LIFE
The best approach for distributors to retain and attract more top advisors is to address their most pressing needs , like ; making more sales , finding more time , and building a more efficient practice .
Commentary :
Unlocking life insurance distribution potential
Life insurance distributors are data driven businesses , but they operate in an environment that has not made a complete digital transformation . They take in massive amounts of information that must be processed , analyzed and acted upon , but in many cases the workflows still involve a great many manual steps .
Paper apps are still being mailed to distributors ’ offices . They have to be manually entered , then sent on for processing and approval . Tasks arising from the new business intake process are not automated . In many cases , commission payments , claims resolution and customer service are still not as fast , seamless and user-friendly as they could be .
Looking for leverage What distributors are looking for are solutions that enable the automation of more processes , reducing errors and speeding up the workflow . They need easier access to all data in real-time , and more effective solutions for leveraging that data to create world-class experiences for clients and advisors alike .
A modern agency management system is central to the emerging digital value proposition for distributors — enabling them to better partner with advisors in the success of their practice . It identifies opportunities for advisors , removes obstacles in the processing of new business , and ensures they get paid faster . In total , it helps all industry stakeholders achieve the end goal — making their clients ’ financial goals a reality .
David Nicolai , Vice President , Insurance Solutions , Equisoft
David joined Equisoft in 2020 to drive strategic initiatives in the United States as Vice President , Insurance Solutions USA . He has over 25 years of experience in core systems transformation and digital strategies acquired in prior insurance and vendor roles .
38 Perspectives Q4 2020
New value proposition
With the advent of new distribution tools , such as client portals , the distributor ’ s role in policy fulfillment is lessening , decreasing the advisors ’ need for that part of the traditional distributor value proposition .
The best approach for distributors to retain and attract more top advisors is to address their most pressing needs , like ; making more sales , finding more time , and building a more efficient practice . The real value-add for distributors is to source and provide the tools that best meet those challenges .
These solutions can take the form of training or admin support . Distributors can leverage their networks to provide advisors with niche expertise such as tax experts or tech support . And , they can also leverage technology to add value by offering powerful financial needs analysis , financial planning and CRM tools .
Becoming a technology enabler
The most effective solution for distributors would be to integrate all of the above approaches into an advisor support system — demonstrating that they can add more value to advisors ’ practices than any of their competitors .
In effect , distributors can become technology enablers , a connectivity layer between the carrier and the advisor . This is a great opportunity at a time when leveraging technology is so critical to all industry stakeholders . Those organizations with a clear vision can help create world-class client experiences . They will be able to reinvent core and front-end systems to increase the speed and effectiveness of new product development and free up larger volumes of data to enhance all decision making .