Checklist to Producer Management Shows Manual vs Automatic Processes for Insurance Licensing and Compliance

This publish is a part of a sequence sponsored by AgentSync.

The producer administration lifecycle for carriers, companies, and MGAs/MGUs is manufactured from distinct phases, every managed by completely different groups, regulatory necessities, and normal processes.

So, how can a enterprise be certain its course of is tight, that it’s predictable, repeatable, and purposeful? (Let’s face it – we’re in insurance coverage; if it’s not predictable and repeatable, what are we even doing?)

With this Checklist to Producer Management, AgentSync has compiled the method of managing producer license and compliance in a step-by-step breakdown of duties and obligations. Don’t simply guess at what your crew ought to be doing to deal with its authorized obligations.

Producer administration, encompassing the licensing and appointment obligations of each companies and carriers, is usually seen as a roadblock to progress: a legal responsibility. However with the suitable instruments and operations in place, it may be the jet gasoline to energy your small business’s progress. And insurance coverage producer administration is solely ever a legal responsibility when it’s performed poorly (or by no means).

What’s within the Guidelines?

Among the sting of producer administration and compliance is because of a wierd juxtaposition. The crew managing a lot of the method for you’ll:

1. Spend most of their time doing repetitive information entry whereas additionally
2. Needing one of many deepest ranges of business information and regulatory familiarity in your group

A variety of companies rent for responsibility No. 1, however neglect the coaching and the inner knowledgebase essential to make responsibility No. 2 a actuality. The guidelines goals to make {that a} much less arduous elevate by spelling out:

• The three fundamental processes for producer administration
• The subordinate duties of business companies
• Which inner groups are more likely to personal every bit of the method
• A listing of instruments many organizations presently use to carry out the operations manually
• An outline of what AgentSync can do to automate and optimize the method

The Checklist to Producer Management consists of useful indications of which duties are agency-specific or carrier-specific (MGAs and MGUs, in fact, could tackle one or each units of duties relying on their distinctive MGA contract with their appointed carriers).

Remodeling the producer administration lifecycle

Guide or automated, regardless of the way you carry out producer administration right this moment, see whether or not you’re protecting your required duties, and whether or not there are processes you may use to streamline that piece of the enterprise. See what instruments the business presently makes use of to handle these processes with a heavy funding of human sources, and whether or not you’re forward of the curve (or behind it).

With the suitable data, you may rework the basic items of your course of so that each touchpoint together with your producers is much less work for them and much less work in your crew. Better of all, you may unlock your individuals all whereas decreasing your compliance threat and reputational threat throughout your entire group.

Download the Checklist to Producer Management right this moment, and align the booster in your rocket.