Leveraging Producer Portals for Effective Distribution Management
Any discussion about automation and distribution management in the insurance industry seems incomplete without mentioning producer portals. With a commission system integrated with a producer portal, carriers can be proactive with sales by organizing prospect information, the producers’ interaction with them, and the details of where the consumer is in the buying cycle.
Producers must have a working knowledge of all available products in order to remain productive. A producer portal serves as a central system where this information can be stored and distributed among the distribution channel. This knowledge dispersion adds a huge value not only to existing agents but also to the newly-recruited. New agents can become productive quickly with unfettered access to information on products, premiums and compensation models. Portal access helps producers to sell products that are right for the customer and also in line with the carrier’s business objectives.
Producer Portals help deliver a rapid return on investment through:
Increased producer satisfaction – Provide ongoing and accurate communications to the distributions channel
Reduced turnover in captive agents – Encourage a stable and satisfied sales force with timely and accurate payments
Improved productivity – More time spent on business critical activities and access to information enables producers to sell the right product to the customer
Reduced operational costs – Automate common communication to simplify agent care
Customer Satisfaction – Automation improves turnaround time for quoting and underwriting
Additionally, integrating Producer portals to CRM solutions can further add value to organizations by automating every step in the sales process, improving the selling process for producers and giving management greater insight into the sales pipeline for better forecasting and planning.