part is the most important.
Remarketing with Tarmika allows you literally take information from agencies regarding accounts that already exist and then, BOOM, you are done. There is nothing else to enter, no data entry at all. And we all know how much cheaper it is to retain a current client rather than chase a new one.
“I know exactly where this piece of business goes.”
“I’m just going to go to that carrier.”
There are agencies that use the system all the time. They call in and tell us how they never knew *insert carrier name* could write this class of business this well and with this much coverage. Tarmika likes to use that knowledge as a basis for telling agencies that you don’t know everything. Things in this industry are changing constantly. Using Tarmika you can get a quote from that carrier and all of these others with little to no effort and you never know what you’ll get back.
We get how this looks like an ad, but our job is to make your agency run better and for some of you out there this might be a part of that. Raters are pretty great concepts and sure, some of them have not been put together in the most perfect of ways. But this is a program that has a lot of potential.
We are always getting questions about ways to cut down on wasted time and “how can we make X process more efficient” and stuff like THIS is how. It’s the whole reason we do these podcasts.
Listen to the podcast if you want the full scoop. There is a lot more information in there.
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