Just as a chef makes the restaurant world revolve alongside other kitchen staff – agents make the insurance industry revolve alongside MGAs, carriers, and wholesalers. If the other entities of a restaurant do not communicate with the chef, the flow of business will be altered. The same is true for the insurance industry if the voices of agents are not considered.
There are more than 1.2 million insurance agents in the United States. That equates to tons of industry experience, insight, and business knowledge which could enhance or stagnate the insurance industry if not candidly evaluated. In this article, we will discuss the impact of agents to the insurance industry, where some companies are dropping the ball in regard to their agents, and how to maximize your success by catering to your agents.
Agent Footprints = Valuable Steps in the Industry
Insurance agents are tasked with having an eye for possible sales opportunities, being able to identify risk management strategies, maintaining policy renewals, claims tracking, and managing client portfolios. With all of these duties, agents have first-hand experience with agency management systems, business processes, and industry insight – all of which make their opinions and suggestions extremely valuable to insurance companies and the industry as a whole.
But, are you listening?
Imagine for a second that you can utilize the feedback of agents to dive deeper into strategies to enhance your business processes and increase your overall success. Next, we will discuss exactly how to do that based on the data collected from the actual agents that you may interact with.
Tuning into Agent’s Voices
Some insurtech companies like Appulate conduct annual surveys to obtain agent feedback which tap into their thoughts in regard to the standard industry processes associated with their day-to-day workflow. Data from Appulate’s survey relayed some of the key factors that agents chimed in on in regard to what they want from carriers and MGAs. These include:
- Instant quoting capabilities
- More competitive rates
- The ability to digitally submit ACORD data
- Online questionnaire availability
- Automated underwriting
Although these things sound like easy orders to fulfill – especially with the technological advancements taking place in the insurance industry, many companies have not evolved to doing business digitally. Despite companies like Appulate presenting the resources and tools necessary to make automating the agent workflow an easy transition, there are businesses that have not partnered with a trusted insurtech company to deliver these tools to their agents.
To further elaborate on the insight that has been shared by hundreds of agents in the industry, lets take a look at more detailed aspects of business which agents feel could be improved with simple implementations such as more automated processes.
Agents often work with several markets. With that in mind, being able to access data for multiple markets in a single platform not only saves valuable time for all parties involved, but it enhances the client experience. In addition to this, agents have relayed that they would love to write more business in the following areas: transportation, food & hospitality, motor vehicle, real estate & housing, business & information, construction. However, agents commonly do not have a digital option available to write business in these industries easily and effectively.
Another essential aspect of business that agents conveyed their concern on is the ability to better distribute products to various markets. Digital distribution is indeed the most common and most effective method for agents to utilize to resolve this issue – and this also is best accomplished by automating the distribution process through platforms like Appulate.
Now that you have an idea of how catering to agents can actually augment your business’ success let’s add some color to the feedback that Appulate collected and take a look at what steps you can take to improve your business based on the information received.
Hungry for More Insight?
Ultimately, the information shared here is only a portion of the agent feedback collected and reviewed. However, as companies like Appulate continue to connect with insurance industry professionals and relay relevant information for the overall success of all parties involved – it is highly recommended that this data be used to evaluate your current business processes. In transforming an agent’s desire for change into relevant action, which will facilitate a higher level of success in business – we all win.
With 80% of retail agents using Appulate’s ecosystem to submit business directly to their markets from their agency management system, its difficult to condense all of the data and feedback received from agents into a single article. For more information, and to connect with an insurtech professional click HERE.