Process Integration
Rikor insists that building a “Culture of Risk Management” begins with a process. Zee’s want to adequately protect their investments but lack processes. These are the processes that are needed:
- Onboarding Process
- Quoting Process
- Policy Servicing Process
- Renewal Process
- Monitoring Process
Onboarding Process: Inform the franchisees that each will have a dedicated insurance consultant. Each new franchisee will have the opportunity to have a discovery call with their dedicated consultant to ask any questions or just get to know one another. Ideally, Rikor is introduced to new franchisees after the FA is signed, before the loan is needed, before a vehicle is purchased or in time to have insurance done by training.
Quoting Process: Inform the franchisees that 91% of all franchisees have their insurance completed within 14 days. Often franchisees are done within 7 days. For the more challenging risks, usually due to a state, it can take longer.
Policy Servicing: Inform the franchisee that Rikor is servicing the policy year-long. This includes periodic touchpoints to review the policies and make adjustments to limit the impact of an inevitable audit.
Renewal Process: Inform the franchisee that a policy renewal starts 90 days before renewal. This allows the team to smoothly renew the insurance. Requesting a renewal 2 weeks before expiration limits options and can potentially lead to a lapse in coverage.
Monitoring Process: Inform franchisees that Rikor monitors insurance on your behalf. Regular, standard, frequent reminders are needed indefinitely. Let them know Rikor is monitoring insurance and sending out automated communication on your behalf. Our system is intelligent, but may at times be in error. Let them know we do our best, but cannot deny the software will have limits. It’s best that this effort is seen as yours, and the reports we send are meant to inform not enforce. It’s up to the leadership at the brand to decide what is needed if a franchisee fails to provide insurance. Set aside time to log in to the rms™ review reports, and inform your team with updates regarding the insurance program.