This post is part of a series sponsored by AgentSync.
For carriers looking to own the future of their distribution channels, having a reputational advantage with downstream agencies and their producers is mission critical.: To help, AgentSync has sponsored a report with Aite-Novarica, called Modernizing the Producer Onboarding Experience.
Read the report to learn more about how most carriers’ existing processes pose liabilities, how mergers and acquisitions will likely increase as agent churn rises, and how emerging tools like carrier management software will need to decrease risks while enabling growth.
Or, if you’re ready to transform your appointment management processes beyond onboarding to impress your producers and downstream insurance distribution partners, download Checklist: Turning Compliance into a Competitive Advantage for Carriers.
Carrier challenges to the producer experience
Many carriers have rightly trended toward opening direct sales tools to consumer audiences as they become more comfortable with tools that provide a robust digital experience and more consumer autonomy. However, with 75 percent or more of all insurance sales led by human agents, there’s ample reason to believe the personal element isn’t going away any time soon.
Including both data and contextual commentary from industry executives, Modernizing the Producer Onboarding Experience tackles questions such as:
- As unprecedented retirement rates leave a younger cohort of producers in the workforce, how are their digital expectations changing?
- What can carriers expect from producer relationships in the future?
- In an increasingly diverse independent channel, what factors most influence producers’ preferences for individual carriers?
- How do carriers successfully navigate the tension of producer reputation and growth with the risks and inconveniences associated with thorough compliance?
As mergers and acquisitions remain high or even increase in the insurance industry, carriers seeking to grow while maintaining reputations of being low-risk and easy to work with will need to lean into digital transformations that keep growth and compliance from competing. Modernizing the Producer Onboarding Experience elaborates on how: Download your copy of the report here.
Opportunities for carriers that establish solid producer relationships
Insurance distribution partners from agencies to MGAs to producers often form their first (and possibly most lasting) impressions of a carrier through the onboarding experience. A “process” consisting of a string of emails and phone calls, missed sync-ups, and messages that begin with “I’m sorry but we haven’t yet received…” can start you off on the wrong foot. But modern insurance agent onboarding software can move your partners through the process quickly, efficiently, and with as little back and forth as possible.
Carriers that can position their compliance duties as a growth prospect by using producer onboarding management software will have the advantages of both reducing risk and effectively leveraging insurance technology to build relationships. Speed and trust together make for a frictionless experience – ideal for the emerging insurance producer market.
Further, onboarding management software can help carriers keep dollars in their pockets by not only reducing churn and making it easier to recruit and retain talented financial professionals, but also through using Just-In-Time (JIT) appointment processes that save money on unnecessary producer appointments.
To learn how forward carriers across the industry are acquiring a producer-friendly reputation in onboarding, download your copy of Modernizing the Producer Onboarding Experience. To address your own producer compliance protocols from onboarding to termination, download the Checklist: Turning Compliance into a Competitive Advantage for Carriers.
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