How Combining Varicent and AgentSync Creates a Truly Exceptional Producer Experience
Today’s insurance carriers rely on a vast network of distribution partners in an industry that’s more connected – and more complex – than ever before. Similarly, licensed insurance agents, producers, and brokers (whatever name they go by in your business) have a wide variety of options of which carriers to work with and which products to sell.
We’ve been talking a lot recently about how transparency, trust, and personalization are vital components in every carrier’s ability to attract and retain the producers your business needs to succeed. But just having these ingredients isn’t enough. To win in the insurance business, you need producers who are bought into your products and engaged with your company, and fully empowered to sell on your behalf.
If you’re wondering how to achieve this, we’d like to propose that it comes from focusing on the principles of trust, transparency, and personalization at every stage of the producer lifecycle. From their initial onboarding to their first commission payment, and throughout the entire span of your relationship, producers who have a positive experience and feel their carrier partners are, in fact, partners will be the ones who power your success.
You can achieve this by creating a connected, integrated, and engaged process that provides a seamless, powerful and personalized experience. This enhances agent trust, and connection to you as a carrier.
To get there, you don’t need a magic wand or an army of administrative staff to support those producers. In fact, you can do it with far fewer people, in less time, and spending less money than you likely already do. This is because technology can streamline and automate the entire producer lifecycle in a way that’s connected from start to finish and provides a transparent, personalized experience to each producer, which increases their trust in your organization and their drive to continue a successful partnership with you.
Keep reading to learn how you can achieve your distribution management goals with the combined best-in-class technologies of AgentSync and Varicent.
Reasons Why Disconnected Producer-Carrier Onboarding-Management-Commission Leaves Your Producers Wanting More
There are a number of reasons why producers may become frustrated with their carrier partners, from before the relationship really even starts to potential pitfalls that could end or ruin the relationship!
A Frustrating and Time-consuming Experience to Get to That First Sale.
For many insurance producers, the onboarding process is their first real interaction with a carrier’s operational ethos. Unfortunately, this process is often bogged down by paperwork, slow approvals, and a lack of clear communication. Producers are ready to go, but are left waiting, unclear of their status in the process, unsure of how much money they can generate from the sale, and frustrated that they are bogged down in process. This can sour their initial enthusiasm and can dampen their eagerness to work with you. In the worst case, they might churn before they sell a single policy, making the entire effort up to that point a waste of time and money.
Entering and Re-entering Information Across Multiple Systems
One of the most common grievances from producers is the need to input the same personal and professional information into multiple systems. Each system a producer interacts with—from compliance databases to commission management—may require its own set of entries, leading to duplicated efforts, increased chances of errors, and a significant waste of time.
Producers Spend Time Applying for Licenses, Renewing licenses, Understanding Commission Payments, and Tracking CE: Not Selling
Instead of focusing on selling, producers often find themselves mired in administrative tasks such as applying for new licenses, renewing existing ones, and trying to figure out how much, and when they will get paid. This not only detracts from their core activities but also adds an element of frustration as they navigate through various state regulations and requirements.
Clawbacks: The Proverbial Hand in Your Pocket
Disconnect between eligibility to sell and incorrect payments leads to many in the insurance industry accepting that commission clawbacks are inevitable. However, the impact a clawback can have on a producer-carrier relationship can’t be ignored. Taking back money from someone who believes they’ve rightfully earned it, often without a proper explanation is a recipe for fallout.
How AgentSync and Varicent Solve Each of These Challenges
AgentSync and Varicent are each powerful technologies in their own right, but their partnership and integrated approach gives carriers a unique differentiator to providing their producers with a better, more connected and engaged end to end process. AgentSync focuses on getting producers licensed, appointed, and ready to sell quickly while also keeping them effortlessly compliant with all state regulations. Varicent gives producers unparalleled transparency into their commission process, highlighting how and when they will be able to generate revenue.
When paired together, AgentSync and Varicent open entirely new doors to efficiency and producer experience that benefit everyone from the carrier to the individual producer. Here are just a few examples of how:
Enter Data Once, and Get Ready to Sell (and make money!)
With AgentSync’s custom onboarding portal, producers enter their information only once – this data is then seamlessly connected to Varicent’s commission engine, giving them access and information on their commission schedules, and insurance sales tracking software. This eliminates redundant data entry, reduces the risk of errors and empowers the producer to be able to sell, and understand the impact of that sale quickly and efficiently. By automating and streamlining the onboarding process, it becomes faster, easier, more compliant, less expensive, and just plain better for everyone involved.
Ready to Sell = Ready to Be Paid
AgentSync automates and streamlines managing licenses, appointments, and CE credits for every producer across multiple states (resident and nonresident). With state regulations, including new and changing ones, baked into the system, the software ensures that producers are always compliant and have the greenlight to sell without any manual effort. By ensuring that this data is up to date, and directly integrated into the commissions process, it means no more clawbacks for any policies sold outside of compliance.
When producers don’t have to manage these compliance aspects or track their commission themselves in a spreadsheet (or the back of a napkin), it frees up their time to build client relationships and sell. The benefits extend to internal compliance teams who have much more strategic work to do than cross reference state websites and spreadsheets to verify each producer is good to go and paid correctly.
Your Brand, Your Way
With AgentSync’s custom onboarding portal, and continuous management of licenses combined with Varicent’s configurable commissions and reporting engine, you are able to put your best foot forward when engaging with your producers. Each stage through the lifecycle of a producer is an opportunity for you to provide a better, more engaged and personalized process for your producers, and differentiate yourselves as the carrier of preference. By creating a connected, seamless, efficient and personalized process you are connecting your producer with your brand and amplifying why they should want to do business with you, and how doing business with you is more efficient, engaging and, at the end of the day, profitable than other carriers.
AgentSync and Varicent: Better Together
Don’t go halfway with your producer experience. Combine two top-of-the-line solutions to achieve your goals. AgentSync manages the compliance and licensing landscape, while Varicent takes charge of financial aspects such as commission tracking and payouts. Together, they ensure that your producers have a seamless, efficient, and highly satisfactory experience from day one.
What better way to use technology than to create a culture of transparency, trust, and personalization that gives you a competitive advantage over carriers still doing things the way they’ve always done them?
Contact AgentSync or Varicent today for a demo of how they work together to achieve your producer experience goals.