Ralph Chapa has been a practicing attorney for 32 years. Ralph Chapa specializes in professional liability, product liability, general liability, and insurance agents errors and omissions claims. Ralph Chapa is licensed to practice law in both Michigan and Florida. Ralph Chapa has been involved with multiple defense organizations. Ralph Chapa was the president of the Association of Defense Trial Counsel.
Ralph Charles Chapa Advises Three Points to Ensure Continued Insurance Agency Success
In this new year, whether you call them resolutions or goals, it is important to define what you wish to accomplish, set benchmarks and keep your eye on the prize even when focusing on the required smaller steps. Partner at Kaufman, Payton, and Chapa, Ralph Charles Chapa has several considerations for insurance agents to help grow their business while delivering excellent coverage and superior service.
The first point to implement, according to Ralph Chapa is addressing agency policy as regards errors and omissions claims which can be an incredible financial hit and add stress to employees. The backlash that occurs impacts efficiency, morale, and performance. Ralph Charles Chapa instructs agencies to hire a contractor to perform errors and omissions audits. At the minimum, conduct self-audits which being extremely attentive throughout the process.
Another point Ralph Chapa has identified is to ensure there is a big picture mindset by investing in education and training. Ensuring all employees are updated on industry advances and best-practices is one of the smartest moves an agency can make, explains Ralph C. Chapa. Often, smaller agencies are penny wise but pound foolish, especially regarding education and training. Agencies feel they cannot bear this expense due to the actual training cost or lost productivity. However, Ralph Chapa urges agencies of all sizes to remember that this is an investment.
Reevaluate & Refresh Company Metrics | Ralph Charles Chapa
The final point Ralph C. Chapa recommends is taking the time to reevaluate and refresh company metrics. This allows for the measurement of the success of the company and agents. It also ensures that these two approaches are aligned. Ralph Chapa advocates for reviewing metrics and benchmarks as soon as possible to ensure all employees and management are on the same page so necessary adjustments to the current state of business can be made. Ralph notes that one critical measure to track is response time. Consumers have high expectations regarding a response from agencies, which continues to skyrocket.
In the recent past, response time was measured in hours or days, but it is now crucial for staff to respond to complaints, queries, and requests within a matter of minutes, with fewer being better. Ralph Charles Chapa further notes that even if the agency is unable to resolve the issues in such a short time, a simple acknowledgment of the client’s inquiry is an essential block of relationship building.
According to Ralph Chapa, in the event that an owner is uncomfortable handling errors and omissions cases, thought should be given to hiring an outside contractor to handle and manage errors and omissions claims. Agency owners should always invest in employee development and education and regularly reevaluate and refresh agency metrics.