This publish is a part of a collection sponsored by AgentSync.
Distribution channel administration depends on real-time producer knowledge
For insurance coverage organizations trying to optimize their distribution channel administration, gaining access to correct, up-to-the-day producer knowledge throughout a number of methods isn’t only a “nice to have.” If you’re working with a tech stack that features every thing from agent onboarding methods to coverage admin methods to fee and compensation administration methods, your producers’ info seemingly lives in a number of locations that require handbook updates and cross-referencing.
Manual and repetitive knowledge entry isn’t excellent for anybody, a lot much less so for insurance coverage carriers and their massive numbers of downstream distribution channels, together with businesses, MGAs, and particular person producers. When you add within the complexities of a extremely regulated trade like insurance coverage, and disjointed methods with probably conflicting or inaccurate producer knowledge, it’s a recipe for catastrophe.
The resolution: real-time producer knowledge drawn from trade sources of reality, with the power to feed this knowledge into any and your entire inner methods.
For many insurance coverage companies, a roadblock to realizing the advantages of correct producer knowledge throughout each system is the truth that they’re utilizing a number of platforms, usually constructed in-house and generally utilizing legacy expertise. Without ripping and changing an answer that’s been working for a very long time, it’s troublesome to think about getting the required producer knowledge to movement between a single supply of reality and each software program a corporation makes use of every day.
Luckily, the world of contemporary software programming interfaces (APIs) can take away this roadblock extra shortly and simply than ever earlier than.
ProducerSync API: The energy of AgentSync linked to your methods
For companies with current tech ecosystems that largely meet their wants, you don’t wish to reinvent the wheel. You do, nonetheless, need your system to have the ability to use and analyze your producer knowledge to make clever choices about your distribution channels. If that’s the case for you, ProducerSync API presents an answer that enhances your present distribution channel administration expertise (from onboarding to writing enterprise to paying commissions) with unparalleled knowledge high quality.
ProducerSync API is a contemporary REST API that gives entry to licensing, appointing, and different producer knowledge from the trade’s single supply of reality, the National Insurance Producer Registry (NIPR). ProducerSync API makes it simple for customers to have this up-to-date producer knowledge straight from NIPR with a easy API integration.
On prime of feeding the information into your system, ProducerSync API additionally contextualizes the information, that means you don’t must spend hours researching whether or not an Ohio resident license with a property LOA is the license equal to a Nebraska P&C license, or whether or not auto insurance coverage is separated into a private traces license or transacts on P&C. The ProducerSync API makes these connections for you due to AgentSync’s contextual knowledge layers, permitting you to chop down on the type of fact-finding missions that will in any other case crush your pace to market and inflate your overhead.
ProducerSync API can meet you the place you’re at
ProducerSync API works for insurance coverage organizations of all sizes. Large or small, younger or previous, regional or nationwide, ProducerSync API might be the extra piece it’s worthwhile to flip the information you will have on the producers throughout your distribution community into actionable insights that enable you optimize the way in which you do enterprise – and do extra of it!
Why small insurance coverage organizations select ProducerSync API
While AgentSync’s core platform, Manage, provides customers a single place to view and transact with NIPR knowledge, some carriers, businesses, and MGAs don’t want the transactional features and like to easily use the information to energy effectivity of their present processes. This could also be resulting from an organization’s dimension, with smaller corporations needing to handle their most rapid ache level (entry to up-to-date producer knowledge) earlier than reaching a stage of their development the place implementing the whole AgentSync Manage resolution is sensible.
ProducerSync API can also be the quickest strategy to begin getting worth from NIPR knowledge. With AgentSync’s crew engaged on onboarding and getting ready the sync, and the insurance coverage org’s crew adjusting their inner tech and processes to devour the information, anybody that’s prepared to maneuver shortly might be dwell with ProducerSync API in as little as two weeks.
Why massive insurance coverage organizations select ProducerSync API
Some of the biggest insurance coverage companies have been round for effectively over 100 years. This usually means they’ve invested a long time, and hundreds of thousands of {dollars}, into growing the expertise they use to energy each side of their enterprise. It hardly is sensible to throw the child out with the bathwater if it’s principally doing what you want. On the opposite hand, legacy methods usually don’t have the fashionable capabilities that make managing producer compliance extra environment friendly than ever earlier than. Nor can they allow groups to make use of their producers’ knowledge in actionable methods to intelligently develop, contract, or reorganize their distribution channels.
ProducerSync API fills this want exactly as a result of it may be built-in into current methods. In essence, insurance coverage carriers, businesses, and MGAs can energy their current infrastructure with essentially the most fashionable and correct trade knowledge.
Larger organizations with bespoke inner software program usually don’t want the all-in-one platform that AgentSync Manage supplies. Rather, they need AgentSync’s knowledge fed into one or lots of their current methods to provide actionable insights that employees can then proceed with. Without ProducerSync API, your staff could also be spending extreme time transferring knowledge from one web site, spreadsheet, or system to a different. ProducerSync API eliminates the handbook work – and the potential for errors – as your methods now embody always-up-to-date producer compliance knowledge.
“We wanted to work with a partner who would bring the data to us and make it work with the processes we already use. AgentSync brought a willingness to work with the system we’ve been using for years while adding a modern and flexible solution. With ProducerSync API, we save time, create revenue, and make it easier to do business.”
- Chief Information Office, ProducerSync API buyer
What it to activate your producer knowledge
Insurance organizations that use ProducerSync API to feed accurate-to-the-day producer info into their current methods obtain advantages resembling:
- The potential to determine non-productive producers and cease paying appointment charges 12 months after 12 months (with the press of a button).
- Ongoing accurate-to-the-day compliance checks at every stage of the journey from insurance coverage software, to underwriting, to fee fee to make sure producers have legitimate licenses always.
- The potential to determine gaps in distribution channel companions based mostly on geography, LOAs, and different elements, and shortly scale up as wanted to fill these gaps.
- The potential to deliver new merchandise to market extra successfully based mostly on real-time knowledge about their distribution channel.
The result’s, insurance coverage companies can lower your expenses, improve effectivity, take away compliance danger, and put all the information and intelligence they’ve about their whole distribution channel to work for them.
Optimize your distribution community by activating your producer knowledge with AgentSync
Your distribution channel is full of knowledge on each downstream associate you’re employed with. If that knowledge isn’t flowing via your current methods, it’s not doing you any good. From eliminating handbook and error-prone knowledge entry, all the way in which to extremely subtle analyses on optimize your distribution channel for optimum success, ProducerSync API might be the enhancement your online business wants.
Ready to talk to one in all our consultants at present? Contact us to begin the dialog and learn the way your group can profit from ProducerSync API.
Looking for extra? Discover how PSAPI may also help you enhance income, keep away from danger, and dominate your market.
Topics
Data Driven