June 12, 2024
Author: Joanna Hagelberger, Vice President Customer Success
BUSINESS TRUISMS
There are truisms we have all learned over the years and many of them relate to business. What is a truism? According to dictionary.cambridge.org, a truism is “a statement that is so obviously true that it is almost not worth saying.” Thank you, Captain Obvious. And while they may not be worth saying in general, I think there are a few truisms that are so applicable to insurance compliance software that by bringing them together, we can elevate them to the level of Dinkum oil (“the truth”, according to https://www.merriam-webster.com/). If nothing else, at least you have a new vocabulary word.
Structure creates flexibility. Slightly illogical, but sure. Once we have defined and documented processes, that infrastructure allows an organization to be much more agile. When processes are documented, we all know how to do things without asking. We all do them the same way and prevent rework. We create an environment where teammates can transition in and out seamlessly. We can share responsibilities because we all know how to do the tasks. Activities are trackable and reportable so we can look for weaknesses and thereby improve processes. Technology can help with all of this by being the vehicle to standardize behavior.
Decrease “activity” to increase “action”. Do less to do more. Be scalable. The whole idea here is that organizations that have been around for a while have fully developed processes that are much too manual, so people are kept busy doing activities all day that could be automated. Decreasing that level of “activity” allows for the opportunity to increase the level of “action” taken by a team because instead of touching every task, the team now only touches tasks that require thoughtful discernment. Have you heard the saying “Happy Spouse, Happy House”? By elevating the level of work your team is doing from data entry to thoughtful, challenging issue resolution, you will have happier, more dedicated team members.
The Pareto Principle (https://www.juran.com/blog/a-guide-to-the-pareto-principle-80-20-rule-pareto-analysis/) says (aggressively paraphrased) 20% of anything causes 80% of everything (or vice versa). 20% of your customers will create 80% of your support tickets. 80% of customers use 20% of the system. So? Well, in business, this means managing to the 20%. Knowing that 20% of your effort creates 80% of your results allows you to focus your energy on those impactful efforts. What do the top 20% of your producers look like? Can you focus on finding more producers like them?
Each of these principles highlights the need for consistency of processes, automation of repetitive tasks, and elimination of redundancy. Leveraging software to thoughtfully empower your staff and producers will lead to a flexible team that is scalable, appropriately challenged, and focused on impactful work. Time to go out there and capitalize on the Dinkum oil in these truisms to grow your business to the next level!