What does it do?
Timebox is a client profitability solution designed to help you and your team have a better understand where your time is going, and how it can be best used to increase the profitability of your clients. By enabling you to offer increased transparency in your activities, Timebox can also provide you with solid backing in fee negotiations.
How does it work?
Timebox is an online application, delivered to you over the web, in a similar fashion to online banking services. As a result, there are no upfront costs and no additional hardware requirements, just a monthly charge covering full use of the service, as well as training and support on application.
Who is it for?
Timebox is designed specifically for use in the insurance industry, where account managers, risk management advisors and claim executives have found it a highly functional, easy to use tool, so much so it was awarded the Insurance Age Technology Award.
Timebox was probably the most important purchase after completing an MBO in November 2015.
It has enabled us to cut unnecessary costs, drive profitability, make informed decisions and plan strategic change based upon hard fact rather than a “gut feel”. Staff are now visibly accountable for their time, and client-facing staff are now in a position to qualify and justify time spent on account servicing and the costs involved. Initial concerns from staff very quickly dissipated, as the software is easy to use.
The output from Timebox has facilitated much easier discussions with clients on our activities and the ‘added-value’ of our services, which help us in our client negotiations on our remuneration expectations.
Timebox is a very cost-effective and powerful tool which will certainly be beneficial for us in the future, particularly should there be any future commission changes ahead.
Timebox has revolutionised the way we work. Most brokers know where/how they’re earning money but until Timebox came along we had no idea where we spent it.
We use it to drive our Marketing in terms of which are our most profitable lines of business and also placement, in terms of which insurers are the least efficient and therefore don’t deserve the business!
Last but not least we use it to assess individual client profitability, because if it’s costing us £1,000 in time/salary costs to earn £900 of brokerage – quite frankly, what’s the point?!! We’ve actually sacked clients because despite the premium they were paying, they were, year on year, simply unprofitable.
I cannot recommend this product highly enough.