Insurance carriers are in a battle for talent just like everyone else in the insurance industry. Not only are they battling for the best people inside their own organizations, they’re competing for top-performing agencies and downstream producers. If you’re looking for ways to become a carrier of choice with your preferred agency partners, AgentSync can help.
Why insurance carriers should make agency enablement a priority
If you’re an insurance carrier, one way to grow your business is by partnering with more downstream agencies and agents. Whether you’re trying to expand into new geographic markets, new lines of business, or both, your insurance agency partners are your boots on the ground, helping you achieve your revenue goals.
To attract and retain the best agency partners, you need to be easy to do business with and offer benefits that help them attract and retain the producer and agent talent they need to succeed. Lucky for insurance carriers, investing in AgentSync has benefits that reach far beyond your own staff and processes. AgentSync can help enable your insurance agency partners by creating an experience agencies will appreciate. Here are three ways investing in AgentSync as an insurance carrier can enable your agency partners and help your brand get to, and stay at, the top of their list.
How AgentSync helps carriers enable insurance agency partners
Investing in a compliance management solution for your insurance carrier business is a great idea for many reasons. Not least of them are the benefits your downstream agency partners will get when you do. Here are three ways AgentSync can help you enable your agency channel partners.
1. Just-in-Time (JIT) appointments reduce relationship friction
From an insurance agency’s perspective, every licensed producer should be appointed with every insurance carrier in every state (or county, if you’re in Florida) to maximize the chances of selling business. From a carrier’s perspective, these appointments are time consuming and expensive, particularly when most of those agents won’t sell a single policy.
A great solution is using Just-in-Time (JIT) appointments. But this brings along its own set of challenges for carriers. In theory, JIT appointments are great! Just let agents try to sell and, once they do, retroactively appoint them in the necessary locations. Unfortunately, manually managing JIT appointments can be daunting to do at scale. With hundreds of agents writing policies each day, keeping track of which ones need to receive JIT appointments – and making sure they receive them by their state’s deadline – is a real chore.
Insurance carriers that invest in AgentSync can automate JIT appointments, so you only pay to appoint producers who’re actually selling, and you don’t risk any sales or appointments slipping through the cracks. Having this ability means you’re never left denying an agency partner the appointments they want. And, on the carrier side, you’re never left wondering if every agent who’s selling is appointed correctly. It’s a win/win that scores points for your insurance carrier as being easy to do business with.
2. Reduce or eliminate manual check-ins from agency partners
How much time do carrier staff spend responding to emails from insurance agency staff who are “just checking in” on the status of a producer’s appointment? Neither side wants to be doing these constant, manual check-ins, but what other options do they have?
Actually, there’s a great alternative to everyone tracking producer appointments (and licensing status) by hand. AgentSync automates and streamlines the entire producer lifecycle, from onboarding to offboarding. We build a branded self-service portal that your partner agencies and their producers can use to complete each step of the producer lifecycle, with compliance baked in, and alerts sent to everyone who needs to know the status along the way. Not only does this give carrier staff time back in their day to focus on more important things, it gives the same benefit to your agency partners.
3. Agencies benefit from built-in compliance checks throughout the producer lifecycle
If a producer sells one of your policies with a non-compliant license due to an error or oversight, it can have serious consequences for everyone involved – from the carrier all the way down to the individual producer. To prevent these types of risky sales, AgentSync provides automatic and built-in compliance checks throughout the process, for example, at the time of a sale and before a commission payout.
When an insurance carrier invests in AgentSync, this built-in compliance verification benefits everyone downstream as well. With an easy-to-view compliance Scorecard, carriers can see the real-time compliance health of every downstream agent. If something looks amiss, you can alert the individual producer and their agency before any compliance missteps happen. Can your competitors do this? And can they do it at scale, in real time? Only if they have AgentSync, too!
We like to think, when it comes to investing in modern insurance infrastructure, a rising tide raises all ships. There are plenty of benefits for insurance carriers to invest in AgentSync for your own reasons, but even more so to stand out among competitors as the best compliance partners you can be.
See how AgentSync can help you enable your insurance agency partners and become a standout insurer they want to place more business with.