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Playbooks for Insurance Advisor Onboarding and Success

In this blog, learn how you can streamline the advisor onboarding
process to:

  • Maximize earnings per advisor
  •   Improve qualitative interventions
  •   Reduce advisor attrition

Succeeding in today’s competitive albeit changing marketplace requires insurers to onboard advisors quickly while ensuring retention.

Empower your frontline advisors to hit the ground running from day 1.

Frontline advisors have been a critical part of organizational success now clearer than ever before as we face a global pandemic. There has always been a training gap on the frontline, with hurdles such as:

  • Geographic & demographic separation
  • High turnover for selective agents
  • Lack of visibility in transferable skills among agents
  • Limited access to tech and mobility, among others.

Advisors struggle to receive efficient training right from when they’re onboarded. They are being trained but the focus is on tactical readiness, not general learning – it needs to be a good mix of both!

The cost of onboarding an agent is significant.

“We spend $85,000 per agent on recruiting, compliance, onboarding, and training. And we lose almost a majority within 6 months. This is a leaking pipeline and is derailing the whole channel strategy.”

– Chief Distribution Officer, Top 5 Insurers in the US.



While retention rate is a major problem, will advisor recruitment rates see a dent over the coming years?

It does not appear to be so – more so for the advisor demographic over an individual company strategy. There might be an aggressive increase in recruitment in the coming years. “In the US, the average age of agents is 56; only 4% of millennials are interested in a career in Insurance.” (Limra)

However, the customer base is highly skewed towards the millennial population. So, the need to upgrade the advisor network to target this new network is of utmost importance.

And to be honest, recruitment isn’t going to decline any sooner. It probably is going to be an even more of a top-of-the-mind agenda item than it was ever before.

“What will change besides the demographic profile for recruitment is the skill sets you need to dial down on. It’s more art than science. There is a 3 prompt strategy that is required. Recruit right (identify the right advisors), Enable efficiently (using technology to your advantage), Hand-hold to Earnings (ensuring a long-term loyalty)”

Yamini Bhat – CEO & Co-Founder, Vymo


Top-of-the-mind issue for Insurers.

  • Advisor recruitment
  • Training – ensuring your advisors ramp up
  • Retention

“AXA is one of our oldest customers from a retention standpoint. Over a 12 month period as we mapped their advisor behaviors, we recognized that advisors who left and disengaged could have been pinpointed to almost 52 weeks ahead – basically the predictability period was something to leverage. Advisor retention and recruitment definitely is a top-of-the-mind issue for most insurers.

A common statistic is that almost 83% percent of the advisors quit within 3 years, more shockingly however is that 30% of advisors quit within the first 3 months!”

Yamini Bhat – CEO & Co-Founder, Vymo

Know more about

  • The untapped potential of “Income Planning” exercise
  • Minimizing advisor touchpoints to create a seamless onboarding process
  • 30-90-180 day journey: It’s not just about certification
  • How can technology help? (Document Repository, Cloud Support, Self Serve)
  • Top 10 pre-emptive interventions that can ensure Advisor success and retention
  • Onboarding playbooks from Uber

Watch the Session

Head here to learn more about Vymo’s Solutions for Lead Management→

About Vymo

Vymo’s Intelligent Personal Sales Assistant has helped 100000+ insurance agents and salespersons to effectively track upcoming renewals and increase sales through existing customers by 3X even during the global emergency. Vymo is also helping customers to ‘go-live’ in ‘under 72 hours’ without causing any impact on business continuity.

Vymo makes it #easytocapture information, identifying (winning) behaviors, marries it to (deep) relevant contextual information to deliver proactive nudges for sales teams to work from anywhere! It’s also about making sure that your workforce has the right opportunities, tools, resources, and culture to excel in this marketplace going forward.

Vymo’s built to be that single app bringing in technology from your calendar, from your CRM web conferencing into one tool. With security through multi-factor authentication, the tool drives outcomes with automated lead engagement, auto-assignment, and auto-prioritization based on revenue, accelerating deal flow, giving instant customer feedback, and using AI for nudges, auto-compliance flags.


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