New Guide Makes the Case for Growing Your Distribution Channels with Producer Management Technology
Producer management and licensing compliance isn’t the most attractive part of working in insurance.
Most carriers, agencies, and MGAs are using fairly manual processes to maintain and update data for their downstream producers and partners. Consequently, the producer management lifecycle – onboarding, license validation and renewal, appointment submissions and terminations, etc. – is, in these businesses, an obstacle to growth.
In The Guide to Making Producer Management a Growth Opportunity, we’ve outlined how you can use modern producer management tools to not only remove obstacles, but to use your producer management data and processes to supercharge your growth.
Break the handcuffs of speed vs. accuracy vs. volume
Manual approaches put three factors in total tension: speed, accuracy, and volume. If you have only a few producers or downstream agencies, maybe this isn’t a problem. You can process and maintain those producers quickly and accurately. If you’re in a growth spree, however, you face tension between having a lot of producer data to process and having your team get it done or get it right. (Spoilers, a lot of businesses choose the latter and absorb massive regulatory risks in doing so.)
The only way to manually relieve this tension is to exponentially hire and train compliance or operations team members in anticipation of your growth. Unfortunately, that approach may solve your speed/accuracy/volume puzzle – assuming you have a generous calendar for hiring and training ahead of when you need your new personnel – but it also handcuffs your revenue, making producer management once again a speedbump on your road to success.
It doesn’t have to be this way. By using tools that make licensing and appointment processes automatic, you can make speed and accuracy a scalable baseline for your business. Instead of having a feast-or-famine workload as you onboard different volumes of producers, you’ll have repeatable, predictable controls for speed and accuracy.
The people problems of producer management
Part of what makes producer management an obstacle is the universal boredom of repetitive data entry that comes with filling and refilling basic fields. Processes that require this overlap frustrate the humans working with them.
Producers would rather be selling to prospects than sitting at their computer screen retyping their name and address on each new form. Each minute they’re doing that is a minute they aren’t producing business.
Likewise, internal operations team members can put their industry knowledge to better use than manually moving information from one system to another, which brings with it repeated opportunities for errors and misspellings. In a workforce where employees are likely to leave for jobs that give them a sense of purpose and fulfillment, you may be fighting for the attention of a dwindling population if you ask employees to spend their days copy/pasting from one system to another.
Using digital technology to end the bottleneck
Key features outlined in this guide point to how upgrading your tech stack can end the manual type and re-type nature of current producer management practices. Find out how to free up your people’s attention and time, how to make your producers loyal fans, and how to end the competition between speed, accuracy, and growth.
And, with modernized processes and digital information management, you’ll be able to access data points for insights into your business and its regulatory risk profile that can help you modify your own processes for efficiency and gauge the value of your downstream partners. Simply put, with all your producer data in a centralized digital location, you’ll get a bird’s eye view of your compliance status at all times, along with alerts of potential compliance concerns.
Download the guide and see where you can use tools that align your teams for efficient, sustainable growth today.
About AgentSync
AgentSync powers rapid growth for insurance carriers, agencies, and MGAs by offering modern tools for producer management. With its customer-centric design, seamless APIs, and automation, AgentSync’s products reduce friction, increase efficiency, and maintain compliance, ultimately helping to improve the broker onboarding, contracting, licensing, and compliance processes.
Founded in 2018 by Niranjan “Niji” Sabharwal and Jenn Knight, and headquartered in Denver, Colo., AgentSync has been recognized as one of Denver’s Best Places to Work, as a Forbes Magazine Cloud 100 Rising Star, an Insurtech Insights Future 50 winner, and is ranked 88 in Forbes – America’s 500 Best Startup Employers 2022.
If you’re ready to make your insurance business “smarter” without further delay, take a look at what AgentSync can do for you right now. No future-tech needed.