TECHNOLOGY
Creating a better advisor experience
Today ’ s technology gives firms many levers to pull to generate their ideal advisor experience . The challenge is deciding exactly what that ideal advisor experience should look like .
When advisors have consistently positive experiences with your firm , good things happen . Advisor retention goes up . A positive reputation creates opportunities for advisor recruitment . Good advisor experiences snowball into growing the strength of your business .
Many distribution firms are using technology to create these experiences . Today ’ s technology gives firms many levers to pull to generate their ideal advisor experience . From quoting , illustration and e-Application platforms to e-Delivery and post-sale solutions . There is no shortage of options to customize the advisor experience .
The challenge is deciding exactly what that ideal advisor experience should look like . Often the concept means different things to different people . There are certain qualities all advisors can agree on , however . A simplified , streamlined and connected sales cycle — from start to finish — can take an advisor ’ s experience to the next level .
Simplify Simplifying sales processes can help you meet — and exceed — advisor expectations .
Insurance platforms offer unique solutions for simplifying these processes .
Some e-Application tools have helpful wizard capabilities . This functionality makes data collection and form management easy for the advisor . It also helps prevent NIGOs from application errors or missing forms .
Streamline Speed bumps in the application process frustrate the advisor and can be the deal breaker .
Advisors want sales tools that remove friction and expedite the application process .
E-Signature tools are a good example of time-saving solutions . E-Signature capabilities add convenience for both advisor and client . No more fighting delays due to scheduling in-person meetings or mailing out for wet signatures .
Automated and accelerated underwriting is another technological trend worth considering . Some carriers are working with their distribution partners to bring automated and accelerated underwriting into the point of sale . Imagine how it might affect sales if clients can get a decision in minutes rather than weeks or months .
Doug Massey , EVP , Sales at Hexure , formerly Insurance Technologies , has over 26 years of business development , marketing and sales management experience . His extensive knowledge around streamlining and automating the sales and marketing of insurance products supports clients in achieving solution success .
Connect
Technology is the proverbial double-edged sword . There are tools to improve every part of the sales cycle . But all these solutions can start to feel disjointed . More than ever , creating the ideal advisor experience means connecting disparate solutions or using a solution that covers the entire process .
Some insurance sales platforms can power every stage of the sales cycle inside one system . The advisor can go seamlessly from quoting and illustration to e-Application and beyond . A major benefit of this is that data collected in one step is carried through the entire process . For example , the illustration is assured to match the application . This uniformity ensures a fully in-good-order sales process rather than just an in-good order application .
The ultimate experience Designing a simple , streamlined and connected process will make your advisors more effective and strengthen your relationships with them . It is a challenging task , but modern technology has the tools to help sculpt that superior advisor experience , allowing you to attract and retain more advisors to your agency .
58 Perspectives Q4 2022