How Healthcare Industry Leaders Win with Agent Lifecycle Management
The healthcare industry heavily depends on its broker-agent network to drive a significant portion of its business, particularly when it comes to new customer acquisition. Along with maintaining compliance, managing a growing network of independent agents requires a high degree of user experience, communication, and transparency. Independent agents can also provide complexity for the organizations or carriers since they are typically only commission-based and are pushing multiple carriers, multiple types of insurance, multiple complex relationships, and more. They are going to favor whatever is easiest to sell and whoever makes their lives easier.
Carriers are really struggling to manage agents throughout their entire lifecycle with the company: from getting agents onboarded and selling quickly, managing the multiple hierarchies that agents have and the multiple compliance needs, communicating effectively, and keeping all the data consistent (because agent data can come from so many different systems – with all systems tracking different things). It’s difficult for carriers to manage their agents and increase revenue.
All businesses want their agents to be productive, informed, and empowered to sell, and this is especially true in the healthcare industry. With the help of the right agent performance strategies, companies in healthcare and beyond can improve their end-to-end agent lifecycle processes to create a more organized, incentivized, and focused sales organization. To accomplish this, companies must transform their businesses with a strong agent management plan.
No two businesses face the exact same challenges. However, when it comes to increasing the engagement and selling power of agents, many companies face similar challenges related to effective onboarding, agent relationship management, performance management, and compensation. All these need to be addressed from day one for an agent to reach their full potential. Furthermore, ongoing refinement is key, especially if these challenges continue to hinder a tenured team.
Companies can realize several benefits by deploying an effective agent performance management solution, such as:
- Maintain proactive regulatory compliance based on a single source of truth
- Help new agents start selling quickly with effective onboarding
- Engage in more proactive decision-making with real-time visibility into performance metrics
- Increase efficiency (time saved) and lower administration costs thanks to self-service capabilities
- Reduce errors and necessary adjustments
- Lower the number of reconciliation requests
Achieving these success metrics enables companies to increase capabilities while also lowering operating costs that have long impacted efficiency. These are advantages that companies would benefit from, as they are linked to a reduced risk of compliance audits, elimination of opportunity costs, and increased revenue due to improvements in producer service levels and overall support.
Putting a strong agent performance management strategy in place is essential because it helps reduce errors and costs. The best way to further these efforts is by coupling this strategy with a good agent management solution.
If you are interested in learning more, visit our website and learn how SAP Agent Performance Management can help you improve end-to-end agent lifecycle management with a single source of truth.