Five Things Independent Insurers Expect From Their Organization

This is part of the list supported by AgentSync.

The production market is starting to thin out with retirees leaving businesses and not enough interest from the new generations. Organizations that can deliver the maximum benefits of organizational collaboration and meet new expectations of speed and efficiency will develop loyal relationships with their independent manufacturing base faster and deeper than their counterparts who live on their own food chain.

These five functions are what manufacturers expect from the various organizations they work with. The demand for these services is likely to increase from the past as fewer manufacturers support a larger market.

Make no mistake, independent producers are market leaders for a reason: Most life and P&C insurance is sold by agents and independent agencies. With the ease of working with and availability of independent developers, business organizations in all jurisdictions can increase their market share for decades to come even as companies negotiate the talent crisis.

Before we begin the five key services that forward-looking agencies should provide their freelancers, remember that these are guidelines, not business coaching or legal advice. You say… (I’m curious).

1. Good salary benefits

If we were to rank the manufacturer’s requirements, this would be item number 1 on the list. As organizations sit between carriers and manufacturers, providing manufacturers with the best contracts with compensation is critical.

Maximum charge is not the only factor that a manufacturer should consider when evaluating the use of FMO, IMO, BGA, NMO, or other relationships. However, businesses that want to keep a large portion of the freight company’s payroll have proven their worth in other areas. Insurance companies that work with independent producers must demonstrate their commitment to the producer’s success, or expect to negotiate hard on premiums.

For organizations that have employees on the W-2, these benefits may be offset by other activities, such as basic pay or health care. But, for independent insurance brokers, maintaining a high level of income is often more important.

Again, it shouldn’t be the only thing an independent insurer uses to evaluate relationships, but it would be Naive to discount premiums in agency contracts.

2. License management and compliance

Selling insurance can be an unforgiving business, especially for those just starting out. Long hours, thankless writing, and unrelenting research all contribute to a debilitating role in a profession facing a mass exodus without new talent.

Licensing and compliance, especially for manufacturers looking to expand their business, can be a big challenge. Because let’s be clear, many insurance producers have the idea that, if their money is related to work, then every minute they are not selling in front of those who are looking for customers, they are not making money.

Under this concept, every minute of having a license or continuing education or other related activities is a minute that the producer is losing money. Therefore, organizations that can take on more of the work of licensing and obtaining new government licenses from the developer community can better demonstrate that they value the developer’s time and expertise (ie sales!).

Also, organizations that instead rely on paper production methods are at risk of upsetting their manufacturers. Manual data entry and re-entry is not something most of us have the patience for, and even less so when we squeeze in ten minutes between client meetings.

3. Marketing and promotional materials

For insurers, having marketing materials ready to deliver to prospective customers is a game-changer. However, many manufacturers don’t have the time or budget to integrate technology and digital marketing tools and hire consultants who can also look at automated tools.

Organizations that can offer attractive products, manufactured by manufacturers who adhere to the highest quality standards can gain a competitive advantage in the insurance market.

This can apply to continuous maintenance, as well; Business organizations that provide a stock exchange bank for manufacturers to use to store their existing customer books are sure to be appreciated by their agents and employees.

4. Administrative support

Documentation and procedures, legal services, safety documentation, employee training… Indeed, finding “stop-proof” strategies is very important for insurance producers who may be running a shop on their own. Especially if an insurance provider can have contracts with 40 different companies, any organization that can change the sales process through administrative support or digital solutions can have a significant impact on the sales of their producers.

Insurers may have employees who can afford to do this, but, especially for independent companies, the employees may be well-meaning relatives with no technical knowledge. Solutions can be implemented in a variety of ways, from automated sales and document management to training for management teams or legal professionals.

Management support often has a lower impact on helping independent producers eliminate organizational flexibility, which can help reduce customer confusion. By promoting the manufacturer’s business and maintaining efficiency, the wheel turns again and you can ensure a long, happy relationship with the manufacturer who loves your insurance company.

5. Prospecting for new customers

Independent insurance companies are well on their way to the Wild West, hanging out in sunny California as they head to the deep waters to find little gold nuggets. Or, that’s what comes to mind when we talk about insurance research.

Especially for new sponsors (and in 10 years they will all be new sponsors!), it seems that waiting for customers is as boring as waiting for gold. A better alignment of consent, need, and time is a combination that seems rare.

Insurance companies that can help independent agents find strong new business opportunities will have a better chance than their peers to prove their worth. And we’re not talking about mass mailing lists here, but channels that filter people who are interested in relevant content.

The future of the insurance agent is creative relationships

While digital insurance shopping is on the rise, insurers are an important part of the buying journey. After all, while an app can compare prices, it can’t hold your hand, look you in the eye, and provide the assurance of a human presence. When it comes to the rental policy of bundling with your existing car insurance, it’s probably not a big deal. But when it comes to insurance that can affect your life or your life, you want your touch.

Businesses that recognize and respect this, and use these five services effectively, will place themselves at the forefront of the class in recruiting and retaining insurance professionals for years to come.

If you want to know how AgentSync can help you remove barriers for your organization and provide a frictionless experience and better manage the licensing needs of developers, see AgentSync in action.


Leave a Comment