Challenges for firms looking to approach expansion
What are the challenges between smaller and larger firms looking to approach expansion in todays interconnected world?
As a smaller business, the recent advancements in technology have been both exciting and daunting. Whilst there are definite advantages to having our customers and clients readily available on a multitude of platforms, there are, of course, challenges that come with this.
At Signature we’re a supplier for several insurers, all of whom use different systems and software. There are, for some of the systems we use, cost implications to having access to our clients preferred technology; an inevitability that we cannot avoid as part of expansion.
We must also factor in the time it takes us to learn how to navigate each new system, with differing requirements for claims handlers, surveyors and accounts alike. Each technological advancement to a system involves training, something that takes the taskforce away from the job at hand.
Then there’s our own system considerations. We’ve previously used this platform to discuss our CRM system, BigChange, which is an on-going implementation to better our own internal capabilities. As our client base grows, we’re mindful that one approach does not fit all, due to a myriad of factors. Already, there’s a discussion piece in our office around changing the system to become more dynamic, with milestones and SLAs being so client-specific that a one-size-fits-all approach may only work for a brief period of time before we potentially expand our operations. Again, there are costs to maintaining and fine-tuning any system and these aren’t solely financial.
Customers too are looking at more dynamic ways of communicating and engaging, with an online presence and multiple avenues of contact seen as standard for a reputable firm. We’re in the process of finalising our new website, an investment that makes us more enticing to customers and clients but presents its own challenges. Generally speaking, trade websites are static and act as a signpost for other ways to contact us. To become engaging online, we must think about increasing our social media presence and ensuring that we have the technology and personnel in the office to accommodate those platforms as well as the various apps that customers expect to be able to access companies via.
With all these necessary advancements, it’s an exciting time to be in insurance but it’s not without obstacles. Technology costs money and ultimately each new system or software adds to the squeeze. While we must be customer-centric and ensure these advancements better serve the customer journey, we must be mindful not to make the technological growth so costly that the SME service providers can’t get on-board.
