Insurance advisors say they want efficient technology tools and back-office support systems that will help them win business and speed up sales. Although advisors surveyed for this year’s Insurance Advisors’ Report Card reported overall improvements in their firms’ back offices, they say their firms’ efforts in technology tools have missed the mark.
Overall, advisors gave their insurance agencies a rating of 7.9 in the “technology tools and advisor desktop” category — a decline of 0.3 of a point from 8.2 in 2010. That was driven, in part, by advisors with Winnipeg-based independent direct sales agency Great-West Life Assurance Co. and Woodbridge, Ont.-based managing general agency Hub Financial Inc. , who rated their firms significantly lower in the category compared with last year. In fact, GWL’s rating fell to 6.2 this year from 7.3 in 2010, while Hub’s declined to 7.2 from 8.0.
Advisors increasingly expect their firms to provide well-designed, comprehensive, web-based desktop tools that range from quoting systems to illustration tools and financial planning software — and frequent updates.
As an advisor with Vaughan, Ont.-based MGA World Financial Group Insurance Agency of Canada Inc. puts it: “There’s not enough time to do everything. The technology helps us be more efficient and help more families.”
And that’s where GWL and Hub fall short. Says a GWL advisor in Ontario: “They created a website you can hardly track down. They are a little bit behind with software. Other firms I deal with are way ahead.”
In turn, GWL is trying to improve its advisor website, says Hugh Moncrieff, senior vice president of GWL’s Gold Key distribution network: “We continue to invest in changes on our secure Gold Key advisor website to make it easier for advisors to find information.”
In addition, Moncrieff says, GWL also is launching a virtual community dedicated to Gold Key advisors and their businesses.
Similarly, Hub advisors say their firm’s web-based advisor desktop system is lacking and needs tweaking. Says a Hub advisor in Alberta: “They should improve their technology. We need help with [customer relationship management software] that allows us to be more efficient.”
Adds a Hub colleague in British Columbia: “They need a one-stop shop on their website.”
The MGA is on the way to doing just that, says Hub’s president, Terri DiFlorio, noting the firm will revamp its website this year and introduce CRM software in the next 12 months: “We have a very exciting change coming this year on our website, [through which] we’ll be able to help advisors identify opportunities within their own client base.”
If the Report Card’s ratings are anything to go by, the firms that received a high rating in the tech tools category are already doing what GWL and Hub advisors would like to see.
“The systems are easy to use, helpful and comprehensive,” says an advisor in Ontario with Toronto-based MGA PPI Advisory.
Adds an advisor in Ontario with Mississauga, Ont.-based MGA IDC Worldsource Insurance Network Inc. : “[The advisor website] is laid out well and you can get what you need quickly.”
IDC WIN advisors also lauded their firm’s courteous and prompt technical support. Says an IDC WIN advisor in Ontario: “The support is very friendly, and there are no hassles. The software I need is always there. They’re always on top of it.”
Says Ron Madzia, IDC WIN’s president: “We have our own technology people, internally, proprietary to IDC WIN, because I don’t want us to have to rely on outside sources.”
IDC WIN also tries to keep advisors up to date with its tech tools and sends out newsletters on technology. Says Madzia: “We also offer tech tips to our advisors on an ongoing basis so they can be more fluent with their equipment.”
Similarly, advisors point out that maintaining close communication with their firms is a key factor in having efficient back-office support. Advisors say they are happier with their firms’ back offices and gave slightly higher overall average performance ratings of at least 8.4 in all three back-office categories: “back office and administrative support for: (I) new business: support for application processing; (II) in-force services: dividends and interest posting and trade reconciliation; and (III) compensation support: payroll and benefits.”
Advisors with Calgary-based MGA PPI Solutions Inc. were the most pleased with their firm’s efforts, rating their firm the highest in the latter two back-office support categories. Says a PPI Solutions advisor in Alberta: “Followup phone calls and emails are phenomenal. They’re all returned within half an hour.”
The secret of PPI Solutions’ success is that it has built a communication pipeline between advisors and their local back offices, says president and CEO Jim Virtue: “We have dedicated staff assigned to our advisors so they’re always dealing with the same people on both their new business and policy-owner service.”
Similarly, PPI Advisory’s proactive approach in keeping advisors informed and helping them solve issues has paid off — the firm’s ratings increased in all three back-office categories.
“We create the communication link within our PPI associates,” says PPI Advisory president Yves Bergeron, “in which we keep them informed of where we’re at at every stage of the underwriting process.”
Says a PPI Advisory advisor in Alberta: “They’re very courteous and timely. If I have an issue, they jump right in and help [me].” IE