Electric Insurance Company - Support Team of the Year
Company: Electric Insurance Company
Company Description: Electric Insurance Company® is a national leading provider of personal and commercial lines insurance products. Established in 1966 specifically to serve GE employees, Electric Insurance now extends its superior personal lines products and outstanding service to discerning consumers inside and outside of the GE community.
Nomination Category: Support Categories
Nomination Sub Category: Support Team of the Year
Nomination Title: Electric Insurance Company - Agency Services Support Team of the Year
Tell the story about what this nominated team has achieved since January 1, 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms.
Agency Services at Electric Insurance Company® is a strong support team focused on providing world-class service to our independent and external field agents by helping them navigate the intricacies of increasingly complex systems, products and guidelines. The company’s mission of “Always On®” means we continually strive to create for our agents a dynamic and responsive resource center — one that generates confidence in knowing their accounts are well-managed so they can nurture existing relationships and pursue new business opportunities.
The Agency Services team is composed of six licensed professionals who support 152 agencies, comprising approximately 1,600 agents who serve 24,000 policyholders. In 2016, this extraordinary team managed more than 47,000 transactions, averaging 189 per day, which amounts to nearly 42,000 agent contacts per year. Impressively, the response speed for inbound calls averaged less than 40 seconds, exceeding our stakeholders’ known expectations. What’s more, the team exceeded its service level goal and agent expectations while dedicating 450 hours to company initiatives aimed at improving the agent experience.
The Agency Services team provides agents with system training, technical support, underwriting risk management, increased product awareness and enhanced account management, all while strengthening interpersonal relationships and maintaining lasting business connections. As part of its support role, the team administers the renewal book of business for several projects to ensure policies both meet the proper underlying liability limits and list all eligible exposures while protecting customers against gaps in coverage and agents against Errors and Omissions exposures. These projects include:
• Personal Umbrella Policy Renewal Review
• Insured to Value: New and Renewal Dwelling Coverage Inspection Analysis
• LLC Partner Renewal
The team’s responsibilities expanded considerably in 2016. First, when the Greater Boston area experienced an excessive amount of snowfall that resulted in company opening delays and unavoidable employee absences, our commitment to providing an unparalleled “Always On” service experience led us to expand the Agency Homeshoring Team — a fully functioning group of agents capable of remotely accessing Electric Insurance systems from the safety of their homes to seamlessly provide our agency partners the same level of service they have come to expect. Second, the team launched its New Policy Sales Support —a service, through which the team supports external agents by quoting and binding policies for their prospective business clients. This initiative helped agents write new business sales (particularly dwelling and personal Massachusetts auto policies) in excess of seven percent of their goal last year. The team also continued its involvement in the development and testing of a brand-new agent self-service center designed to simplify the agency account management process.
Also in 2016, Agency Services team members earned leadership promotions and achieved increased underwriting authority, enabling them to support the personal underwriting department while closing accounts more closely aligned with the company’s goals and objectives.
In short, the Agency Services team at Electric Insurance is a cohesive group dedicated to the common goal of helping the company’s agents succeed by working tirelessly to remain current, informed and responsive. The result: unparalleled expertise coupled with phenomenal service — a winning combination.
We are proud to submit our Agency Services team as a candidate for the American Business AwardsSM Best Supporting Team of the Year in Insurance.
In bullet-list form, briefly summarize up to ten (10) accomplishments of the nominated team since the beginning of 2016 (up to 150 words).
Expanded Support Service Initiatives:
Personal Umbrella Policy Renewal Review
>130 hours of evaluation
> In 2016 944 Renewals reviewed compared to 375 prior year, a 151% increase
Insured to Value Program
>126 hours of evaluation
>353 accounts reviewed
>98 coverage changes
LLC Partner Renewal Audits
>120 hours of evaluation
>250 Transactions Serviced
>Formed Standard Operating Procedure reference tool
>A remote service team providing continuity of operations to agency partners during weather related closures.
>132 contacts fielded by 80% staff per storm vs.189 daily contacts at full capacity.
>Achieved 82% service level
>17% increase above goal
>Manual Quoting of MA Auto and Fire Dwelling Risk
>$68,000 increase in sales, a 61% increase over plan
>An additional 92 binds, +98% improvement to goal
Self Service Center User Acceptance Testing
>55 test hours completed
>350 test cases created
> Go-live date on target in April 2017