This post is part of a series sponsored by Actentsync.
Distribution channel management relies on real-time producer data
For insurance organizations looking to optimize management of their distribution channel, there is access to accurate, latest producer data across multiple systems, rather than just “good at owning”. If you are using a technology stack that includes everything from an agent’s starter system to a policy management system to a delegation and compensation management system, your producer’s information may live in several places where manual updates and cross-references are required.
Manual and duplicate data entry is not ideal for anyone, not to mention for insurers and their vast downstream distribution channels, including agents, MGAs and individual producers. This is the secret to disaster when you add the complexity of a highly regulated industry, such as insurance, and add a disconnected system with potentially conflicting or inaccurate producer data.
Solution: Real-time producer data, which comes from the industry’s true source, is able to feed this data to all your internal systems.
For many insurance businesses, the barrier to achieving the benefits of accurate producer data in each system is that they use multiple platforms, often built in-house and sometimes even use older technology. Without tearing and replacing solutions that have worked for a long time, it is hard to imagine getting the necessary producer data to flow between a single truth and every software the organization uses every day.
Fortunately, the world of modern application programming interfaces (APIs) can be faster and easier to remove this barrier than ever before.
producersync api: the function of synchronizing with the system-connected proxy
For businesses with existing technology ecosystems that largely meet their needs, you don’t want to reinvent the wheel. However, you do want your system to be able to use and analyze producer data to make informed decisions about your distribution channels. If it is your case, the ProducerSync API provides a solution that enhances your current distribution channel management technology (from boarding to writing to payment commissions) with unparalleled data quality.
The ProducerSync API is a modern REST API that provides access to licenses, appointments and other producer data from the industry’s single source of truth, the National Insurance Manufacturer Registration Center (NIPR). The Producttersync API enables users to easily get this latest producer data directly from NIPR with simple API integration.
In addition to feeding data into your system, the ProducerSync API also correlates data with data, meaning you don’t have to spend hours researching whether the Ohio resident license with property LOA is a license that is comparable to the Nebraska P&C license, or split car insurance into perso insurance, or split automatic insurance into p&c. The Producer API provides you with these connections with the context data layer of Aptentsync, allowing you to cut down on that fact-finding task that would otherwise slow you down and inflate your overhead in the market.
The Producersync API can meet you where you are
The Producer API is suitable for insurance organizations of all sizes. Size, young or older, regional or national, producer APIs may be the additional content you need to convert your producer’s data into actionable insights on your distribution network to help you optimize how you do business and do more!
Why small insurance organizations choose producer synchronization API
Although ActentSync’s core platform Manage provides users with a single place to view and trade using NIPR data, some carriers, institutions and MGAs do not require transaction functionality and prefer to simply use data to use power efficiency in their current processes. This may be due to the size of the company, where smaller companies need to address their most immediate pain points (access to the latest producer data) before they can reach the growth phase, and it makes sense to implement the entire Actentync Manage solution.
The Producttersync API is also the fastest way to start getting value from NIPR data. As Apsentync’s team works to join and prepare for synchronization, the insurance organization’s team adapts its internal technologies and processes to consume data, anyone ready to move quickly can use it with the Producttersync API in just two weeks.
Why Large Insurance Organizations Choose Producer Synchronization APIs
Some of the largest insurance businesses have been around for more than a hundred years. This often means they have invested decades and millions of dollars to develop the technology they use to power every aspect of their business. If you are mainly doing what you need, it makes little sense to throw the baby out. On the other hand, traditional systems often do not have the ability to modernize, making managing producer compliance more effective than ever. Nor can they enable teams to use their producer’s data in a viable way to intelligently scale, shrink or restructure distribution channels.
The ProducerSync API fills this requirement so it can be integrated into existing systems. Essentially, insurers, agents and MGAs can power their existing infrastructure using the most modern and accurate industry data.
Larger organizations with customized internal software often do not need the all-in-one platform provided by Admentync Management. Instead, they want the agent to feed the data synchronized into one or many of their existing systems to provide actionable insights that can then be performed by the staff. Without the ProducerSync API, your employees may spend too much time moving from one website, spreadsheet, or system to another. The Producer Sync API eliminates the possibility of manual work and errors – because your system now contains always-expired producer compliance data.
“We want to work with a partner that brings data to us and works with the processes we already use. Admentync is willing to work with the systems we have used for years while adding modern and flexible solutions. With the ProducerSync API, we save time, generate revenue, and run our business more easily.”
- Chief Information Office, Producer API Client
What is Activate Your Producer Data
Using the Producer API to provide accurate producer information to insurance organizations that have existing systems implements:
- Ability to identify non-producers and stop reservation fees year-on-year (click the button).
- Continuous accuracy to the day’s compliance checks from insurance application to every stage of coverage to coverage to ensure that producers are always given a valid license.
- The ability to identify gaps in distribution channel partners based on geography, LOA and other factors and quickly expand as needed to fill these gaps.
- The ability to bring new products to market more effectively, based on real-time data about their distribution channels.
The result is that insurance business can save money, increase efficiency, eliminate compliance risks, and devote all the data and intelligence they have throughout their distribution channels to their work for them.
Optimize your distribution network by activating producer data with ActentSync
Your distribution channel is filled with data from every downstream partner you work with. If this data is not flowing through your existing system, it won’t do you any benefit. From eliminating manual and error-prone data input to highly complex analytics on how to optimize distribution channels for maximum success, the producer synchronization API can enhance your business needs.
Are you ready to talk to an expert today? Contact us to start a conversation and learn how your organization can benefit from the Producersync API.
Looking for more? Learn how PSAPI can help you improve your profits, avoid risks, and occupy the market.
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