For many small and medium agencies, winning the attention of carriers can be hard enough, but securing their business can be even tougher. Carriers face challenges in managing hundreds of agency relationships, since it’s difficult to know in advance which agencies will succeed, and supporting each one individually can be resource-intensive.That is where Agentero comes in, positioning itself as the bridge that reduces the stress and complexity on both sides of the equation.
Luis Pino, founder and CEO of Agentero, started his career as one of the first employees at CoverWallet, an InsurTech giant eventually bought by Aon. During his tenure, Pino worked in close support to the CEO and quickly realised his sights were set on eventually running his own InsurTech. “It turns out that to get that job, there’s no possible promotion. You just need to start your own venture.”
With his mind set, Pino went to business school and started assessing the market for any gaps he could help bridge. Spurred on by his experience helping to build a digital agency from the ground up, he realised there were tens of thousands of insurance agencies attempting to digitise that needed help.
He explained, “We ended up setting up a company that helps insurance agents not only become more tech-forward, but also helps them access markets, carriers, and otherwise, they previously wouldn’t have access to.”
Today, Agentero helps small and medium-sized agencies across two core areas. The first is by improving the running of their business by streamlining their workflows from carrier appointments through to quote and bind. Secondly, by opening their access to carriers. Agentero now connects thousands of agencies with almost 100 carriers
“A lot of these carriers don’t want to deal with thousands of smaller agencies because some of them will succeed, but some won’t. So, we put them under our umbrella, and we increase the likelihood of them succeeding. Then for the carriers, it’s much easier to manage one relationship than it is to manage thousands of agencies.”
A unique offering for agencies
Technology has been a foundational pillar for Agentero throughout its growth. Its emphasis on building innovative technology has helped position the InsurTech to become far more tech-forward than any of its competitors, both in terms of its external offerings and internal capabilities.
It is easy for InsurTechs to get focused on bolstering the product and providing clients with the latest innovations. However, that is only half of the battle and forgetting to improve internal processes can be just as damaging to the offering. As such, Agentero also assesses internal challenges and identifies where they can make improvements, some of which become so useful they are developed into their own products.
Pino noted, “You need that kind of technology to effectively manage thousands of agencies, otherwise you could drown just in the sheer magnitude of the operations.”
To ensure it continues to lead the way with technology, the team is leveraging AI, both for clients and in-house. Because Agentero sits at the intersection of agencies and carriers, it has built a unique dataset of appetite and placement patterns. Leveraging that, the company is releasing an AI-powered appetite checker where an agent can simply describe a risk, for example, a daycare in Ohio, and instantly see which carriers can support it.
The real value Agentero gives clients was highlighted by a specific client experience. Whilst this client worked for State Farm everything was very simple and easy. They just had to manage one product and one system. While this simplicity made it easier for them, they only had one product, and no alternatives to offer.
However, when this client left State Farm to become an independent agency, things quickly got far more complex. There were now multiple products to sell and a plethora of systems to manage. Agentero proved to be their saviour, helping to consolidate all of those products so the client was back to only having to manage one system. “It was the best of both worlds. It was all the product availability but none of the complexity.”
The creation of Producerflow
Earlier this year, Agentero launched Producerflow, a standalone SaaS platform focused specifically on compliance. While Agentero strengthens distribution, Producerflow solves a different but complementary challenge for carriers and agencies: producer onboarding and licensing. What initially started out as an internal tool to support compliance processes, gained so much interest from clients and prospects, that Agentero made the decision to launch it as its own standalone brand.
Producerflow was created after Agentero faced the same compliance issue many of its carrier partners were subject to. Onboarding new producers can be a time drain, having to collect demographic data, verifying licences through registries and finalising contracts. This tedious workflow was prime for automation and simplification.
The team searched the market for a tool that would resolve their issues but came up empty-handed. Rather than let the problem fester, it tasked its tech team to build its own solution. Soon after they implemented a solution, the tool started to catch the eye of its carrier partners.
Pino said, “Our carrier partners started saying, ‘hey, you’re doing a great job at compliance, how are you doing that?’ We explained we had developed technology where everything is automated so there is very little margin for error, and they asked if they could purchase it.” After a couple of clients had expressed a desire to leverage the tool, Agentero worked with them as design partners to establish it as its own platform.
Success in the market
Launching in March, the platform helps carriers, managing general agents and agencies streamline the management of compliance. Automated producer onboarding ensures licensing information is collected and verified, and tools help the user to efficiently track, renew and manage state licences. Finally, the platform automates appointment and contracting workflows.
These capabilities can be a real lifeline for insurance firms often plagued by “opaque and very manual” workflows. “I actually heard from a client that was like, ‘finally, I’m going to be able to take PTO, and people aren’t going to be like buzzing me that I need to manage these appointments.’”
Given Producerflow was able to attract clients before it was even available, it is no surprise the tool has seen a lot of interest from the market. “It has definitely exceeded expectations. We’re signing up a good amount of clients,” Pino said.
In fact, it has experienced so much interest, the team had to focus on a narrower segment of the market. Rather than rushing into the market and trying to support everyone, potentially at the detriment of the tool, Producerflow is focused on getting it perfect for a smaller group of clients first. “As we grow, we’ll continue opening that spectrum and serving broader segments of the market.”
Taking a slower, more refined approach to the launch of its platform is working very well and clients are surprised at how great the tool really is and that it is much more cost-effective than alternatives.
If there is ever an issue a client has, whether that is through Producerflow or Agentero, the team is always happy to find a resolution. If a client is having difficulty with the tool or if they need the tool to work in a certain way, the team will be there to support them. “What we’re trying to do is make the lives of carriers and agencies easier and listening to them is sort of fundamental to achieve that goal.”
With that in mind, both Agentero and Producerflow are in a prime position for growth, albeit they are in very different stages. The well-established Agentero is still seeing strong growth and stable revenue, while Producerflow is at the beginning of its journey with rapid growth as it makes a name for itself in the market.
On a final note, Pino said, “We want to make this huge. That’s why our investors believed in us. That’s why we’ve assembled a top tier team and we want to make this a massive company that really helps out as many people and as many businesses as possible.”
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