If you’ve been reading our blogs, you know by now that the key trend in the insurance industry is a focus on customer experience. That can mean creating robust digital capabilities like chat bots and portals, in addition to leveraging data to its fullest potential and developing more helpful customer service avenues. But to truly create an amazing customer experience, insurance carriers also need to empower their agents.
Agent Experience is critical for insurance companies hoping to create meaningful competitive advantages. For one, carriers are trending away from the “captive agent model” and relying more on independent agents paid by commissions only. That means you need to attract agents to choose you as their carrier of choice. According to a survey of 5,000 independent agents, 99.5% of insurance agents say that ease of doing business is critical in choosing which carrier gets their business (Deep Customer Connections)
Ease of doing business can mean any number of things. Providing a robust and user-friendly agency portal will support agents as they sell your products. Better educational materials will make agents more comfortable selling nontraditional insurance products, because they’ll feel empowered and knowledgeable. A more intuitive user experience (UX) can help them gain more visibility and control of their accounts, leading to more cross-sell and upsell opportunities, as well as a better end customer experience.
Here are five ways carriers can support agents:
1. Support agents’ compliance
Keeping track of new regulations and license renewals can be a full-time job on its own. Through automation and digital portals, carriers can help remind agents when their license is set to expire, or if they need to complete a course to remain up to date with new standards.
2. Support agents’ sales readiness
As in any industry, it’s important to help agents sell your products with educational material, branded messaging, and information about new product features and updates. Provide educational materials through digital portals, and alert agents when new materials are available.
3. Support agents’ relationship management
With so many clients and product lines to keep track of, a comprehensive dashboard can give agents visibility into customer hierarchies, contracts, and business connections they need to effectively sell your product. Agents appreciate knowing key actions like a late payment or claim, so they can manage expectations with the customer. These actions not only improve the ease of doing business with your company, but reflect well on the end consumer—if customers are happy with their agents, they’ll translate that happiness into affinity toward your brand.
4. Support agents everywhere
Agents are often the key line of communication with customers throughout their entire lifecycle. From onboarding new clients, to field visits and product roll offs, carriers can support agents with digital solutions that give them more control and visibility over customer accounts.
5. Support agents with well-designed products
The best way to attract agents to do business with your company—and to continue to do so for years to come—is to give them amazing products to sell! So, supporting agents also means supporting the actuaries and underwriters who design and execute insurance solutions.
Strong data analytics capabilities and powerful database tools will help you design innovative products that are tailored to real-world customer desires. It can also improve the accuracy of quotes. And, considering quote inaccuracy is a leading cause of friction between customers and their insurers, improving your data collection and management can solve an array of conflicts, and prepare your company to make a lasting impression on agents.
Leverage Pyramid Solutions’ experience
When designing your agent experience, leverage the experience of our trusted data experts. We can help you design an amazing and powerful portal for agents, consult on your data strategy, and paint a bigger picture of how each stakeholder in your business interacts with data. Send me an email to learn more about how we can help!