Carriers can positively impact the agent experience

A new report from Vertafore on the wants, needs and challenges agents encounter in their interactions with carriers has found that underwriting relationships and claims service are the top factors influencing whether they will place business with any given carrier.

“It’s clear that agencies deeply value their personal relationships with underwriters,” say authors of the report, Independent agents on improving carrier partnerships. “Among all respondents, this emerged as the second most important factor for placing business, though some respondents expressed concern in their comments over the lack of experience they’re seeing in new underwriters.”

Independent agents are the key to unlocking growth  

The report goes on to say that independent agents are the key to unlocking growth and market share for carriers. To get more out of this channel, 84 per cent of the survey’s respondents ranked responsive underwriting as the most important consideration, just below competitive products and prices. “Among specific factors that influence independent agents when placing business, claims service emerged as the most significant, as indicated by 75 per cent of respondents,” they write. In matters of technology too, they say 77 per cent of respondents wanted carriers to invest in better onboarding and licensing tools and processes.

They add that 78 per cent of the survey’s 1,290 respondents said making communication easier would be one way to get more of their business while 77 per cent said the availability of an effective carrier portal is a critical area for investment.

Strong desire for straightforward training 

“The strong desire for straightforward training on carrier tools, processes and product offerings was evident among respondents as well. Half of those surveyed considered this type of training essential,” the report states. The report also looks at contests (of relatively minor importance to most producers with experience) and competitive commissions (deemed essential by 95 per cent of producers).

“In terms of where carriers should stop investing, 30 per cent offered the opinion that little to no investment should be made in additional marketing materials,” they write.