For the insurance industry, competition from the Internet and financial services firms is heating up just as the industry is confronting an aging workforce — 50 percent of whom are scheduled to retire over the next 15 years. Insurance companies need to attract new workers and retain skilled mid-level employees, provide flexible employment opportunities to part-time and contact center employees, and accurately track an increasingly mobile workforce of agents, salespeople, adjusters, and appraisers.
While these changes in the workforce are occurring, demand for products and services is increasing. The nation’s baby boomers are aging, and significant numbers of them are looking for health and long-term care insurance as
well as annuities and other pension products. Delivery of personalized, knowledgeable service to customers will be a critical factor in your ability to compete and grow your business. And you must do it all in an environment of increasing regulatory demands, putting additional pressure on your time and resources.
These mounting challenges are prompting insurance companies to look for new ways to drive profitability. While CRM solutions can help you optimize customer interactions and marketing, if you’re not optimizing your workforce, you’re missing perhaps your greatest opportunity to impact profit and service levels. More effective workforce management is the place to start. After all, your workforce is your greatest asset: When they deliver quality service to your customers, profitability follows. When you are able to minimize compliance risk, increase workforce productivity, and have complete visibility into your costs, you’re able to gain a competitive edge.
Kronos® for Insurance gives you a full and accurate accounting of your costs by measuring the profitability of products and services. With full visibility into both direct and indirect costs against tasks, customers, and jobs, you can make smart decisions on directing employees to those activities that generate the greatest return. Optimizing employee scheduling and tracking transaction rates save time for your managers and help them put the right people in place to deliver exceptional customer service, increasing both customer retention and profits.
You get a more complete picture of costs incurred across all your offerings, including productivity and time spent per transaction. By tracking time against transactions like claims and application processing, you can implement continuous improvement measures to help ensure that you’re meeting customers’ expectations — and retaining and increasing your profitable membership. The result? Kronos for Insurance helps you focus your workforce on driving profitability and meeting service-level goals.
The productivity of your workforce can have a significant impact on your profitability. And the need to do more with less is putting considerable pressure on both profitability and claims operations. Costs associated with nonproductive time, such as unscheduled absences, vacation time, family medical leave, and late arrivals and early departures can account for 15 to 36 percent of an organization’s total payroll expense. Kronos for Insurance automates time-consuming manual processes and gives you proactive attendance tools to help you control PTO and leave, so you can minimize costly nonproductive time.
Kronos for Insurance helps you minimize the risks associated with noncompliance, a critically important issue for an industry that is subject to myriad state, federal, and industry-specific regulations. With Kronos for Insurance you can manage requirements for employee certifications and continuing education. Accurate, automated tracking of hours worked and leave taken gives you a full audit trail as well as visibility into planned and unplanned absences and how much they are costing you. Kronos for Insurance facilitates compliance with the Fair Labor Standards Act and the Family and Medical Leave Act as well as legislative, union, licensing, certification, and regulatory requirements.
Don’t miss out on a significant opportunity to increase operational efficiency, boost profitability, retain customers, and deliver quality customer service. Let Kronos help you manage your most valuable, and expensive, strategic asset — your workforce — for a competitive edge in today’s challenging insurance industry. With thousands of installations in organizations of all sizes, Kronos is proving that workforce management doesn’t have to be so hard.