InsurTech leader reveals five key findings from nearly 1,300 insurance professionals
Vertafore, the leader in modern insurance technology, today released a new report: “Independent agents on improving carrier partnerships: Report for insurance carriers.”
Based off responses from nearly 1,300 independent insurance agency professionals, the report highlights the wants, needs and challenges agents encounter in their daily interactions with carriers, and the technology carriers can use to strengthen these relationships.
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The report includes five key findings:
- Relationships matter in a complicated underwriting environment. When asked about the impact of specific factors on placing business, producers and account managers ranked personal relationships with underwriters (60%) and claims service (75%) as the top two factors.
- Reliable communication from carriers helps agents navigate market volatility. Seventy-eight percent of survey takers ranked ease of communication as a way for carriers to get more of their business, while 77% said the availability of efficient, effective and navigable carrier portals is a critical area for investment.
- Agents look for fair and competitive compensation structures. When asked about the carrier-agent relationship, respondents listed clear and accurate compensation statements (67%) and competitive commissions (64%) as the most important factors.
- Effective digital communication can make or break the agent experience. Customer service representatives (CSRs) said the ability to both check policy holder billing status (83%) and view and make changes to policies online (80%) should be the top priorities for carrier investment.
- Agents want investment in efficient licensing, onboarding and compliance. Seventy seven percent of respondents said it’s important for carriers to invest in better onboarding and licensing tools and processes, while 64% said being able to easily view authorization, appointment and renewal status is a must-have.
Overall, responses show that a key differentiator in the agent experience is whether carriers use modern technology—from user-friendly portals to digital document delivery. Carriers that invest in integrated, easy-to-navigate systems can significantly reduce the time agents spend on manual tasks, allowing them to increase the volume and quality of business the independent agent channel generates.
“Efficient, streamlined processes are the foundation of the agent-carrier relationship and a positive agent experience,” said Kelly Maheu, vice president of partnerships and industry relations at Vertafore. “This report highlights how carriers and agents rely on technology to make agents’ work easier while bringing the human element into the process to strengthen relationships across the distribution channel.”
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