This post is part of a series sponsored by AgentSync.
If your insurance agents are the lifeblood of your business, you need to compete and win on agent experience.
It can be argued that the entire insurance industry is a network of interdependent players, from the insurance companies that make the products, to the agents that sell them, to the consumers that buy them. While this is true, the insurance industry is divided into licensed insurance agents, brokers, producers, and insurance brokers.Whatever name they are called) is a vital link in the chain.
As insurance professionals, producers are the lifeblood of any insurance business because they get the product into the hands of consumers and put money in the pockets of agents and insurers. So if treating them as the MVP is common sense and good business, why do so many insurers and agents still expect producers to jump through hoops to work with them and for them?
Producer experience is something every insurance business should pay close attention to, and it’s becoming more important as the average age of the insurance workforce rises every year. With an estimated 400,000 vacant insurance jobs by 2026, there will be hardly enough new entrants to replace those leaving the industry.
This means there will be more competition for top insurance talent, and producers, as the money makers, will be able to make their demands clear in how work gets done.
Evidence shows producers care about more than money
Anyone who works in the insurance industry knows from experience that producers are special. At their best, they are driven, customer-focused, product experts who will do anything to win and keep your business. While the stereotype is that they are only interested in sales and profits, the reality is that most insurance agents, brokers, and dual licensed broker-dealers (collectively known as producers) are in the business of helping people secure a financial safety net for themselves, their families, and their businesses.
For insurance companies, underwriters and MGAs who want to work with the best performing producers, it may be tempting to believe that offering the highest compensation and highest commissions is the answer. However, this belief is a mistake, especially The insurance industry’s war for talent Intensify.
The data shows that producers actually care about a lot more than money when deciding which agency to work with and which carrier to sell to.
Across the industry in 2022 Survey of 16,000 producersSoftware company Appulate says agents Actively choose to do business with markets that make your job easier and more efficient. On the other hand, they actively avoid doing business with companies that require tedious, highly manual, repetitive tasks.
What this actually means is Agents are increasingly preferring to do business with wholesalers and MGAs rather than traditional carriers. The former has proven to be more technologically advanced than the latter and often offers a smoother experience.
But traditional insurers shouldn’t give up hope, as research shows that agents are more likely to work with distribution partners that make their jobs easier, regardless of type. So the key to attracting the best producers isn’t to be the biggest name or the most established player in the industry, but to create the best producer experience.
Three Key Elements of a World-Class Producer Experience
If creating the best producer experience was easy, everyone would do it. In fact, it’s easier than you might think if you focus on three key elements: With transparency, trust, and smart use of technology, any insurer can transform the producer experience from one that alienates them to one that makes them raving about the partnership. Here’s how:
1. Transparency
Nobody likes to be in the dark, but insurance agents often find themselves in that position when handling a variety of day-to-day tasks. Some of the most painful information black holes agents fall into include the black holes they encounter when trying to onboard new agents, when trying to sign contracts with insurance companies, and when waiting to receive their commission.
Now, what if your organization had the power to clearly show each producer what they need to do (and when), where they are in the process, and what information is still needed? This level of transparency around producer onboarding, licensing, career appointments, and more is a critical first step in wowing producers with a different level of experience.
2. Trust
Transparency and trust go hand in hand. Practicing transparency builds trust. And without transparency, it’s nearly impossible to maintain. But having access to information alone isn’t enough to build and maintain trust; the information must be accurate and reliable. That’s where real-time data from sources of truth across your company and industry comes in.
For example, there’s a lack of transparency when a producer is given no notice about upcoming license renewals and the fact that they will need to complete continuing education (CE) hours before renewal. But it’s not much better when a producer receives a warning about upcoming license renewals without any information about the required CE credits. Or, it’s not much better when the warning is not timely, or when the warning references a state in which the producer is no longer licensed. You get the idea.
Only when you combine transparent visibility with accurate information can trust begin to be built.
3. Technology
Technology can be the link that ties it all together. With the right technology in place, it ensures transparency, builds trust between stakeholders, and fosters better relationships all around. By “the right technology,” we mean systems that work in real time and get information from accurate data sources.
Leveraging technology to give producers access to accurate information and make it easily verifiable strengthens trust between producers and upstream partners, enabling a world-class producer experience.
Stand out from the competition with trust, transparency and technology
It remains a mystery why everyone is not trying to create the best producer experience possible. do Prioritize it as a true competitive advantage.
For insurers, agents, MGAs and other businesses that want to avoid becoming victims of the looming insurance talent shortage, investing in technology that is based on transparency and fosters trust is a sure bet.
With AgentSync, you can onboard producers, manage licenses, continue education, career agreements and more. Plus, you can extend that same level of transparency and trust through integrated commissions. You can further differentiate your experience by powering complementary, connected processes that go beyond commission payments. Learn more about our best-in-class technology partners. Varicent.
Contact AgentSync Get started on the path to creating a producer experience that will make your business successful today and empower the next generation of producers in the near future.
topic
Insurtech
Technology
