Insurance agents play a crucial role in bridging the gap between carriers and policy holders. Their experience shapes the ability to underwrite and sign new business, process claims, and retain customers. By enhancing the independent agent experience from a claims and underwriting standpoint, carriers, agents, and clients benefit. Carriers can streamline operations and build stronger partnerships within the independent agent distribution channel while agents and policy holders receive improved service.
To remain competitive in a complex marketplace, insurance carriers must prioritize strengthening their relationships with agents. Through comprehensive support and effective communication, they can facilitate an environment that empowers agents. This improves the agents' ability to offer great service to the end insured. It also helps carriers increase sales and profitability through the independent agent channel.
Vertafore surveyed 1,300 independent agents to gather perspectives and feedback to highlight, in their own words, how they would like to see carriers improve their relationships with agents. As part of that feedback, agents highlighted two areas carriers could improve upon for maximum impact: underwriting processes and claims service. Let’s take a closer look at their feedback and what agents would like to see improved.
Underwriting processes
Independent agencies everywhere are facing challenges in a complicated underwriting environment. Market conditions have forced even large carriers to lower their risk capacity or leave some markets. Agencies struggle to place new business and find quality, cost-effective coverage for their customers. To continue meeting the needs of consumers, it is more important than ever for carriers to partner effectively with agencies.
Vertafore asked survey takers to rate how well their top carriers perform in underwriting. Surprisingly, 76% described their carrier partners provide either average or below average service. Additionally, carriers should remember that agencies value their personal relationships with underwriters. In fact, 84% of respondents said that quick responses from underwriters are essential. This is a key area where carriers should invest to gain more business.
One respondent noted that having a single designated underwriter gives them the ability to write business that would have otherwise been declined:
“Because of the relationship I’ve built with my underwriter and that trust, I am able to write larger accounts that normally would be declined by carriers when multiple underwriters work on whoever’s submission comes in.”’
Providing top-notch service, especially during claims
As the main support to policy holders when they’re navigating complex insurance products, processes, and especially claims, customer service representatives (CSRs) are the front line in building lasting client relationships. They do this by offering personalized service, expert guidance, and unwavering support.
These trusted advisors aim to cultivate customer loyalty through satisfaction with the agencies they represent. In every customer interaction, they’re protecting both the agency and carrier’s reputation. To consistently deliver on that objective, CSRs depend on effective communication with carriers who prioritize their own exceptional support for agency partners.
The CSRs we surveyed highlighted two main focus areas for carriers to prioritize in servicing:
First, 83% said the ability to check policy holder billing status online is the most critical area for carriers to invest in. As many also shared that the ability to view and make changes to policies online should be another important area for carrier investment.
One respondent pointed out:
“Remember, most of our clients still think of me as their carrier. They call me for service.”
For that reason, anything carriers can do to empower agents to provide the best service possible for their clients should be a top priority.
While claims service ranked as the most crucial factor among all respondents for placing business, it is significant to note that only 23% said their top carriers provide great service in this area.
There was also a show of concern for the rapid turnover of experienced carrier representatives and how their less experienced replacements impact their access to quality carrier services and resources.
Takeaways for insurers
As carriers continue to refine their strategies, there are two key areas they should consider investing in and prioritizing: improving their underwriting processes and providing the best servicing and claims processes for their independent agents and policy holders.
By giving their agency partners efficient and streamlined processes, carriers will set up independent agencies for success while dramatically influencing where those agents place their business.
Learn what else respondents had to say about ways carriers can improve their agent experience by downloading our new eBook, Independent Agents on Improving Carrier Partnerships: Report for Insurance Carriers.