This put up is a part of a collection sponsored by AgentSync.
Just lately, AgentSync Co-Founders Jenn Knight and Niji Sabharwal sat down with Judy Shaw, host of the New York Inventory Alternate (NYSE) video collection Flooring Discuss to debate the way forward for the insurance coverage trade and the issue AgentSync is fixing for its prospects.
The NYSE Flooring Discuss video collection highlights attention-grabbing firms – each private and non-private – and provides leaders the chance to inform their tales. We’re excited to share AgentSync’s story in entrance of this prestigious viewers.
You possibly can watch the total interview right here. However for a abstract of the dialog, learn on!
The place does AgentSync match within the insurance coverage house and what downside does the answer clear up?
The insurance coverage house is usually a little complicated. Between carriers, businesses, distributors and the quite a few different gamers within the insurance distribution channel, it may be arduous to maintain issues straight. Kicking off the interview, Knight mirrored on her early days constructing AgentSync and recalled having to take a while herself to study extra concerning the trade. After all, she now has a deep understanding of the insurance coverage house and was fast to outline AgentSync’s function within the trade and the principle downside our resolution is fixing for our prospects.
Knight and Sabharwal acknowledged the ache factors related to producer management, whether or not it’s for giant scale insurance coverage carriers, unbiased businesses promoting insurance coverage, or newer distribution fashions like MGA/MGUs. Our know-how backed resolution streamlines the producer onboarding course of in order that brokers can higher serve their prospects and get to promoting sooner.
And since insurance coverage carriers, businesses, and MGA/MGUs all have a duty to make sure brokers are correctly licensed and appointed, AgentSync bakes compliance into each step. These are only a few of the principle methods through which the corporate helps the insurance coverage distribution channel.
Customers may suppose insurance coverage brokers are a career of the previous. How are you supporting this function because it evolves?
For years now, the trade has been suffering from the concept that brokers have gotten a factor of the previous, however as Sabharwal reminded the viewers, that’s not really the case. In fact, the so-called dying of the insurance coverage agent has been significantly exaggerated.
Whereas loads of prospects are embracing sure digital options to their insurance coverage wants, brokers proceed to fill a needed function within the buying determination. Customers nonetheless see brokers as specialists and, as such, nonetheless very a lot need and want their recommendation on the correct sorts of insurance coverage for his or her properties, their companies, and their well being.
Knight and Sabharwal additionally took the time to deal with the expertise scarcity the insurance coverage trade is going through at the moment and the way the AgentSync resolution might help tackle it. Nobody desires to work for an organization whose workflows pre-date the dinosaurs. Okay, that is likely to be a slight exaggeration, however critically—as a way to appeal to new individuals to the trade, we have to modernize it.
Expertise like AgentSync helps automate duties that brokers have been beforehand caught doing by hand. That means, at the moment’s producers can spend extra time doing what they do finest: advising and promoting. Corporations that allow their individuals to do extra significant work and fewer busy work could have higher luck attracting new expertise to the trade.
Why has the insurance coverage trade been sluggish to transition to undertake know-how?
The insurance coverage trade is commonly cited as being sluggish to vary. As Knight factors out, that’s a little bit of a false impression. The reality is insurance coverage firms have at all times handled mass quantities of knowledge. Harnessing that information and turning it into helpful insights is a problem solely lately turning into simpler with fashionable know-how. As tech matures, so does our understanding of how we are able to use it to make the trade extra environment friendly.
Complying with state, federal, and native licensing necessities and laws is usually a actual administrative nightmare, particularly for firms nonetheless finishing these duties manually. And whereas others have taken steps to modernize their operations by constructing in-house options, the reality is taking that road can be just as frustrating and time-consuming.
AgentSync is a cloud-based resolution, which means it’s simple to implement and might replace in real-time — options that weren’t obtainable even only a few years in the past however are actually essential to addressing pricey inefficiencies. The advantages of those fashionable options are invaluable and we see that mirrored by the excessive demand for them. AgentSync’s derives success from the truth that our product is fixing actual life issues for our prospects.
The economic system is slowing and we’ve clearly seen current layoffs within the tech sector. How are you approaching the slowdown?
Because the dialog turned towards the current financial downturn, Knight and Sabharwal mentioned AgentSync’s response. At AgentSync we understand that our persons are key to our success. Our excellent group of engineers, buyer success managers, and account executives are devoted to serving to the insurance coverage trade lower your expenses and tackle inefficiencies.
That stated, Sabharwal emphasised how the corporate has been considerate about our strategy to progress and is taking strides to keep away from over-leveraging. Because the economic system continues its downward pattern, AgentSync will proceed to be prudent when it comes to hiring and progress.
So far as our prospects, the worth AgentSync’s resolution offers is much more important throughout an financial downturn as a result of it permits organizations to do extra with much less. The efficiencies and automations our know-how delivers means producers can spend much less money and time on repetitive duties like handbook information entry, and extra time on strategic duties and constructing stronger buyer relationships.
We have been honored to have AgentSync featured on the NYSE Flooring Discuss video collection. If you’re taken with studying extra about our resolution, schedule a demo today.
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