This put up is a part of a sequence sponsored by AgentSync.
Distribution channel administration depends on real-time producer information
For insurance coverage organizations trying to optimize their distribution channel administration, getting access to correct, up-to-the-day producer information throughout a number of techniques isn’t only a “good to have.” When you’re working with a tech stack that features all the pieces from agent onboarding techniques to coverage admin techniques to fee and compensation administration techniques, your producers’ info seemingly lives in a number of locations that require handbook updates and cross-referencing.
Guide and repetitive information entry isn’t best for anybody, a lot much less so for insurance coverage carriers and their giant numbers of downstream distribution channels, together with businesses, MGAs, and particular person producers. Whenever you add within the complexities of a extremely regulated business like insurance coverage, and disjointed techniques with doubtlessly conflicting or inaccurate producer information, it’s a recipe for catastrophe.
The answer: real-time producer information drawn from business sources of fact, with the flexibility to feed this information into any and all your inner techniques.
For a lot of insurance coverage companies, a roadblock to realizing the advantages of correct producer information 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 information to circulation between a single supply of fact and each software program a company makes use of every day.
Fortunately, the world of recent software programming interfaces (APIs) can take away this roadblock extra rapidly and simply than ever earlier than.
ProducerSync API: The ability of AgentSync related to your techniques
For companies with present 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 information to make clever selections 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 information high quality.
ProducerSync API is a contemporary REST API that gives entry to licensing, appointing, and different producer information from the business’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 information 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 should 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 information layers, permitting you to chop down on the sort of fact-finding missions that may in any other case crush 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 could be the extra piece you must flip the information you’ve 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 information, some carriers, businesses, 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 measurement, with smaller corporations needing to deal with their most quick ache level (entry to up-to-date producer information) earlier than reaching a stage of their progress the place implementing the complete AgentSync Handle resolution is smart.
ProducerSync API can be the quickest approach to begin getting worth from NIPR information. With AgentSync’s crew engaged on onboarding and getting ready the sync, and the insurance coverage org’s crew adjusting their inner tech and processes to eat the information, anybody that’s prepared to maneuver rapidly could 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 nicely over 100 years. This usually means they’ve invested many years, and thousands and thousands of {dollars}, into growing the know-how they use to energy each side of their enterprise. It hardly is smart to throw the child out with the bathwater if it’s largely doing what you want. Alternatively, legacy techniques usually don’t have the fashionable capabilities that make managing producer compliance extra environment friendly than ever earlier than. Nor can they allow groups to make use of their producers’ information 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 techniques. In essence, insurance coverage carriers, businesses, and MGAs can energy their present infrastructure with essentially the most fashionable and correct business information.
Bigger organizations with bespoke inner software program usually don’t want the all-in-one platform that AgentSync Handle gives. Reasonably, they need AgentSync’s information fed into one or lots of their present techniques to offer actionable insights that employees can then proceed with. With out ProducerSync API, your workers could also be spending extreme time shifting information from one web site, spreadsheet, or system to a different. ProducerSync API eliminates the handbook work – and the potential for errors – as your techniques now embody always-up-to-date producer compliance information.
“We wished to work with a associate who would convey 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 Info Workplace, ProducerSync API buyer
What it to activate your producer information
Insurance coverage organizations that use ProducerSync API to feed accurate-to-the-day producer info into their present techniques obtain advantages resembling:
- The power to establish non-productive producers and cease paying appointment charges yr after yr (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 establish gaps in distribution channel companions based mostly on geography, LOAs, and different elements, and rapidly scale up as wanted to fill these gaps.
- The power to convey new merchandise to market extra successfully based mostly on real-time information about their distribution channel.
The result’s, insurance coverage companies can get monetary savings, 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 information with AgentSync
Your distribution channel is crammed with information on each downstream associate you’re employed with. If that information isn’t flowing by your present techniques, it’s not doing you any good. From eliminating handbook and error-prone information entry, all the way in which to extremely subtle analyses on optimize your distribution channel for optimum success, ProducerSync API could be the enhancement your online business wants.
Prepared to talk to one in every of our consultants at present? Contact us to start out the dialog and learn the way your group can profit from ProducerSync API.
In search of extra? Uncover how PSAPI will help you increase income, keep away from danger, and dominate your market.
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