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, gaining access to 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 every part from agent onboarding methods to coverage admin methods to fee and compensation administration methods, your producers’ data seemingly lives in a number of locations that require handbook updates and cross-referencing.
Guide and repetitive knowledge entry isn’t ideally suited for anybody, a lot much less so for insurance coverage carriers and their massive numbers of downstream distribution channels, together with companies, MGAs, and particular person producers. If you add within the complexities of a extremely regulated business like insurance coverage, and disjointed methods with probably conflicting or inaccurate producer knowledge, it’s a recipe for catastrophe.
The answer: real-time producer knowledge drawn from business sources of fact, with the power to feed this knowledge into any and all your 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, usually constructed in-house and generally 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 required producer knowledge to move between a single supply of fact and each software program a corporation makes use of every day.
Fortunately, the world of recent software programming interfaces (APIs) can take away this roadblock extra shortly and simply than ever earlier than.
ProducerSync API: The facility of AgentSync linked to your methods
For companies with present tech ecosystems that largely meet their wants, you don’t wish to reinvent the wheel. You do, nevertheless, 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 provides 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 business’s single supply of fact, 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 high of feeding the info into your system, ProducerSync API additionally contextualizes the info, that means you don’t must 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 because of AgentSync’s contextual knowledge layers, permitting you to chop down on the form of fact-finding missions that will 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 might be the extra piece it is advisable to flip the info you will have on the producers throughout your distribution community into actionable insights that assist you to 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, 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 info to energy effectivity of their present processes. This can be as a result of an organization’s measurement, with smaller firms needing to handle their most speedy ache level (entry to up-to-date producer knowledge) earlier than reaching a stage of their development the place implementing your entire AgentSync Handle resolution is sensible.
ProducerSync API can also be the quickest solution to begin getting worth from NIPR knowledge. With AgentSync’s crew engaged on onboarding and making ready the sync, and the insurance coverage org’s crew adjusting their inside tech and processes to eat the info, anybody that’s prepared to maneuver shortly might be dwell with ProducerSync API in as little as two weeks.
Why massive insurance coverage organizations select ProducerSync API
A number of the largest insurance coverage companies have been round for nicely over 100 years. This usually means they’ve invested a long time, and hundreds of thousands of {dollars}, into creating the know-how they use to energy each side of their enterprise. It hardly is sensible to throw the newborn out with the bathwater if it’s largely doing what you want. Then again, legacy methods usually 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 develop, 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, companies, and MGAs can energy their present infrastructure with essentially the most fashionable and correct business knowledge.
Bigger organizations with bespoke inside software program usually don’t want the all-in-one platform that AgentSync Handle offers. Relatively, they need AgentSync’s knowledge fed into one or lots of their present methods to present actionable insights that employees can then proceed with. With out ProducerSync API, your workers could also be spending extreme time transferring 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 embrace always-up-to-date producer compliance knowledge.
“We wished to work with a companion who would carry 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 resolution. 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 data into their present methods obtain advantages corresponding to:
- 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 cost to make sure producers have legitimate licenses always.
- The power to determine gaps in distribution channel companions based mostly on geography, LOAs, and different components, and shortly scale up as wanted to fill these gaps.
- The power to carry new merchandise to market extra successfully based mostly on real-time knowledge about their distribution channel.
The result’s, insurance coverage companies can get monetary savings, enhance effectivity, take away compliance threat, and put all the info 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 full of knowledge on each downstream companion you’re employed with. If that knowledge isn’t flowing via 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 refined analyses on find out how to optimize your distribution channel for max success, ProducerSync API might be the enhancement your online business wants.
Prepared to talk to one in every of our specialists right this moment? Contact us to begin the dialog and find out how your group can profit from ProducerSync API.
Searching for extra? Uncover how PSAPI will help you increase income, keep away from threat, and dominate your market.
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