Manufacturer management checklist shows manual versus automatic processes for insurance licensing and compliance

This post is part of a series sponsored by AgentSync.

The lifecycle of producer management for carriers, agencies and MGAs / MGUs consists of distinct steps, each managed by different teams, regulatory requirements and general processes.

So how can a company be sure that its process is tight, that it is predictable, repeatable and purposeful? (Let’s face it – we’re in insurance; unless it’s predictable and repeatable, what do we even do?)

With this producer management checklist, AgentSync has compiled the process of managing producer licensing and compliance in a step-by-step division of tasks and responsibilities. Do not just guess what your team should do to deal with their legal obligations.

Producer management, which includes licensing and appointment obligations for both agencies and carriers, is often seen as a barrier to growth: a debt. But with the right tools and operations in place, it can be the aviation fuel to drive your business̵

7; growth. And the insurance producer management is only ever a responsibility when done badly (or not at all).

What’s in the checklist?

Part of the stick in producer control and compliance is thanks to a strange compilation. The team that handles much of the process for you will:

1. Spends most of his time doing repetitive data entry at the same time
2. Need one of the deepest levels of industry knowledge and regulatory familiarity in your organization

Many companies hire for service no. 1, but neglect the training and internal knowledge base required to make service no. 2 a reality. The checklist aims to make it a less cumbersome lift by printing:

• The three main processes for producer control
• The subordinate tasks of industrial companies
• Which internal teams are likely to own each part of the process
• A list of tools that many organizations currently use to perform operations manually
• A description of what AgentSync can do to automate and optimize the process

The production management checklist contains useful indications of which tasks are agency-specific or carrier-specific (MGA and MGU can, of course, take on one or both sets of tasks depending on their unique MGA contract with their designated carriers).

Transform the producer’s management life cycle

Manual or automatic, no matter how you perform producer management today, see if you cover your necessary information and if there are processes you can use to streamline that part of the business. See what tools the industry is currently using to manage these processes with a large investment of human resources, and whether you are ahead (or behind).

With the right information, you can rework the basic parts of your process so that every point of contact with your producers is less work for them and less work for your team. Best of all, you can free your employees while reducing your compliance risk and reputation risks throughout your organization.

Download the checklist to Producer Management today and aim the booster at your rocket.