How Superior Knowledge Is Key to Distribution Channel Administration

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 trying to optimize their distribution channel administration, accessing correct, up-to-the-day producer knowledge throughout a number of programs isn’t only a “good to have.” In the event you’re working with a tech stack that features the whole lot from agent onboarding programs to coverage admin programs to fee and compensation administration programs, your producers’ data possible lives in a number of locations that require guide updates and cross-referencing.

Guide and repetitive knowledge entry isn’t superb for anybody, a lot much less so for insurance coverage carriers and their giant numbers of downstream distribution channels, together with companies, MGAs, and particular person producers. Once you add within the complexities of a extremely regulated trade like insurance coverage, and disjointed programs with doubtlessly conflicting or inaccurate producer knowledge, it’s a recipe for catastrophe.

The answer: real-time producer knowledge drawn from trade sources of fact, with the flexibility to feed this knowledge into any and your whole inner programs.

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 know-how. With out ripping and changing an answer that’s been working for a very long time, it’s troublesome to think about getting the mandatory producer knowledge to circulation between a single supply of fact and each software program a company makes use of every day.

Fortunately, the world of contemporary application programming interfaces (APIs) can take away this roadblock extra shortly and simply than ever earlier than.

ProducerSync API: The ability of AgentSync linked to your programs

For companies with current tech ecosystems that largely meet their wants, you don’t need to reinvent the wheel. You do, nevertheless, need your system to have the ability to use and analyze your producer knowledge to make clever choices about your distribution channels. If that’s the case for you, ProducerSync API presents an answer that enhances your present distribution channel administration know-how (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 trade’s single supply of fact, the Nationwide Insurance coverage Producer Registry (NIPR). ProducerSync API makes it simple for customers to have this up-to-date producer knowledge straight from NIPR with a easy API integration.

On high of feeding the information into your system, ProducerSync API additionally contextualizes the information, that 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 strains 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 form of fact-finding missions that might in any other case overwhelm your velocity 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 previous, regional or nationwide, ProducerSync API may be the extra piece it’s good to flip the information you could have on the producers throughout your distribution community into actionable insights that enable you to optimize the best way you do enterprise – and do extra of it!

Why small insurance coverage organizations select ProducerSync API

Whereas AgentSync’s core platform, Handle, offers customers a single place to view and transact with NIPR knowledge, some carriers, companies, and MGAs don’t want the transactional features and like to easily use the information to energy effectivity of their present processes. This can be attributable to an organization’s dimension, with smaller firms needing to handle 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 resolution is sensible.

ProducerSync API can also be the quickest technique to begin getting worth from NIPR knowledge. With AgentSync’s workforce engaged on onboarding and making ready the sync, and the insurance coverage org’s workforce adjusting their inner tech and processes to eat the information, anybody that’s prepared to maneuver shortly may be reside with ProducerSync API in as little as two weeks.

Why giant insurance coverage organizations select ProducerSync API

Among the largest insurance coverage companies have been round for effectively over 100 years. This typically means they’ve invested many years, and tens of millions of {dollars}, into growing the know-how they use to energy each facet of their enterprise. It hardly is sensible to throw the newborn out with the bathwater if it’s largely doing what you want. Alternatively, legacy programs 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 current programs. In essence, insurance coverage carriers, companies, and MGAs can energy their current infrastructure with probably the most trendy and correct trade knowledge.

Bigger organizations with bespoke inner software program typically don’t want the all-in-one platform that AgentSync Handle gives. Somewhat, they need AgentSync’s knowledge fed into one or lots of their current programs to present actionable insights that workers can then proceed with. With out ProducerSync API, your workers could also be spending extreme time shifting knowledge from one web site, spreadsheet, or system to a different. ProducerSync API eliminates the guide work – and the potential for errors – as your programs now embody always-up-to-date producer compliance knowledge.

“We wished to work with a companion who would deliver the information 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 resolution. With ProducerSync API, we save time, create income, and make it simpler to do enterprise.”

• Chief Data 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 data into their current programs obtain advantages resembling:

• The power to determine non-productive producers and cease paying appointment charges 12 months after 12 months (with the clicking of a button).
• Ongoing accurate-to-the-day compliance checks at every stage of the journey from insurance coverage software, to underwriting, to fee fee to make sure producers have legitimate licenses always.
• The power to determine gaps in distribution channel companions based mostly on geography, LOAs, and different elements, and shortly scale up as wanted to fill these gaps.
• The power to deliver new merchandise to market extra successfully based mostly on real-time knowledge about their distribution channel.

The result’s, insurance coverage companies can lower your expenses, improve effectivity, take away compliance danger, and put all the information and intelligence they’ve about their complete distribution channel to work for them.

Optimize your distribution community by activating your producer knowledge with AgentSync

Your distribution channel is stuffed with knowledge on each downstream companion you’re employed with. If that knowledge isn’t flowing by way of your current programs, it’s not doing you any good. From eliminating guide and error-prone knowledge entry, all the best way to extremely subtle analyses on find out how to optimize your distribution channel for optimum success, ProducerSync API may be the enhancement what you are promoting wants.

Prepared to talk to one in every of our consultants right now? Contact us to start out the dialog and find out how your group can profit from ProducerSync API.

Searching for extra? Discover how PSAPI can help you boost profits, avoid risk, and dominate your market.

Subjects
Data Driven