Insurance agents are currently navigating complex, rapidly changing landscapes across the industry. Their persistence and dedication help maintain strong, positive relationships with policy holders, which in turn helps carriers generate more business and reach their goals.
Carriers have a vested interest in the success of their agency partners—such success results in better sales and distribution for their products and services. But what can they do to improve independent agent experience? In our new eBook, “Independent agents on improving carrier partnerships” we surveyed nearly 1,300 independent agency professionals and asked them just that. The answers they provided made it clear: pricing and products take the cake, but ease and efficiency are key as well.
What are agents looking for in a carrier?
It should come as no surprise that, at the end of the day, agents expect carriers to deliver on competitive pricing and products. That standard has persisted in the industry and this year was no different, with 99% of respondents ranking those two as important factors for getting more business.
However, there is more that comes into consideration, and it comes down to how carriers make the agents’ work life easier. From the day-to-day processes to overarching systems, the ways in which carriers improve agent experience play a significant role in securing more business.
Save agents time with greater efficiency
Agents deal with a flurry of calls, claims, and questions from policy holders and prospects every day. They need a reliable partner to help address each situation, and perhaps most importantly, they need quick and efficient processes. In fact, 86% of producers and account managers said that responsiveness of underwriting is critically important to them. That same group ranked claims service as a top criterion when placing business, with 75% of respondents deeming it a must-have.
By delivering more efficient experiences, carriers can distinguish themselves as a quality partner that agents can depend on. When agents are empowered by their carrier partners, they can better support their clients and, ideally, generate more business opportunities for all.
Implement comparative raters and improve carrier portals
With so many clients to service, technology is becoming table stakes for many agents as they look to complement their growth with greater efficiency. Two of these technological advantages come in the form of effective carrier portals and comparative raters.
When asked, 69% of agents said that digital personal lines rating and submission technology was a must-have for their business, and 77% of producers and account managers said carrier portals were a top area to improve. It makes sense; both help keep workflows clean and simple, improve efficiency and save time for agents and their clients.
“Carriers need to understand that independent agents are going to compare rates, so make it easy.”
It is important to understand that investing in these areas is a long-term commitment for carriers. As better technology, portals, and tools become available to agents, they will look to potential carrier partners with increasingly greater expectations. Carriers who keep up with or exceed industry standards for technology integration will stand out among their peers.
Keep communication easy
While more efficient processes and modern technologies are great additions for agencies to have, they are not at their best without clear and easy means of communication. After all, agency professionals rely on communication—from working with underwriters to servicing clients in their time of need.
That may be why 78% of respondents said improving ease of communication was a top way carriers could get more of their business. Notably, this response did not echo across mobile accessibility, with mobile tools ranking as one of the less important factors for agents.
“We care about products, underwriting, claims management and ease of doing business. The rest is important but secondary.”
Bottom line: Improving agent experience
With the increasingly competitive and complex insurance market, carriers should consider ways in which they can make life easier for their agency partners. By providing timely responses in the underwriting process, effective client portals and comparative raters, and ease of communication for agents and policy holders alike, carriers can build a reputation for being simple, effective, and reliable. They will also be better equipped to meet sales and distribution objectives.