Three ways to boost your profit line - revealed

Three ways to boost your profit line - revealed | Insurance Business

Three ways to boost your profit line - revealed

Insurance companies that focus on employee collaboration are achieving “substantial” productivity and financial growth.

According to a report by Telstra, companies that have seen improved productivity and financial growth are focusing on putting the customer first, employee collaboration and investing in ICT. The telco group’s research into 1,060 private and public entities has found that 10% of this group were insurance professionals.

Group general manager Rocky Scopelliti said although these three characteristics have always existed, a renewed focus on them has created an elite group of entrepreneurs.

“Productivity has always been a key priority but in addition to focusing on processing improvements, companies are looking at improving the productivity of people.”

He added: “While many organisations pay lip service to having a true customer focus, [some] financial services firms have made it a fundamental part of their corporate DNA.”

E-commerce and the provision of online or self-service facilities were seen as particularly important by insurance organisations, with 87% identifying them as vital to improving business growth. A further 61% said they planned to invest more in e-commerce and the provision of online or self-service facilities in the next 12 months.

Scopelliti said the next step is improvement in technology. “There have been considerable improvements but the use of mobile technology to pursue growth and better productivity; and using collaborative technology is critical to the overall success of a company.”