$126,000 from an iPad / WEEKEND REVIEW /

Are you still relying on paper? Is your company reticent to modernize technology usage? If yes, you and your company can be sustaining much more of an opportunity cost than you know.
Let me give you an example, and since I’m a money talks, fluff walks type of person, I’ll quantify what I’m talking about.
While sipping a coffee in a café after an 6AM morning pump class, I looked up to see this fellow tapping away at his iPad. I found his case unusual, so I commented on it. We started to chat.
I was speaking with Scott Morrison, an insurance broker. Yes, I admit he is on the younger side of the industry average.
After a lively half hour conversation, I found Scott to be a stunning example of how making a few changes, modernizing the way one works can make one incredibly successful without working harder. Just smarter. While this example is based on an insurance broker – it can be translated to any self employed person, manager or team.
Let’s look at Scotts simple use of technology with clients
Saving time.
Scott chose an industry software (called RMS InControl) that integrates across the internet to allow advisers (and their assistants) to directly work in it while out of the office. One of the many benefits is information can be taken directly from the client, input in front of them, automatically charting for visual emphasis and eliminating an appointment.
Earning More
Because Scott and the client walk through the questioning process online, all the questions are prompted step by step on screen and thus need to be discussed and answered. Some of these questions might be skipped when done by pen and paper. Scott said there’s a significant triple benefit. It insures (no pun intended) he’s comprehensive and more client-focused in his approach. It benefits his clients as they often comment that as a result of the process they better understand their need of insurance. Since using the online process with clients, his overall income has increased by 25% from extra insurances sold from the discussions prompted by the software.
iPad Vs Latop.
Scott switched to an iPad to eliminate the barrier that a laptop may make and he uses wireless. He brings a printout of the questionnaire to each client (with pre-meeting questions filled-in) in case there’s a problem with the connection.

I think the proof is in the pudding with this statement. Scott said “I’ve asked every client before we begin if they prefer to go through their insurance plan with me on paper or on the computer. To this day – not one has ever selected paper.”
Immediacy
When he steps back into his car in the client’s driveway, Scott’s able to automatically email them a meeting summary and also send to a request to his assistant to start the process of gathering quotations for his advice.
Flexibility
Next – as he doesn’t have to go back to the office to drop off paperwork, he drives to his next appointment. This saves him at least 3-4 hours a week travel time and petrol. So Scott saves significant down time traveling, data entry (remember, it’s already done with the client). Cuts out the need for one of the appointments. Think of the client perception of Scotts service, follow through and speed. Let’s not forget that following the comprehensive questionnaire has increased his income 25%.
Money talks. Fluff walks
Let’s quantify and look at the dollars and sense of this. One appointment less per new client – two hours plus three to four hours travel eliminated per week. Two hours of report writing and data entry eliminated a week. In all, 7.5 hours a week x 45 working weeks = 337.5 hours a working year, or 8 &1/2 weeks or two months!!!! The industry average commission for a new client is $1400. So with 7.5 hours a week Scott could fit in at least 4-6 extra appointments. Two would hopefully be with new clients (not to mention increased premiums from seeing existing clients too).

Presuming he had an 80% sale rate, 2 x 45 weeks x 80% x $1400 (plus Scott earns 25% more) = $126,000 additional income generated. Subtract a 64 gig iPad for $1150 . Annual software of $2000 and throw in $2250 (generous) for broadband and mobile computing. $126,000 less $5400 cost = $120,400
Do you think this too high an opportunity cost for comfort?
Debbie Mayo-Smith works with businesses that want more effective management and staff. http://www.debbiespeaks.co.nz