Streamlining Success: The Importance of Insurance Agent Onboarding with Toolyt 

Have you ever found yourself frustrated by the challenges of hiring and managing insurance agents in India?

The high attrition rate in this industry can make it feel like an uphill battle.

Today, we will delve into the world of insurance agent onboarding, explore the intricacies of this challenge, and discover how our mobile-first CRM solution is set to revolutionize the way you streamline insurance agent onboarding.

Insurance Sector: India 

The insurance industry in India has indeed experienced significant growth over the last few decades. Projections indicate that the market could reach a substantial US$222 billion by 2026, highlighting the immense potential of the sector. 

Individual agents play a significant role and contribute to a substantial 55.01% of the premium in the new insurance business segment. These agents act as intermediaries between insurance companies and customers, helping to market and sell insurance policies.

To bridge this gap and ensure the industry’s sustained growth, efficient insurance agent onboarding is crucial. 

Insurance Agent Onboarding: A Necessity for Sustainable Growth 

Insurance agent onboarding is the process of equipping new agents with knowledge and skills to sell insurance effectively, offering these benefits:

1. Stronger Relationships: Effective onboarding builds trust between agents and carriers, fostering sales collaboration.

2. New-Hire Retention: It boosts retention rates by over 80%, ensuring agents stay and contribute. 

3. Increased Sales Productivity: Agents become 70% more productive with structured onboarding. 

4. Increased Policy Sales: Better onboarding equips employees to sell policies effectively. 

Despite this structured approach to Insuranceagent onboarding, the attrition rate among agents in India remains high, with nearly 30% exiting the profession within a year.

Challenges Due to High Agent Attrition 

This attrition poses several challenges for the insurance industry, including:

1. Finding the Right Talent: With the huge number of applicants and fraud in place, identifying the right talent has become a tough task in the current market scenario.

2. Training Costs: The extensive training required for agents incurs substantial expenses for insurance companies.

3. Inadequate grooming: Even with training, agents may not be adequately prepared to perform effectively in the field.

4. Recruitment Challenges: Identifying suitable candidates willing to become agents can be challenging. 

5. Reluctance to Training: Some individuals are reluctant to undergo training and take agency examinations, further contributing to attrition.

6. Low Insurance Sales: High attrition impacts insurance sales directly, causing organizations to experience low growth.

Streamlining and Enhancing InsuranceAgent Onboarding with Toolyt 

Toolyt, is a comprehensive insurance agent onboarding solution that addresses the key challenges faced by insurance companies during each stage of the agent onboarding process.  

Here’s how Toolyt feature streamline insurance agent onboarding: recruitment challenges, agent verifications, training costs and other issues faced by the insurance sector, 

Recruitment & Registration 

1. CRM Integration with Multiple Channels: Toolyt can be seamlessly integrated with various recruitment channels to pull potential candidates, making it more efficient and accessible. 

2. Form Sharing: Toolyt facilitates agent registration form sharing to collect agent details seamlessly, ensuring that essential information is captured accurately and facilitating remote onboarding. 

Agent Verification 

1. KYC and Verification: Toolyt streamlines agent verification processes, including KYC, Aadhaar, and PAN verification, ensuring compliance with IRDAI’s regulatory requirements. 

2. Education Documents: All relevant educational documents can be stored, reviewed and maintained through its Document Management feature. 

Training 

1. Training Management: Through its in-app Learning Management System (LMS) integration, Connect, and Broadcast features, Toolyt offers comprehensive training for agents, covering everything from product knowledge to sales techniques. 

2. Product Demos: Toolyt enables product demonstrations through product catalogues, making it easier for agents to understand and promote insurance offerings. 

Agent Monitoring 

1. Agent Module: Through the agent module, the organisation can monitor end to end performance of an agent, from lead and customer details to premium sold, revenue generated and multiple other agent data. 

2. KPI Monitoring: It helps insurance companies monitor agent Key Performance Indicators (KPIs), allowing for real-time performance tracking. 

3. Target and Campaign Tracking: Toolyt assists in tracking agent targets and insurance campaign performance, fostering a culture of accountability and goal setting in sales.

4. Incentive: This helps agents to identify the rewards and incentives in place for each policy sale on a real time basis thereby motivating the sales team to adopt CRM.

Agent Offboarding 

1. Exit Data Transfer: Toolyt ensures a smooth transfer of agent exit data, simplifying the offboarding process and ensuring that there is no dependency for new agents to take on tasks. 

By simplifying and automating these critical processes, Toolyt empowers insurance companies to efficiently onboard agents, enabling them to enter the field and start selling policies more quickly. 

Conclusion 

In India’s insurance sector, substantial growth hinges on efficient insurance agent onboarding due to high attrition rates. Toolyt is a crucial asset for insurance companies, addressing these challenges and creating a productive agent force. Streamlined onboarding is vital in this competitive industry, fostering strong agent-carrier relationships for long-term success.