Plugging the Leaks: How to Stop Revenue from Dripping Away in Your Insurance Business

[This article was generated by ChatGPT and has been edited by the Surer team for clarity, readability and context.]

Running a general insurance business is a bit like owning a leaky tap. You might not notice the drips at first, but over time, those small leaks can add up to a serious loss of revenue.

In Singapore’s competitive insurance landscape, intermediaries can’t afford to let potential business slip through the cracks.

Let’s take a deep dive into where these leaks happen and how you can plug them effectively—without needing a plumber!

Leak #1: The Manual Paperwork Nightmare

Did you know that insurance professionals spend an average of 10 hours a week on administrative tasks? That’s more than 500 hours a year lost to paperwork! The good news? Automation tools can slash this time in half.

Solution: Stop wrestling with spreadsheets and email chains. Platforms like Surer help streamline policy submissions, approvals, and renewals, so you can focus on selling rather than shuffling paper.

Leak #2: The “I’ll Get Back to You” Syndrome

Speed matters! A study by InsideSales found that 50% of sales go to the first company that responds to a lead. If you’re taking too long to get back to potential clients, you’re handing business over to faster competitors on a silver platter.

Solution: Set up automated reminders and customer relationship management (CRM) tools to ensure you follow up within minutes, not days. The faster you respond, the higher your chances of closing the deal.

Leak #3: The “One-Size-Fits-All” Trap

Not all customers are the same! In fact, 72% of consumers expect companies to personalise their experience. Yet, many insurance intermediaries still use a generic, one-size-fits-all approach.

Solution: Use data analytics to segment your clients based on needs, risk appetite, and budget. This allows you to offer tailored solutions that resonate better and increase conversion rates.

Leak #4: The Referral Black Hole

Referrals are gold in the insurance industry, yet 91% of customers are willing to give referrals, but only 11% of salespeople ask for them. That’s a massive missed opportunity!

Solution: Create a structured referral program. Offer incentives, discounts, or small gifts to clients who refer others to you. And most importantly—just ask!

Leak #5: The Tech Hesitation

More than 80% of insurance companies are investing in digital transformation, yet many intermediaries are still hesitant to adopt new tech. This leads to inefficiencies and lost business.

Solution: Embrace technology that enhances your workflow—whether it’s AI-powered chatbots for client queries, digital underwriting tools, or automated claims processing. The more you adapt, the more competitive you stay.

Final Thoughts

The good news? These leaks aren’t irreversible!

By leveraging digital tools, responding faster, personalising client interactions, and asking for referrals, you can ensure your revenue stays where it belongs—in your business.

So, don’t let your insurance business drip away—tighten those processes and watch your profits flow!