Next Generation Insurance: Leading from the front.

Given this, I find it surprising that carriers have perhaps not accorded the same level of attention on improving Producer experience as they have in implementing business process and technology–related improvements to cater to the demands of their policyholders.

In my mind the following are three key areas carriers can focus on to enrich their Producers’ experience in interacting with them

• Enhanced Producer Lifecycle Process – Streamlined, measurable process from Producer licensing/appointment to maintenance and finally termination
• Improved use of technology, with specific reference to
      o Use of electronic/online forms – Less dependence on paper to collect Producer    information .With appropriate edits in place, online forms can also ensure that all relevant information is provided upfront and no time is wasted in following up trailing documents or incomplete information
     o Use of electronic signatures – Producer licensing, contracting and appointment process by its very nature requires agreements and approvals from both the Producer and the insurance carrier at different stages of the process.  Hence the ability to electronically review and ‘sign’ documents online will not only reduce process cycle time but will also obviate the need – and hence the cost - to print and mail/fax documents
• Selective Self-service capabilities – Empowering Producers through a security-enabled self-service application will not only provide Producers with a sense of ‘control’ but will also leave the carrier to engage in higher value support activities for the Producer.  Self-service capabilities will be especially helpful for Agencies to manage administrative needs of its own Producers, intra agency transfers, open agency management etc.