The much maligned insurance agent, believed to be living on a golf course somewhere near you, is actually working. Agents are the lifeblood of the insurance sales and distribution system. They own relationships and understand the intricacies of needed coverages. And, they are also the primary cog in an insurers need to embrace technology.
The sales system is antiquated...relying on old underwriting ideas and using paper (yes, even carbon-paper) submissions that make a tedious task of data transferring, not too mention the error opportunities. Agent enablement solutions typically combine portal server, content management, and business process management functionality with insurance application modules that can be configured to create agent-broker portals. Key areas of functionality from these technologies include:
- Collaboration tools
- Single view of multiple applications
- Ability to handle transactions
- Value network that enables internal, broker, agent and customer self-service
- Customer-facing functions such as marketing, sales and service via all touch points: in person, by phone, by mail, and over the Internet
- Strong integration with back-end systems
- Ability to develop and adapt business processes, interview, forms and content
Since these agent portals are connected to a carriers backroom functionality, the ability for immediate data mining/predictive modeling present enormous opportunities for "profitable growth". Using the historical carrier or industry results, a carrier can nearly instantaneously evaluate and price a risk. As with any data project...success always depends on the quality of the data. Being gathered and delivered from the primary source can only enhance the sales/distribution system. Will the extra time from the technology improvement lower the handicap? Or, will it provide impetus for additional revenues?