The digital age is radically transforming the insurance industry, profoundly impacting the interaction between Managing General Agents (MGAs), brokers, and sales agents. This revolution offers a fresh perspective on how brokers effectively distribute digital insurance products provided by MGAs to their sales agents and ultimately, the end customers.
Navigating the Traditional Pathway
Traditionally, MGAs have facilitated their interaction with brokers through a portal-based approach. Invited brokers could log into these portals to access insurance products. This conventional method has served the industry well for years.
Embracing the Digital Shift
The digital age heralds a new era of efficient, real-time, and personalised engagement. A fundamental part of this shift is the transformation of how brokers handle insurance products from MGAs.
Capitalising on the Digital Shift
1. Digital Receipt of Products:
Today, digital technologies allow for a much streamlined process. An insurance product, comprising the form and business logic, can be created and managed by MGAs. Once ready, the product is placed in a central hub— the Broker Centre— from where brokers can import it.
2. Branding and Customisation:
Upon import, brokers can now customise these digital products to reflect their unique brand. This approach offers agility and the ability to tailor products based on market trends and customer needs.
3. Seamless Distribution to Sales Agents:
Once customisation is done, the next step is to make these products available to sales agents. However, instead of the agents accessing the products, they are provided an Agents Page.
4. Empowering Customers with Self-Service:
The Agents Page allows customers to access products directly and self-service themselves. This digital path not only offers customers a quick and convenient means of access but also allows sales agents to focus on personalised consultations when necessary.
Steering Success with the Digital Shift
By embracing this digital shift, brokers can streamline their operations, enhance their service offerings, and increase their reach. The availability of real-time, branded, and customised digital insurance products empowers their sales agents, giving them the tools they need to succeed.
Conclusion: Pioneering the Future with Digital Distribution
The insurance industry is steering towards a digital future, revolutionising how brokers receive, customise, and distribute products. By embracing this digital shift, brokers can unlock a higher level of efficiency and customer satisfaction, positioning themselves for sustainable success in the digital age. This innovative approach resonates with the powerful adage - "InsurTech: Power to Sales Agents”.
