Insurance broker profitability is assured with Alphatec’s Timebox software solution.
We asked Peter Robinson, the owner of Award Winning Insurance Brokerage, Prizm Solutions Ltd to answer a few questions about why he uses Timebox, and how it helps his business remain profitable.
Question:- Prizm is an innovative independent insurance broker who has been using Timebox, Alphatec’s time recording software since 2012.
Having worked with the software for over 10 years, what would you say is its key strength?
Answer:-
“Timebox allows us to monitor our biggest overhead, staff time. We can then drill down on these costs, including expenses and determine which areas of the business are profitable or not”.
Question:- Please explain how you use Timebox, and how it helps your business?
Answer:-
“All staff members record the time spent on everything they do, and that includes me, the MD. The detail includes time spent on tasks, travelling to visit clients, associated expenses, telephone calls etc. This enables us to see the REAL costs associated with every client, product, and insurer. Then, when we run our reports, if we see for example, that 20% of our income comes from A, and the true accurate cost to realise that income is 10% – we know this is profitable. This software tool allows us to continually monitor the bottom-line profit, not just the top-line turnover. Being able to drill down on the true costs enables us to make informed decisions, and in the past, we have stopped offering some products based on this insight.”
Question:- What staff management benefits if any, have you discovered/used Timebox for?
Answer:-
“We do not use the software to monitor our staff per se, but in the past, it has been useful to ensure that the workload is divided fairly and everyone is pulling their weight.”
Question:- On a scale of 1 – 10, how would you rate our customer service and account management?
Answer:-
10
Question:- Why would you give it that score?
Answer:-
“Whenever there is a problem, Alphatec has jumped straight onto it and sorted it out very quickly, this includes support outside office hours.
Question:- Would you like to add anything else?
Answer:-
“For Prizm, Timebox is key to running a profitable insurance brokerage, and as the MD it’s my responsibility to ensure the success of the company, and Timebox is an invaluable tool in ensuring our success.”
We’re so very grateful to Peter for sparing us the time to take part in our Q & A session. We look forward to continuing to support Prizm with our Timebox software solution and we value our customers feedback so much.
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