Recently, AgentSync Co-Founders Jenn Knight and Niji Sabharwal sat down with Judy Shaw, host of the New York Stock Exchange (NYSE) video series Floor Talk to discuss the future of the insurance industry and the problem AgentSync is solving for its customers.
The NYSE Floor Talk video series highlights interesting companies – both public and private – and gives leaders the opportunity to tell their stories. We’re excited to share AgentSync’s story in front of this prestigious audience.
You can watch the full interview here. But for a summary of the conversation, read on!
Where does AgentSync fit in the insurance space and what problem does the solution solve?
The insurance space can be a little confusing. Between carriers, agencies, distributors and the numerous other players in the insurance distribution channel, it can be hard to keep things straight. Kicking off the interview, Knight reflected on her early days building AgentSync and recalled having to take some time herself to learn more about the industry. Of course, she now has a deep understanding of the insurance space and was quick to define AgentSync’s role in the industry and the main problem our solution is solving for our customers.
Knight and Sabharwal recognized the pain points associated with producer management, whether it’s for large scale insurance carriers, independent agencies selling insurance, or newer distribution models like MGA/MGUs. Our technology backed solution streamlines the producer onboarding process so that agents can better serve their customers and get to selling faster.
And since insurance carriers, agencies, and MGA/MGUs all have a responsibility to ensure agents are properly licensed and appointed, AgentSync bakes compliance into every step. These are just a few of the main ways in which the company supports the insurance distribution channel.
Consumers might think insurance agents are a profession of the past. How are you supporting this role as it evolves?
For years now, the industry has been plagued by the idea that agents are becoming a thing of the past, but as Sabharwal reminded the audience, that’s not actually the case. In truth, the so-called death of the insurance agent has been greatly exaggerated.
While plenty of customers are embracing certain digital solutions to their insurance needs, agents continue to fill a necessary role in the purchasing decision. Consumers still see agents as experts and, as such, still very much want and need their advice on the right types of insurance for their homes, their businesses, and their health.
Knight and Sabharwal also took the time to address the talent shortage the insurance industry is facing today and how the AgentSync solution can help address it. No one wants to work for a company whose workflows pre-date the dinosaurs. Ok, that might be a slight exaggeration, but seriously—in order to attract new people to the industry, we need to modernize it.
Technology like AgentSync is helping automate tasks that agents were previously stuck doing by hand. That way, today’s producers can spend more time doing what they do best: advising and selling. Companies that enable their people to do more meaningful work and less busy work will have better luck attracting new talent to the industry.
Why has the insurance industry been slow to transition to adopt technology?
The insurance industry is often cited as being slow to change. As Knight points out, that’s a bit of a misconception. The truth is insurance companies have always dealt with mass amounts of data. Harnessing that data and turning it into useful insights is a challenge only recently becoming easier with modern technology. As tech matures, so does our understanding of how we can use it to make the industry more efficient.
Complying with state, federal, and local licensing requirements and regulations can be a real administrative nightmare, especially for companies still completing these tasks manually. And while others have taken steps to modernize their operations by building in-house solutions, the truth is taking that road can be just as frustrating and time-consuming.
AgentSync is a cloud-based solution, meaning it’s easy to implement and can update in real-time — features that weren’t available even just a few years ago but are now crucial to addressing costly inefficiencies. The benefits of these modern solutions are invaluable and we see that reflected by the high demand for them. AgentSync’s derives success from the fact that our product is solving real life problems for our customers.
The economy is slowing and we’ve obviously seen recent layoffs in the tech sector. How are you approaching the slowdown?
As the conversation turned toward the recent economic downturn, Knight and Sabharwal discussed AgentSync’s response. At AgentSync we realize that our people are key to our success. Our outstanding team of engineers, customer success managers, and account executives are dedicated to helping the insurance industry save money and address inefficiencies.
That said, Sabharwal emphasized how the company has been thoughtful about our approach to growth and is taking strides to avoid over-leveraging. As the economy continues its downward trend, AgentSync will continue to be prudent in terms of hiring and growth.
As far as our customers, the value AgentSync’s solution provides is even more critical during an economic downturn because it allows organizations to do more with less. The efficiencies and automations our technology delivers means producers can spend less time and money on repetitive tasks like manual data entry, and more time on strategic tasks and building stronger customer relationships.
We were honored to have AgentSync featured on the NYSE Floor Talk video series. If you are interested in learning more about our solution, schedule a demo today.