Vymo, a leading multi-channel distribution management platform powered by AI for the global insurance industry, has announced the launch of OnboardIQ. This innovative solution utilizes AI and machine learning to streamline recruiting, onboarding, and compliance processes in the insurance sector, representing a significant departure from outdated legacy systems.
According to Venkat Malladi, Vymo Co-Founder and CTO, traditional recruitment methods are often tedious, inefficient, and costly. OnboardIQ addresses these issues by factoring in a prospect's skills, licensure history, and a carrier's specific needs to generate comprehensive candidate profiles. These profiles are then used to target the most suitable candidates through campaigns on LinkedIn, Facebook, and Instagram. Malladi emphasized that OnboardIQ ensures access to top-tier, matched talent, regardless of how much the talent pool shrinks in the future.
One of the primary challenges during onboarding, as noted by a carrier, is the lack of visibility. OnboardIQ tackles this issue by providing complete transparency from the moment an agent decides to start selling, through the licensing and appointment processes, and up to the completion of their product training and achieving ready-to-sell status.
OnboardIQ also supports agents in reaching their full potential. For instance, if a carrier based in California aims to expand into the midwestern market, OnboardIQ can identify the best-suited agents for this move, verify their existing state licenses, and guide those needing additional licenses through the acquisition process. This approach maximizes value for both carriers and agents, enabling them to expand their footprint and increase commissions.
The U.S. insurance industry faces a complex regulatory landscape with varying licensing requirements across states. OnboardIQ helps prevent fines and reputational damage by proactively identifying compliance issues across multi-state organizations. Malladi noted that managing compliance becomes extremely complex without software that can create a real-time database of agent licenses and updates.
Central to OnboardIQ is Co-Pilot, an AI-powered, text-based personal assistant that answers recruiting, onboarding, and compliance questions for both agents and carriers. For example, an agent might ask Co-Pilot about pre-licensing education requirements for obtaining a health insurance license in Florida, while a carrier could inquire about agents due for license renewal in the next three months in New Jersey. Co-Pilot provides accurate, easy-to-understand answers, facilitating seamless interaction between carriers and agents in an era where insurance operations extend beyond local boundaries.
Vymo's OnboardIQ represents a transformative step in the insurance industry, offering a comprehensive, AI-driven solution that enhances efficiency, transparency, and compliance. This platform not only streamlines the recruiting and onboarding processes but also empowers carriers and agents to optimize their operations and expand their reach.
