Workers’ compensation insurance isn’t really regarded highly as far as profitable insurance products are concerned. Agents often sell workers’ comp insurance as part of a broader commercial insurance package. From there, employers are often left to deal with claim management on their own, and may or may not decide to renew their coverage with the same agent down the road. However, insurance agents who employ a more hands-on approach to helping employers manage their workers’ compensation costs have the opportunity to build their clients trust and increase their own profitability.
Here are a five ways insurance agents can help employers manage workers’ compensation costs.
- Ensure the policy fits the client. Agents should ask a lot of questions and do a little research to get as many details as possible about their clients’ needs. They can then search the market for favorable options and work with the employer on choosing the best possible policy. This ensures that the employer is not wasting money on too much – or too little – coverage.
- Make claims management a priority. Many insurance agents believe that their job in the claims management process is to refer the employer to the claims department, and that’s the extent of it. However, a claim often gets passed from adjuster to adjuster, so the agent can end up being the only consistent contact that the employer can depend on. By being more involved in the claims management process, the agent can follow up with adjusters frequently to ensure that claims are handled efficiently.
- Be a great go-between. Most employers aren’t familiar with all of the ins and outs of the insurance industry nor do they understand all of the terms used. Agents can position themselves as go-between, helping the employer communicate with insurance adjusters, navigate policies and understand procedures and pricing.
- Help employers increase their return-to-work rates. Agents can help employers increase their return-to-work rates by leveraging their experience in the industry. Through researching, vetting and building relationships with great doctors who are familiar with the workers’ comp claims process, agents can give their clients quality treatment options for employee recovery.
- Keep clients informed and prepared. Agents can keep their clients up-to-date by sharing relevant workers’ compensation news on a regular basis. When the inevitable workers’ compensation audit is looming, help clients prepare by assisting in reviewing payroll records, confirming job classifications and looking for any mistakes that can be fixed prior to the auditor’s review.
About American Team Managers Insurance Services
Founded in 1998 by Chris C. Michaels, American Team Managers Insurance Services (ATM) has provided wholesale and MGA services to more than 5,000 independent insurance agents throughout the United States. Our goal is to establish close, long-term relationships with our agency partners and insurance carriers and provide competitive products for the Exclusive and Non-Exclusive markets that we serve. For more information on our products and services, give us a call at (714) 414-1200 to speak to a representative.