More and more life carriers are automating their distribution systems, and while they’re doing their best to accommodate their agencies, they’re reaching a point where they’ll only want to deal with agencies that have taken steps toward going digital.
We estimate that, when it comes to contracting with carriers, 70% of independent life agencies are still used to doing things on paper. While that’s by far the majority, no-one wants to be the agency that’s left behind.
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Carriers have a certain way they want to receive information. The problem for the independent broker is that you may be dealing with 30 to 200 different carriers, each of whom has their own unique requirements. This seeming lack of uniformity can paralyze an independent agency from the outset, and may create a false sense of security that if other agencies are equally paralyzed, then no-one is going to go digital, and you can just keep using paper. Not so.
That said, although each carrier’s system is unique, there are more similarities than differences between them. Focusing the beginning of your journey toward going digital on some basic administrative automation goals will help you get up to speed.