target audience: TECH BUYER Publication date: Nov 2024 - Document type: IDC MarketScape - Doc Document number: # US51794124
IDC MarketScape: Worldwide Smart Insurance Producer Management Applications 2024 Vendor Assessment
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Abstract
This IDC MarketScape examines smart producer management applications, which have become increasingly vital as insurers navigate the challenges of an extended recession and a hard market. In this environment, insurers are strategically investing in technology to drive organic growth, particularly for more complex insurance products. Despite the rise of digital channels, agents and brokers remain the primary distribution channels for these products. However, a seamless and efficient experience for agents and brokers is crucial for insurers to leverage these relationships successfully.
Smart producer management applications offer insurers the necessary tools to expand and enhance their relationships with agents and brokers, enabling them to navigate key processes such as onboarding, relationship management, and commission management effortlessly. By investing in these advanced solutions, insurers can streamline the producer life cycle, reduce administrative burdens, and foster stronger, more productive partnerships. This not only enhances the ease of doing business with the carrier but also positions insurers to capitalize on growth opportunities in a challenging market.
"In today's challenging economic landscape, where achieving organic growth feels like a race against time, the significance of investing in smart producer management applications cannot be overstated. Insurers must focus on creating seamless digital interactions not only for end consumers but also for business partners such as agents and brokers, who are essential in distributing less standardized risk-transfer and savings products. By streamlining the onboarding process, optimizing relationship management, and ensuring accuracy in commission payments, insurers can enhance engagement with these critical channels, improve operational efficiency, and ultimately drive sustained growth in a demanding market environment." — Research Manager Davide Palanza, IDC Financial Insights