How to Innovate and Improve Insurance Agent Onboarding
By Leor Melamedov
Many insurance companies are burdened by complex requirements when onboarding new agents. These agents are forced to juggle filling out forms, being interviewed, and signing contracts in person.
As a result of cumbersome paperwork and inefficient communication, this qualification and onboarding process is often prolonged — damaging the placement rate and using up valuable time and resources.
This is a problem given that insurance companies often staff large numbers of agents, many of whom are required to specialize in a particular vertical, such as car or home insurance.
But there’s a better way. Insurance agent onboarding software allows insurers to collect all forms and documents in one shot. Agents get qualified quickly, helping insurers make the most of their human capital faster. By switching to instant, mobile-optimized eForms and document collection, new agents can get onboarding and trained faster.
The Problem With Prolonged Insurance Agent Onboarding
When insurance companies take too long to onboard new agents, it’s more than a mere annoyance for recruiting staff and potential employees: it can have serious business consequences. Here’s what can happen when manual processes and too many touchpoints prolong the onboarding process.
Agents don’t convert: Insurance companies that offer a fast and convenient application process will win over the company that’s riddled with onboarding friction.
Insurers fail to fill positions on time: Without a steady influx of new agents, insurers miss out on key sales opportunities,
Recruiter productivity suffers: Beginning a recruiting process with a potential agent who fails to get qualified and/or hired is a massive waste of time. All the money and effort that went into recruiting this person cannot be recouped. And even if the agent ultimately does join, the huge investment involved in getting him or her to the finish line could have gone to recruiting additional agents.
Reputations are damaged: A lengthy onboarding process can lead to reputational damage. Word can get around that the insurer is not agent-friendly, hampering recruitment efforts.
How Insurance Agent Onboarding Software Can Speed Up Recruitment
eForms, eSignatures, and other related digital capabilities allow insurers to recruit agents, faster. These capabilities are optimized for whatever channel the prospective agent prefers to use, including smartphones. They can also be baked into a larger automated workflow.
User-friendly digital application forms provide sales agents with an intuitive interface so they can complete all the required information correctly the first time, eliminating rework and chasing. Digital forms simplify the paperwork that often slows processes and frustrates prospective agents.
These smart forms include conditional logic capabilities that can be added to show agents only the fields that pertain to their unique characteristics. This allows agents to breeze through forms that populate with fields based on their previous responses. Applications get completed faster and with higher accuracy.
Recruiters simply send a text message containing a link to the relevant form. The candidate completes it out on a mobile-optimized interface (providing an eSignature if necessary), and the company is notified.
Mobile Document Collection Insurance Agent Onboarding
Insurance companies are typically required to collect dozens of documents from each candidate. Some of these are forms that need to be filled out, and some aren’t. Regardless, insurers need a way to collect documents at scale. Whether it’s an ad-hoc document or multiple documents, recruiting professionals should be able to instantly request documents from candidates and receive them on the spot.
Here’s how it works:
Digital Capabilities Slash Average Onboarding Time — And More
Insurance agent onboarding software quickly boosts the average onboarding time. Whether agents are being recruited remotely or in person, they can instantly submit forms from their smartphones.
With the right insurance agent onboarding software in place, agents no longer have to wait till they’re in front of a computer to submit their information to the company. And recruiters no longer have to chase personnel for required forms and information.
At the same time, eForms make the life of recruiting professionals easier. No more leafing through piles of paperwork –– with just a few clicks, all documents are collected and stored in the right place.
As a result, companies enjoy:
Reduced turnaround time (TAT)
Boosted completion rate
Reduced overhead costs
Adopting Insurance Agent Onboarding Software Maximizes ROI
Dynamic, mobile-optimized eForms, eSignatures, and document collection allow agencies to expedite onboarding and minimize headaches. They can be used as part of a greater automated workflow with other capabilities, or as a single tool. They can be integrated into the company’s existing CRM, or used as a standalone.
One insurance company that adopted Lightico’s agent onboarding software saw:
300% increase in document intake capacity from candidates
25% increase in new approved registrants
4X increase in production outcome
Insurers can finally onboard quickly, reduce leakage in the recruitment process, and agents to training faster. Instead of being weighed down by bureaucracy, agencies are buoyed by efficiency.
Start Completing at the Speed of Lightico
Instant eSignatures, Payments, Document Collection & More
The most helpful thing about Lightico is the fast turnaround time, The upside is that you are giving your customer an easy way to respond quickly and efficiently. Lightico has cut work and waiting time as you can send customer forms via text and get them back quickly, very convenient for both parties.
"Great Service and Product"
I love the fact that I can send or request documents from a customer and it is easy to get the documents back in a secured site via text message. Our company switched from Docusign to Lightico, as Lightico is easier and more convenient than Docusign, as the customer can choose between receiving a text message or an email.