This put up is a part of a sequence sponsored by AgentSync.
Distribution channel administration depends on real-time producer knowledge
For insurance coverage organizations seeking to optimize their distribution channel administration, accessing correct, up-to-the-day producer knowledge throughout a number of methods isn’t only a “good to have.” Should you’re working with a tech stack that features all the things from agent onboarding methods to coverage admin methods to fee and compensation administration methods, your producers’ info seemingly lives in a number of locations that require handbook updates and cross-referencing.
Handbook and repetitive knowledge entry isn’t preferrred for anybody, a lot much less so for insurance coverage carriers and their massive numbers of downstream distribution channels, together with businesses, MGAs, and particular person producers. Once you add within the complexities of a extremely regulated business like insurance coverage, and disjointed methods with doubtlessly conflicting or inaccurate producer knowledge, it’s a recipe for catastrophe.
The answer: real-time producer knowledge drawn from business sources of reality, with the power to feed this knowledge into any and your entire inside methods.
For a lot of insurance coverage companies, a roadblock to realizing the advantages of correct producer knowledge throughout each system is the truth that they’re utilizing a number of platforms, typically constructed in-house and typically utilizing legacy expertise. With out ripping and changing an answer that’s been working for a very long time, it’s tough to think about getting the required producer knowledge to circulation between a single supply of reality and each software program a company makes use of every day.
Fortunately, the world of recent utility programming interfaces (APIs) can take away this roadblock extra shortly and simply than ever earlier than.
ProducerSync API: The ability of AgentSync related to your methods
For companies with present tech ecosystems that largely meet their wants, you don’t wish to reinvent the wheel. You do, nonetheless, need your system to have the ability to use and analyze your producer knowledge to make clever selections about your distribution channels. If that’s the case for you, ProducerSync API gives an answer that enhances your present distribution channel administration expertise (from onboarding to writing enterprise to paying commissions) with unparalleled knowledge high quality.
ProducerSync API is a contemporary REST API that gives entry to licensing, appointing, and different producer knowledge from the business’s single supply of reality, the Nationwide Insurance coverage Producer Registry (NIPR). ProducerSync API makes it straightforward for customers to have this up-to-date producer knowledge straight from NIPR with a easy API integration.
On prime of feeding the info into your system, ProducerSync API additionally contextualizes the info, which means you don’t need to spend hours researching whether or not an Ohio resident license with a property LOA is the license equal to a Nebraska P&C license, or whether or not auto insurance coverage is separated into a private traces license or transacts on P&C. The ProducerSync API makes these connections for you due to AgentSync’s contextual knowledge layers, permitting you to chop down on the sort of fact-finding missions that might in any other case overwhelm your pace to market and inflate your overhead.
ProducerSync API can meet you the place you’re at
ProducerSync API works for insurance coverage organizations of all sizes. Massive or small, younger or outdated, regional or nationwide, ProducerSync API may be the extra piece it is advisable flip the info you will have on the producers throughout your distribution community into actionable insights that assist you optimize the way in which you do enterprise – and do extra of it!
Why small insurance coverage organizations select ProducerSync API
Whereas AgentSync’s core platform, Handle, provides customers a single place to view and transact with NIPR knowledge, some carriers, businesses, and MGAs don’t want the transactional capabilities and like to easily use the info to energy effectivity of their present processes. This can be because of an organization’s dimension, with smaller firms needing to deal with their most rapid ache level (entry to up-to-date producer knowledge) earlier than reaching a stage of their development the place implementing the whole AgentSync Handle answer is smart.
ProducerSync API can be the quickest technique to begin getting worth from NIPR knowledge. With AgentSync’s crew engaged on onboarding and getting ready the sync, and the insurance coverage org’s crew adjusting their inside tech and processes to devour the info, anybody that’s prepared to maneuver shortly may be stay with ProducerSync API in as little as two weeks.
Why massive insurance coverage organizations select ProducerSync API
A few of the largest insurance coverage companies have been round for properly over 100 years. This typically means they’ve invested a long time, and tens of millions of {dollars}, into growing the expertise they use to energy each side of their enterprise. It hardly is smart to throw the infant out with the bathwater if it’s largely doing what you want. Then again, legacy methods typically don’t have the fashionable capabilities that make managing producer compliance extra environment friendly than ever earlier than. Nor can they permit groups to make use of their producers’ knowledge in actionable methods to intelligently broaden, contract, or reorganize their distribution channels.
ProducerSync API fills this want exactly as a result of it may be built-in into present methods. In essence, insurance coverage carriers, businesses, and MGAs can energy their present infrastructure with essentially the most trendy and correct business knowledge.
Bigger organizations with bespoke inside software program typically don’t want the all-in-one platform that AgentSync Handle offers. Somewhat, they need AgentSync’s knowledge fed into one or lots of their present methods to offer actionable insights that workers can then proceed with. With out ProducerSync API, your staff could also be spending extreme time shifting knowledge from one web site, spreadsheet, or system to a different. ProducerSync API eliminates the handbook work – and the potential for errors – as your methods now embody always-up-to-date producer compliance knowledge.
“We needed to work with a associate who would deliver the info to us and make it work with the processes we already use. AgentSync introduced a willingness to work with the system we’ve been utilizing for years whereas including a contemporary and versatile answer. With ProducerSync API, we save time, create income, and make it simpler to do enterprise.”
- Chief Info Workplace, ProducerSync API buyer
What it to activate your producer knowledge
Insurance coverage organizations that use ProducerSync API to feed accurate-to-the-day producer info into their present methods obtain advantages resembling:
- The power to establish non-productive producers and cease paying appointment charges 12 months after 12 months (with the press of a button).
- Ongoing accurate-to-the-day compliance checks at every stage of the journey from insurance coverage utility, to underwriting, to fee fee to make sure producers have legitimate licenses always.
- The power to establish gaps in distribution channel companions primarily based on geography, LOAs, and different components, and shortly scale up as wanted to fill these gaps.
- The power to deliver new merchandise to market extra successfully primarily based on real-time knowledge about their distribution channel.
The result’s, insurance coverage companies can get monetary savings, improve effectivity, take away compliance threat, and put all the info and intelligence they’ve about their whole distribution channel to work for them.
Optimize your distribution community by activating your producer knowledge with AgentSync
Your distribution channel is crammed with knowledge on each downstream associate you’re employed with. If that knowledge isn’t flowing by way of your present methods, it’s not doing you any good. From eliminating handbook and error-prone knowledge entry, all the way in which to extremely subtle analyses on tips on how to optimize your distribution channel for max success, ProducerSync API may be the enhancement your small business wants.
Prepared to talk to certainly one of our consultants at present? Contact us to begin the dialog and learn the way your group can profit from ProducerSync API.
On the lookout for extra? Uncover how PSAPI may help you increase earnings, keep away from threat, and dominate your market.
Matters
Information Pushed
