Eco-system brings benefits to distributors , producers , carriers
The life industry has been clamoring for an expedient way to utilize in force data to better manage and grow existing business . Some distributors have tried to build their own solutions , but without accessibility to a majority of carrier data , value is limited .
Given the sudden changes in the world this year , the advantages of a shared data platform have soared . Consider the benefits of banding together .
Creating a network effect by aligning the motivations of carriers , BGAs and agents ; sharing the necessary data for each type to be more efficient . Developing consumer trust for ongoing relationships . Right now the industry is under siege from the large social media and consumer technology platforms who are already establishing trusted consumer relationships and peddling a variety of products and services to the consumer . These direct to the consumer platforms reduce our industry ’ s control over messaging , relationships , and revenue share . Eliminating the siloed costs and time associated with building out and maintaining data solutions by individual carriers , or BGAs that can amount to tens of millions of dollars per platform . Reducing the time and costs associated with on-boarding and training individual BGAs and tens of thousands of agents .
Saving time by only having to visit one URL for all client information . Reducing time spent on training on multiple platforms with usernames and passwords for each one . Mapping data and maintaining data feeds for multiple carriers with complete security and privacy audits . Building and continually maintaining integrations with internal and 3 rd party applications . Enhancing communication for product updates , policy anniversaries , and document sharing .
The pandemic has accelerated the need for leveraging the data within your own databases for organic growth . Sharing is caring not only for your own business growth , but for the continued efficiency of the life industry .
NIC is a shared , multi-carrier in force data and policy service platform , connecting 3 apps to form 1 insurance eco-system . Built for BGAs and carriers to engage with agents , NIC drives adoption of tools , apps and online services to support your business growth .