Last Tuesday, Novarica hosted its bi-weekly Virtual Panel Series that focused on the voice of young, independent agents. The conversation was far-reaching, covering AMS capabilities and accessibility, client servicing, professional development, and the pressures of managing a company in 2020.
AMS Accessibility
In-person meetings remain a critical part of relationship selling for agents. Before social distancing guidelines, producers wanted the ability to access an agency’s AMS on multiple devices during field visits. The pandemic underscored the need for accessibility, as many producers and customer service representatives are no longer working from the office. In turn, they need full functionality of their AMS wherever they are.
Data Availability
The maturity of an agency’s digital operations will influence its data needs. Agencies that leverage data to inform their business strategies and performance rely on insurer upload and download capabilities. Some agencies are use legacy AMS technology, where data cannot be as easily accessed. However, many agencies have a strong interest in exploring ways of operationalizing internal and external data.
Access to good, timely data is at the core of supporting effective digital strategies; the demand for effective distribution of customer and policy data will increase as we enter the second year of the pandemic.
Servicing Existing Clients
For agents, there are two competing schools of thought for servicing post-issuance transactions:
- Agents should be the center of the client relationship for all types of transactions. This approach believes this is core to the independent agent value proposition and helps them deepen client relationships.
- Agents should limit non-revenue generating tasks, including address change, bill payment, and downloading certificates of insurance. This approach requires agents to encourage their clients to use the insurer portal. These agents can use the additional time to focus on driving new business opportunities.
Some agents elect to push off certain tasks, while others serve specific demographics or lines of business where this would not be appropriate. For insurers, understanding that there is no “best answer” to the servicing model is key to supporting field distribution partner relationships. The discussion highlighted the reality that agents will place new business with insurers that understand these different approaches and focus on making it easy to do business with them.
Professional Development
For many young producers, access to professional development and training is a crucial benefit to partnering with an insurer. Insurers can invest early in their young agents by providing industry education and being available for questions during the underwriting process. Insurers that create these opportunities build trusted partnerships that can contribute to long-term success.
Empathic Management
The pandemic highlights the need for empathetic management. Increased stress and anxiety among employees is common this year. Proactive touchpoints and check-ins can help managers understand what challenges front-line workers are facing. Many insurers will continue to identify support opportunities and incentives in 2021; an effective AMS strategy can be foundational to optimizing field organizations in challenging times.
Our panel was made up of three independent agents from our 400 Under 40 community: Kyle Kemp of Quantum Assurance International, Sarah North of Devette & Ford Insurance Agency, and Chris Thomas of Great Basin Insurance. A recording of this Virtual Panel discussion is available here.
Next week, I will be joined by Novarica VP Deb Zawisza and a panel comprised of Cam Crosbie from Equitable Life of Canada, Alan Mercaldo from Builders Mutual, and Bonnie Wasgatt from Fidelity & Guaranty Life. We will discuss the transition to 2021 and the continuation of remote work during the COVID-19 pandemic. Registration for the event, which is open to all, can be accessed here.
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