Posted by
Arjun Somanchi
on
1/24/2012 at 5:41 AM
With technology advancements, every aspect of routine processes can be optimized, paving the way to streamlined and efficient methods that can make the difference between success and failure. Producer onboarding is one such functional process that insurance carriers, be it health, life, or property and casualty (P&C), need to focus on to improve.
The following six areas for improvement should be top on the list for carriers to examine in order to optimize their producer onboarding process.
- Onboarding Velocity: As a forward thinking carrier, you need to look at the timeframe that your process takes to onboard a single producer. Is this in line with your organizational planning and execution, or are there steps that could improve your onboarding velocity?
- Costs: Usually, carriers pay appointment fees to all new producers irrespective of their productivity. Add this to the Producer Database (PDB) license verifications and National Insurance Producer Registry (NIPR) service fees. Are there ways that you can reduce these costs in such a way that you can immediately see cost savings without losing talented producers?
- Producer Friendly: Many carriers require producers to fill out paper-based application forms, submit them via mail and do frequent follow up to understand the appointment status. Do you think this is the best experience you could afford to your potential producer? Does this present you as a carrier that prospects want to work with?
- Internal Adoption: You may require that licensing specialists spend time reviewing application forms to find the right information on each prospect, respond to follow up calls, and address application exceptions. Compare this with a process where licensing specialists intervene only for exceptions on the application forms. Which one suits your business?
- Paper Usage: Paperwork is rife with human errors. If prospect applications contain omissions or unclear handwriting, the same incorrect data could be entered into multiple systems. Imagine the effect this could have on completing onboarding in a timely manner if something important must be corrected in multiple places.
- Compliance: Does your process maintain audit trails that are easy to track and report, and to ensure regulatory compliance? If you find yourself spending hours in achieving this, then you may need to look for alternatives that can save you this extra effort.
Reach out to us on info@ecssi.com or call us at 1.877.488.3763 if you need additional information on the best practices in producer onboarding .We’ll be more than happy to help you. Or register here for a free VUE Producer Onboarding product demo.
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5
Posted by
Joseph Westlake
on
10/25/2011 at 5:44 AM
The need for insurers to offer online services that appeal to consumers is picking up momentum, and could well become the differentiating factor between success and failure in strengthening customer relationships.
“Customers—particularly Gen X and Y customers—want online services and they expect your company to offer a range of services online,” noted Mary Art LIMRA research director, technology in marketing and distribution research. According to the research titled “Connecting for Service Online: Customer Service for Life Insurance”, customers are interested in obtaining a wide variety of online services, with billing information, e-mail and mailing address updates, forms access and policy information high on their list.
Billing Information
Superior user experience is one of the primary requisites of the current generation of policy holders. VUE Software now offers a dynamic solution that automates the premium billing and collection process, and allows insurance carriers and third-party administrators to deliver online billing, while offering a great user experience: VUE Billing & Collection Management.
The solution enables greater control over your company’s billing statements and enrollment processes. You’ll have the ability to seamlessly retrieve policy information and generate and disseminate accurate bills with one integrated technology platform. Online access for policyholders and third-party administrators reduces dependence on in-house customer service personnel and improves client satisfaction.
Apart from ensuring accurate and timely billing, the solution provides additional value through:
- Reduced operation costs
- Improved customer service
- Higher retention rates
- Superior medical underwriting performance
Learn more about VUE Billing & Collection Management here on the website, or register here for a free product demo.
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5
Posted by
Abhinav Dave
on
9/27/2011 at 8:33 AM
In the last few years, insurers have realized the value of automating their processes more than ever before. I have no doubt that IT implementations will continue moving forward, judging from the way independent software vendors (ISVs) are coming up with new, insurance-focused solutions, especially in the realm of Web-based solutions.
One such area for automation is the agent and producer onboarding process. We have already seen the industry moving towards computerizing the once paper-based method of contracting a new agent. But changing the process needs more attention than the method itself. Linking the disparate systems involved will hold the key to providing the highest value to the producer onboarding process.
Today, solutions like VUE producer Onboarding accommodate the multiple steps involved into a simple process for onboarding new producers. The system itself initiates the background checks and verifies licenses and appointments, eliminating the cumulative manual effort and reducing onboarding time for the bulk of producers from days to hours.
VUE Producer Onboarding delivers the tools and integration points for the appointment, contracting, and licensing phases of the full lifecycle of producer management. VUE Producer Onboarding helps deliver rapid return on investment through:
Learn more about the features and value you could realize from VUE Producer Onboarding here on the website, or register here for a free product demo.
Currently rated 3.0 by 2 people
- Currently 3/5 Stars.
- 1
- 2
- 3
- 4
- 5
Posted by
Joseph Westlake
on
1/7/2011 at 9:35 AM
Resellers, distributors, partnerships and brokers play a prominent role in the overall productivity of many organizations leveraging indirect sales forces. How important is a technology solution in cultivating a mutually beneficial relationship? We aim to find out.
Share your experiences through a brief survey conducted by Aberdeen Group and get complimentary access to the full benchmark report (a $399 value) and learn how you can achieve Best-in-Class results.
This survey will help companies determine the Best-in-Class approaches for working with indirect selling partners. The resulting report will provide companies with a roadmap for leveraging best practices around enabling solutions and technologies, including portals, marketing, content management and training, as well as contract management, configure/price/quote and incentive/compensation management solutions.
This study offers a unique opportunity to benchmark year-to-year accomplishments against peers and competitors in maximizing overall sales effectiveness.
Your participation is a vital part of the report development, and serves as the foundation of Aberdeen’s research. If your company is planning on implementing a channel or partner-based selling solution, or is simply evaluating the potential benefits, we would appreciate your feedback in this brief, 10-minute survey. Start the survey now.
If you are unable to open the above links, please use this link: www.aberdeen.com/survey/0242-VUE/
We look forward to hearing from you, and greatly appreciate your time and participation.
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5
Posted by
Stephanie Castro
on
10/19/2010 at 12:43 PM
We are excited that the 2010 LOMA Distribution and Emerging Technology Conference is being held in our backyard, Ft. Lauderdale, Florida. As always, we plan to put our best foot forward by helping numerous insurance companies realize the value of VUE Software solutions for managing agents, incentive plans, and compensation.
We look forward to networking and engaging with insurance company representatives, customers and partners during the event. Apart from providing you with the best in insurance business solutions, it’s one of our top priorities to make sure we listen to you. I hope that you will be able to stop by our booth (#16) and discuss ways for us to provide even greater value to customers.
Additionally, we have some treats and a special gift to share with those who stop by to speak with us. Come and experience how VUE Software solutions empower insurers to effectively manage distribution channels. See you at the conference tomorrow!
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5