This publish is a part of a collection sponsored by AgentSync.
Not too long ago, AgentSync Co-Founders Jenn Knight and Niji Sabharwal sat down with Judy Shaw, host of the New York Inventory Trade (NYSE) video collection Flooring Discuss to debate the way forward for the insurance coverage business and the issue AgentSync is fixing for its prospects.
The NYSE Flooring Discuss video collection highlights fascinating corporations – 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 complete interview right here. However for a abstract of the dialog, learn on!
The place does AgentSync match within the insurance coverage house and what drawback does the answer resolve?
The insurance coverage house is usually a little complicated. Between carriers, companies, distributors and the quite a few different gamers within the insurance distribution channel, it may be laborious 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 business. After all, she now has a deep understanding of the insurance coverage house and was fast to outline AgentSync’s position within the business and the primary drawback 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 companies promoting insurance coverage, or newer distribution fashions like MGA/MGUs. Our expertise backed resolution streamlines the producer onboarding course of in order that brokers can higher serve their prospects and get to promoting quicker.
And since insurance coverage carriers, companies, and MGA/MGUs all have a accountability to make sure brokers are correctly licensed and appointed, AgentSync bakes compliance into each step. These are just some of the primary methods wherein 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 position because it evolves?
For years now, the business has been suffering from the concept 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 drastically exaggerated.
Whereas loads of prospects are embracing sure digital options to their insurance coverage wants, brokers proceed to fill a crucial position within the buying resolution. Customers nonetheless see brokers as consultants and, as such, nonetheless very a lot need and wish their recommendation on the best varieties of insurance coverage for his or her properties, their companies, and their well being.
Knight and Sabharwal additionally took the time to handle the expertise scarcity the insurance coverage business is going through at the moment and the way the AgentSync resolution may help handle it. Nobody needs to work for a corporation whose workflows pre-date the dinosaurs. Okay, that may be a slight exaggeration, however severely—in an effort to appeal to new folks to the business, we have to modernize it.
Expertise like AgentSync helps automate duties that brokers had been beforehand caught doing by hand. That method, at the moment’s producers can spend extra time doing what they do finest: advising and promoting. Corporations that allow their folks to do extra significant work and fewer busy work can have higher luck attracting new expertise to the business.
Why has the insurance coverage business been sluggish to transition to undertake expertise?
The insurance coverage business is commonly cited as being sluggish to alter. As Knight factors out, that’s a little bit of a false impression. The reality is insurance coverage corporations have at all times handled mass quantities of information. Harnessing that information and turning it into helpful insights is a problem solely just lately turning into simpler with trendy expertise. As tech matures, so does our understanding of how we are able to use it to make the business extra environment friendly.
Complying with state, federal, and native licensing necessities and laws is usually a actual administrative nightmare, particularly for corporations 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 accessible even just some years in the past however are actually essential to addressing pricey inefficiencies. The advantages of those trendy 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 latest layoffs within the tech sector. How are you approaching the slowdown?
Because the dialog turned towards the latest financial downturn, Knight and Sabharwal mentioned AgentSync’s response. At AgentSync we notice that our persons are key to our success. Our excellent crew of engineers, buyer success managers, and account executives are devoted to serving to the insurance coverage business get monetary savings and handle inefficiencies.
That mentioned, Sabharwal emphasised how the corporate has been considerate about our method to progress and is taking strides to keep away from over-leveraging. Because the economic system continues its downward development, AgentSync will proceed to be prudent when it comes to hiring and progress.
So far as our prospects, the worth AgentSync’s resolution supplies is much more crucial throughout an financial downturn as a result of it permits organizations to do extra with much less. The efficiencies and automations our expertise delivers means producers can spend much less money and time on repetitive duties like guide information entry, and extra time on strategic duties and constructing stronger buyer relationships.
We had been honored to have AgentSync featured on the NYSE Flooring Discuss video collection. If you’re desirous about studying extra about our resolution, schedule a demo today.
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