This submit is a part of a collection sponsored by AgentSync.

Distribution channel administration depends on real-time producer knowledge

For insurance coverage organizations trying 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.” When you’re working with a tech stack that features every little thing from agent onboarding methods to coverage admin methods to fee and compensation administration methods, your producers’ info probably lives in a number of locations that require guide updates and cross-referencing.

Handbook and repetitive knowledge entry isn’t preferrred 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 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 reality, with the power to feed this knowledge into any and your whole inner 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 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 mandatory producer knowledge to move between a single supply of reality 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 related to your methods

For companies with current tech ecosystems that largely meet their wants, you don’t need to reinvent the wheel. You do, nonetheless, 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 gives an answer that enhances your present distribution channel administration expertise (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 reality, 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 prime of feeding the information into your system, ProducerSync API additionally contextualizes the information, which 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 traces 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 type 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 will be the extra piece you might want to flip the information you could have on the producers throughout your distribution community into actionable insights that assist 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, provides customers a single place to view and transact with NIPR knowledge, some carriers, companies, and MGAs don’t want the transactional capabilities and like to easily use the information to energy effectivity of their present processes. This can be resulting from an organization’s dimension, with smaller firms needing to deal with their most speedy ache level (entry to up-to-date producer knowledge) earlier than reaching a stage of their progress the place implementing your entire AgentSync Handle resolution is sensible.

ProducerSync API can also be the quickest approach 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 inner tech and processes to eat the information, anybody that’s prepared to maneuver shortly will be dwell 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 hundreds of thousands of {dollars}, into growing the expertise they use to energy each side of their enterprise. It hardly is sensible to throw the newborn out with the bathwater if it’s principally 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 allow groups to make use of their producers’ knowledge in actionable methods to intelligently increase, contract, or reorganize their distribution channels.

ProducerSync API fills this want exactly as a result of it may be built-in into current methods. In essence, insurance coverage carriers, companies, and MGAs can energy their current infrastructure with essentially the most trendy and correct business knowledge.

Bigger organizations with bespoke inner software program usually don’t want the all-in-one platform that AgentSync Handle offers. Moderately, they need AgentSync’s knowledge fed into one or lots of their current methods 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 methods now embrace always-up-to-date producer compliance knowledge.

“We needed to work with a companion 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 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 info into their current methods obtain advantages corresponding to:

• 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 software, to underwriting, to fee fee to make sure producers have legitimate licenses always.
• The flexibility to establish gaps in distribution channel companions primarily based 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 primarily based on real-time knowledge about their distribution channel.

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

Optimize your distribution community by activating your producer knowledge with AgentSync

Your distribution channel is crammed with knowledge on each downstream companion you’re employed with. If that knowledge isn’t flowing by way of your current methods, it’s not doing you any good. From eliminating guide and error-prone knowledge entry, all the best way to extremely refined analyses on methods to optimize your distribution channel for max success, ProducerSync API will be the enhancement your corporation wants.

Prepared to talk to one in every of our consultants as we speak? Contact us to begin the dialog and find out how your group can profit from ProducerSync API.

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

Subjects
Data Driven