With the volume of service requests your insurance agency is fielding, are agents getting caught up in paperwork instead of focusing on high-value work? Chances are, they end up handling a lot of tasks that don’t require their level of certification. But if you hire another agent to keep up with the rising volume of work, you might be paying for something you don’t actually need.
A virtual assistant (VA), on the other hand, can take care of countless tasks that don’t require licensure as an agent — at a much more affordable salary. A VA with insurance experience will keep clients fully supported while allowing agents to focus on sales.
When hiring a virtual assistant for an insurance agency, it’s crucial to understand which tasks they can and can’t handle. But the first list is going to be a lot longer than the second.
A VA can’t make final decisions on underwriting, advise clients on coverage, or sell coverage. But a VA can handle the myriad support tasks that let agents sell and renew coverage at greater scale. An insurance virtual assistant’s tasks can include many technical and administrative duties, as we’ll discuss.
Companies that hire an insurance VA through us see their account managers recover 10–15 hours of time per week. They reduce their task backlog by 50%. Key benefits also include strengthening compliance, improving response time, enhancing customer relationships, and growing the team’s efficiency.
Let’s examine some of the main technical tasks a skilled VA can handle. By spearheading these types of tasks, a good VA lets licensed staff focus on higher-value work.
Creating Coverage Comparisons
An insurance virtual assistant’s job description might include handling renewal prep and offering quoting support. A VA can aid in drafting coverage comparisons in ways like these:
- Gathering information about customers’ needs.
- Downloading dec pages or info on customers’ prior policies from carrier systems.
- Completing ACORD forms along with supplemental materials.
- Reviewing loss runs and summarizing them.
- Compiling coverage options for the agent to review.
A VA can gather customer information for quotes or renewals, asking existing customers about any life changes that may affect their insurance needs. Then, they can put together comparisons of coverage options and identify cross-selling opportunities for existing customers. The VA can also track when customers’ policies are up for renewal, so they can reach out at just the right times.
Our clients typically see their quoting response time improve by 40–60% after hiring a VA. With the VA’s support, the agent has much less legwork to do.
Handling Account Management
An insurance virtual assistant’s skills include staying highly organized and accurately processing data. Let’s dig into how a VA can skillfully manage customer accounts and documentation.
COI Creation and Tracking
A VA can draw up certificates of insurance (COIs) and track them over time to ensure they stay up to date. Clients who hire a VA see their COI turnaround time decrease by 60–80%.
Database Cleanup
Document management is another area where a skilled VA really shines. A VA can perform database cleanup, auditing and updating customer info in the agency’s CRM and AMS systems. For example, they might find and correct expired license numbers. They can also track important documents, ensuring they’re signed, filed, and indexed appropriately.
Response to Service Requests
Service requests can easily pile up, leading to frustrated customers and potential paperwork errors. But a VA can promptly handle these requests, from sending ID cards or policy documents to changing billing info. The VA can also facilitate changes to coverage options, communicating with the client about these needs and processing the changes after approval by the agent. Without this support, these service requests can distract busy agents from their key roles.
Providing Audit Support
Virtual assistants can help with conducting in-house audits to look for errors and omissions issues, reduce risk, and improve operations. The VA can gather key documents and supplemental materials in preparation for the audit, organizing them into categories for leaders’ review. They can also highlight compliance issues that they’ve caught on the job.
Assisting in Processing Claims
Claims-processing is another area that involves numerous small steps and back-and-forth communication. A VA can help streamline the process in ways like these:
- Fielding inquiries from clients
- Instructing clients on what information to submit
- Handling communication with carriers
- Completing forms promptly
- Verifying that information being submitted is accurate
- Tracking the status of claims
- Sharing updates with clients
Claims processing becomes simplified for agencies when VAs are handling the bulk of the communications and data input involved. The likelihood of approval may also increase because the VA is ensuring accurate and complete submission of data.
Compiling Reports
A virtual assistant can gather data and process it into reports for an agent or leaders to review. This supports organizational decision-making. For example, if an agent wants to create a report on retention or cross-sales, the VA can compile data from the company’s system. They’ll weed out what’s not relevant and highlight what is. Then, when the agent has an hour or two to review the info, they’re not starting from square one. Instead, they’ll get an at-a-glance look at the key points and can dive into decision-making much faster.
Again, it’s important to clarify what the VA can’t do in their role, too. An insurance virtual assistant’s tasks can’t include offering binding coverage; this must be done by a licensed agent. Likewise, they can’t provide advice on coverage or make determinations on how to handle claims. However, they can take care of a wide range of supporting tasks, which tend to consume much more time than making a decision or offering advice.
As you prepare to bring a virtual assistant on board, assess your current workflow. Look at the volume of COIs, endorsements, and quoting you handle over a 30-day period. Then, start creating a task list for your VA, focusing on the areas of greatest need. As you onboard the VA, train them in how to navigate your AMS or CMR system and process key documents like ACORD forms and COIs. Give them a point person to check in with about questions as well. By taking these steps, you’ll equip your VA to handle a broad range of technical tasks, streamlining the work of your busy agents and other staff.
Ready to get started? Try writing up an insurance virtual assistant job description for your company, considering which tasks you need the most support with. Then, set up a discovery call to discuss how ia Blueprint can help you find exactly the right support. Instead of keeping your licensed agents buried in paperwork, you’ll learn how to serve your clients more efficiently.