This post is part of a series sponsored by AgentSync.
Insurance agencies report long producer lead-in periods of up to 30 days, and in some cases even longer!
This is frustrating for everyone:
- Producers, who depend on being able to sell insurance for their income
- Insurance agencies that need their producer force ready to sell as quickly as possible to meet their revenue and growth goals
- Insurance companies that depend on an active, licensed and compliant producer worker to distribute their insurance products to consumers
How much does slow producer introduction cost?
The answer depends on how much money the producer can make and how long they are delayed before they can start selling. This can vary, but across the insurance industry, hundreds of thousands or even millions of dollars are left on the table each month as producers wait for their licensing and meetings to be in order.
Of course someone is making that money. It just won̵7;t be you or your insurance company (or carrier, or MGA, MGU or BGA) if you still spend a long time waiting for producers to be ready to sell. In other words, insurance consumers make purchasing decisions every day, and every day that your producers aren’t ready to sell is a day that another carrier’s policy is being sold by another producer at another agency.
Why does it take so long to get insurance agents ready to sell?
The answer includes various combinations of manual processes, producer-operator agreements, data and workflow silos within insurance companies and insurance agencies, among other low-tech practices.
When producers are held up in onboarding limbo, no one in the insurance distribution channel is getting what they need. This even affects consumers, who may want to work with a particular producer but cannot, and are then forced to settle for a lower level of service because they need to get their policies effective today – not a month from now.
Modernize insurance producer onboarding
One of the insurance industry’s biggest challenges is how long it takes for new contracted producers to be ready to sell and to do so in full compliance with state and federal insurance regulations. Historically, insurance companies and insurance company management have accepted this lengthy process as the price of compliance.
But it doesn’t have to be like that anymore! Getting producers ready to sell quickly without sacrificing compliance can be done. It can also be a competitive advantage when done right.
If you are facing the challenge of how long it takes to get producers ready to sell, check out Ready Set Sell. This quick guide illustrates how much it can cost you to have producers waiting and how to get your producers selling as fast as the day they start!
If you’re already aware of how big and costly a problem this is for your production force, see how AgentSync can help. Get your producers selling faster by contacting firstname.lastname@example.org today.
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