Five Tips to Start the Year Strong
As we wrap up 2012 and look forward to 2013, now is the perfect time to assess performance and make necessary adjustments to start the year strong.
Here are five tips to inspire your thinking:
1. Paperwork, tariff, forms and processes: The new FVP guidelines went into effect last May. Are you fully compliant? It’s only a matter of time before audits begin, so if you’re uncertain, take a few moments to check:
- Does your written estimate include a quote for full value protection (what you charge to assume replacement cost liability)?
- Does your estimate include a disclosure in 12-point type?
- Do you make sure the valuation statement is in at least 10 point type of the Bill of Lading?
- Is your tariff updated?
- Are you requiring customers to sign the valuation statement on the Bill of Lading?
2. Customer satisfaction: We all know that the most powerful form of advertising is positive referrals from satisfied clients. What we often don’t know is if our clients are truly satisfied. Some ideas to raise the satisfaction bar:
- Assess all customer touch points – from estimating to packing to payment collection and claims. Is your written communication clear? Do your procedures send the right message?
- Could greater emphasis on your Full Value Protection service enhance satisfaction levels?
3. Claim handling: When you have a customer claim, you can manage it yourself, pay a third party claim manager, or if you have Full Value Protection Insurance, professional claims handling is included at no added charge. Take a moment to consider your options and how well your current claims handling methodology supports your business goals.
- Is your claim handling as efficient, streamlined and cost-effective as it could be?
- Does your claim handling maximize customer satisfaction?
4. Commercial insurance premiums: After payroll, the cost of insurance can be one of the biggest expenses on your balance sheet. That’s why it’s important to take proactive steps throughout the year to control premiums. Two things to consider:
- Are you shielding your motor cargo policy claims experience? A Full Value Protection Insurance policy covers claims for damage to customers’ household goods so that your motor cargo policy claims experience (and resulting premium) is not needlessly inflated.
- Training employees throughout the year in safe packing and moving techniques minimizes the frequency and severity of customer claims. If you haven’t conducted training lately, now is the time!
5. Revenue: Like all businesses, moving companies must constantly search for ways to increase profit and challenge big competition. This year, providing customers with a Full Value Protection option became a new requirement. That requirement can either deplete or enhance your bottom line. With Full Value Protection Insurance, you can strategically set your rates to establish an additional revenue stream.
- Is your current approach to Full Value Protection compliance leaving potential income on the table?
- How much additional revenue could you generate if you promoted the Full Value Protection option to your customers?
Whatever you do, start the year strong. By taking purposeful actions today, and by viewing insurance as an opportunity rather than an obligation, you will position your company for a more profitable future.
Need Moving Company Insurance? To learn more about the added protection of our all-new FVP Insurance, download our Get Started Kit today.
