Aite-Novarica Report to Modernize Carrier Onboarding for Expanding Distribution

This submit is a part of a sequence sponsored by AgentSync.

For carriers trying to personal the way forward for their distribution channels, having a reputational benefit with downstream businesses and their producers is mission crucial.: To assist, AgentSync has sponsored a report with Aite-Novarica, referred to as Modernizing the Producer Onboarding Experience.

Read the report back to study extra about how most carriers’ present processes pose liabilities, how mergers and acquisitions will probably enhance as agent churn rises, and the way rising instruments like provider administration software program might want to lower dangers whereas enabling progress.

Or, for those who’re prepared to rework your appointment administration processes past onboarding to impress your producers and downstream insurance coverage distribution companions, obtain Checklist: Turning Compliance right into a Competitive Advantage for Carriers.

Carrier challenges to the producer expertise

Many carriers have rightly trended towards opening direct gross sales instruments to client audiences as they change into extra comfy with instruments that present a sturdy digital expertise and extra client autonomy. However, with 75 p.c or extra of all insurance coverage gross sales led by human brokers, there’s ample cause to consider the non-public factor isn’t going away any time quickly.

Including each information and contextual commentary from business executives, Modernizing the Producer Onboarding Experience tackles questions comparable to:

• As unprecedented retirement charges depart a youthful cohort of producers within the workforce, how are their digital expectations altering?
• What can carriers anticipate from producer relationships sooner or later?
• In an more and more numerous unbiased channel, what components most affect producers’ preferences for particular person carriers?
• How do carriers efficiently navigate the strain of producer popularity and progress with the dangers and inconveniences related to thorough compliance?

As mergers and acquisitions stay excessive and even enhance within the insurance coverage business, carriers searching for to develop whereas sustaining reputations of being low-risk and simple to work with might want to lean into digital transformations that preserve progress and compliance from competing. Modernizing the Producer Onboarding Experience elaborates on how: Download your copy of the report right here.

Opportunities for carriers that set up stable producer relationships

Insurance distribution companions from businesses to MGAs to producers typically type their first (and probably most lasting) impressions of a provider via the onboarding expertise. A “process” consisting of a string of emails and telephone calls, missed sync-ups, and messages that start with “I’m sorry but we haven’t yet received…” can begin you off on the improper foot. But fashionable insurance coverage agent onboarding software program can transfer your companions via the method rapidly, effectively, and with as little backwards and forwards as attainable.

Carriers that may place their compliance duties as a progress prospect through the use of producer onboarding administration software program could have the benefits of each decreasing danger and successfully leveraging insurance coverage expertise to construct relationships. Speed and belief collectively make for a frictionless expertise – ultimate for the rising insurance coverage producer market.

Further, onboarding administration software program might help carriers preserve {dollars} of their pockets by not solely decreasing churn and making it simpler to recruit and retain proficient monetary professionals, but in addition via utilizing Just-In-Time (JIT) appointment processes that get monetary savings on pointless producer appointments.

To find out how ahead carriers throughout the business are buying a producer-friendly popularity in onboarding, obtain your copy of Modernizing the Producer Onboarding Experience. To handle your individual producer compliance protocols from onboarding to termination, obtain the Checklist: Turning Compliance right into a Competitive Advantage for Carriers.

Topics
Carriers