This publish is a part of a sequence sponsored by AgentSync.
Distribution channel administration depends on real-time producer information
For insurance coverage organizations seeking to optimize their distribution channel administration, accessing correct, up-to-the-day producer information throughout a number of programs isn’t only a “good to have.” In the event you’re working with a tech stack that features all the things from agent onboarding programs to coverage admin programs to fee and compensation administration programs, your producers’ info possible lives in a number of locations that require guide updates and cross-referencing.
Handbook and repetitive information entry isn’t supreme 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. Once you add within the complexities of a extremely regulated trade like insurance coverage, and disjointed programs with probably conflicting or inaccurate producer information, it’s a recipe for catastrophe.
The answer: real-time producer information drawn from trade sources of fact, with the power to feed this information into any and your whole inner programs.
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 expertise. With out ripping and changing an answer that’s been working for a very long time, it’s tough to think about getting the required producer information to move between a single supply of fact and each software program a company makes use of every day.
Fortunately, the world of recent utility programming interfaces (APIs) can take away this roadblock extra shortly and simply than ever earlier than.
ProducerSync API: The facility of AgentSync related to your programs
For companies with present tech ecosystems that largely meet their wants, you don’t wish to reinvent the wheel. You do, nonetheless, need your system to have the ability to use and analyze your producer information to make clever choices about your distribution channels. If that’s the case for you, ProducerSync API gives an answer that enhances your present distribution channel administration expertise (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 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 information 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 traces 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 might in any other case overwhelm 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 previous, regional or nationwide, ProducerSync API will be the extra piece it’s worthwhile to flip the info you’ve got on the producers throughout your distribution community into actionable insights that make it easier 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, provides customers a single place to view and transact with NIPR information, some carriers, companies, and MGAs don’t want the transactional capabilities and like to easily use the info to energy effectivity of their present processes. This can be on account of an organization’s dimension, with smaller corporations needing to handle their most instant ache level (entry to up-to-date producer information) earlier than reaching a stage of their progress the place implementing your complete AgentSync Handle resolution is smart.
ProducerSync API can also be the quickest solution to begin getting worth from NIPR information. With AgentSync’s staff engaged on onboarding and getting ready the sync, and the insurance coverage org’s staff adjusting their inner tech and processes to eat the info, anybody that’s prepared to maneuver shortly will be reside with ProducerSync API in as little as two weeks.
Why massive insurance coverage organizations select ProducerSync API
Among the largest insurance coverage companies have been round for properly over 100 years. This usually means they’ve invested a long time, and thousands and thousands of {dollars}, into creating the expertise they use to energy each side of their enterprise. It hardly is smart to throw the newborn out with the bathwater if it’s largely doing what you want. However, legacy programs 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’ 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 programs. In essence, insurance coverage carriers, companies, and MGAs can energy their present infrastructure with essentially the most trendy and correct trade information.
Bigger organizations with bespoke inner software program usually don’t want the all-in-one platform that AgentSync Handle supplies. Relatively, they need AgentSync’s information fed into one or lots of their present programs to present actionable insights that workers can then proceed with. With out ProducerSync API, your staff could also be spending extreme time transferring information 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 embrace always-up-to-date producer compliance information.
“We needed to work with a companion who would convey 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 Data 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 programs obtain advantages reminiscent of:
- The flexibility to establish non-productive producers and cease paying appointment charges yr after yr (with the press of a button).
- Ongoing accurate-to-the-day compliance checks at every stage of the journey from insurance coverage utility, to underwriting, to fee cost to make sure producers have legitimate licenses always.
- The flexibility to establish gaps in distribution channel companions based mostly on geography, LOAs, and different elements, and shortly scale up as wanted to fill these gaps.
- The flexibility 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 threat, and put all the info and intelligence they’ve about their whole 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 companion you’re employed with. If that information isn’t flowing by your present programs, it’s not doing you any good. From eliminating guide and error-prone information entry, all the best way to extremely subtle analyses on optimize your distribution channel for max success, ProducerSync API will be the enhancement your corporation wants.
Prepared to talk to one among our consultants at the moment? Contact us to begin the dialog and find out how your group can profit from ProducerSync API.
On the lookout for extra? Uncover how PSAPI will help you enhance earnings, keep away from threat, and dominate your market.
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