AgentSync Co-Founders Jenn Knight and Niji Sabharwal on the Future of Insurance and AgentSync’s Place within the Industry

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AgentSync Co-Founders Jenn Knight and Niji Sabharwal on the Future of Insurance and AgentSync’s Place within the Industry


This put up is a part of a sequence sponsored by AgentSync.

AgentSync Co-Founders Jenn Knight and Niji Sabharwal on the Future of Insurance and AgentSync’s Place within the Industry

Recently, AgentSync Co-Founders Jenn Knight and Niji Sabharwal sat down with Judy Shaw, host of the New York Stock Exchange (NYSE) video sequence Floor Talk to debate the way forward for the insurance coverage trade and the issue AgentSync is fixing for its prospects.

The NYSE Floor Talk video sequence highlights fascinating firms – each private and non-private – and offers leaders the chance to inform their tales. We’re excited to share AgentSync’s story in entrance of this prestigious viewers.

You can watch the total interview right here. But for a abstract of the dialog, learn on!

Where does AgentSync match within the insurance coverage area and what downside does the answer resolve?

The insurance coverage area is usually a little complicated. Between carriers, businesses, distributors and the quite a few different gamers within the insurance coverage distribution channel, it may be exhausting to maintain issues straight. Kicking off the interview, Knight mirrored on her early days constructing AgentSync and recalled having to take a while herself to be taught extra in regards to the trade. Of course, she now has a deep understanding of the insurance coverage area and was fast to outline AgentSync’s function within the trade and the primary downside our answer is fixing for our prospects.

Knight and Sabharwal acknowledged the ache factors related to producer administration, whether or not it’s for giant scale insurance coverage carriers, unbiased businesses promoting insurance coverage, or newer distribution fashions like MGA/MGUs. Our know-how backed answer streamlines the producer onboarding course of in order that brokers can higher serve their prospects and get to promoting quicker.

And since insurance coverage carriers, businesses, and MGA/MGUs all have a accountability to make sure brokers are correctly licensed and appointed, AgentSync bakes compliance into each step. These are only a few of the primary methods by which the corporate helps the insurance coverage distribution channel.

Consumers would possibly assume insurance coverage brokers are a occupation of the previous. How are you supporting this function because it evolves?

For years now, the trade has been suffering from the concept brokers have gotten a factor of the previous, however as Sabharwal reminded the viewers, that’s not really the case. In reality, the so-called demise of the insurance coverage agent has been significantly exaggerated.

While loads of prospects are embracing sure digital options to their insurance coverage wants, brokers proceed to fill a essential function within the buying resolution. Consumers nonetheless see brokers as consultants and, as such, nonetheless very a lot need and want their recommendation on the suitable varieties of insurance coverage for his or her houses, their companies, and their well being.

Knight and Sabharwal additionally took the time to handle the expertise scarcity the insurance coverage trade is dealing with immediately and the way the AgentSync answer may help deal with it. No one desires to work for a corporation whose workflows pre-date the dinosaurs. Ok, that may be a slight exaggeration, however severely—to be able to appeal to new individuals to the trade, we have to modernize it.

Technology like AgentSync helps automate duties that brokers had been beforehand caught doing by hand. That manner, immediately’s producers can spend extra time doing what they do greatest: advising and promoting. Companies that allow their individuals to do extra significant work and fewer busy work may have higher luck attracting new expertise to the trade.

Why has the insurance coverage trade been gradual to transition to undertake know-how?

The insurance coverage trade is commonly cited as being gradual to alter. As Knight factors out, that’s a little bit of a false impression. The reality is insurance coverage firms have all the time handled mass quantities of information. Harnessing that knowledge and turning it into helpful insights is a problem solely just lately changing into simpler with trendy know-how. As tech matures, so does our understanding of how we will use it to make the trade extra environment friendly.

Complying with state, federal, and native licensing necessities and laws is usually a actual administrative nightmare, particularly for firms nonetheless finishing these duties manually. And whereas others have taken steps to modernize their operations by constructing in-house options, the reality is taking that street could be simply as irritating and time-consuming.

AgentSync is a cloud-based answer, that means it’s straightforward to implement and may replace in real-time — options that weren’t out there even only a few years in the past however are actually essential to addressing expensive inefficiencies. The advantages of those trendy options are invaluable and we see that mirrored by the excessive demand for them. AgentSync’s derives success from the truth that our product is fixing actual life issues for our prospects.

The economic system is slowing and we’ve clearly seen current layoffs within the tech sector. How are you approaching the slowdown?

As the dialog turned towards the current financial downturn, Knight and Sabharwal mentioned AgentSync’s response. At AgentSync we notice that our persons are key to our success. Our excellent workforce of engineers, buyer success managers, and account executives are devoted to serving to the insurance coverage trade lower your expenses and deal with inefficiencies.

That mentioned, Sabharwal emphasised how the corporate has been considerate about our strategy to development and is taking strides to keep away from over-leveraging. As the economic system continues its downward development, AgentSync will proceed to be prudent when it comes to hiring and development.

As far as our prospects, the worth AgentSync’s answer gives is much more important throughout an financial downturn as a result of it permits organizations to do extra with much less. The efficiencies and automations our know-how delivers means producers can spend much less money and time on repetitive duties like handbook knowledge entry, and extra time on strategic duties and constructing stronger buyer relationships.

We had been honored to have AgentSync featured on the NYSE Floor Talk video sequence. If you have an interest in studying extra about our answer, schedule a demo immediately.

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