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New guide makes it possible to expand your distribution channels with Producer Management Technology



This post is part of a series sponsored by AgentSync.

Producer management and compliance with licenses is not the most attractive part of working in insurance.

Most operators, agencies and MGAs use fairly manual processes to maintain and update data for their downstream producers and partners. Consequently, the life cycle of producer management – onboarding, license validation and renewal, submission of appointments and dismissals, etc. – in these businesses is an obstacle to growth.

In the guide to making producer management a growth opportunity, we have described how you can use modern producer management tools to not only remove obstacles, but to use your producer management data and processes to overcharging your growth.

Break the handcuffs of speed vs. accuracy vs. volume

Manual approaches put three factors into total tension: speed, accuracy and volume. If you only have a few producers or downstream agencies, this may not be a problem. You can process and maintain these producers quickly and accurately. But if you̵

7;re in a growth cycle, you’ll face tensions between having a lot of producer data to process and having your team get it done or get it right. (Spoilers, many companies choose the latter and absorb huge regulatory risks by doing so.)

The only way to manually alleviate this tension is to exponentially hire and train members of compliance or operations teams pending your growth. Unfortunately, that approach can solve your speed / accuracy / volume puzzle – provided you have a generous calendar of employment and training a head of when you need your new staff – but it also puts handcuffs on your revenue, making producer management once again a stepping stone on your path to success.

It does not have to be this way. By using tools that automate licensing and meeting processes, you can turn speed and precision into a scalable baseline for your business. Instead of having a party-or-starvation workload when you are on board different volumes of manufacturers, you will have repeatable, predictable controls for speed and precision.

The people’s problem with producer management

Part of what makes producer management an obstacle is the universal boredom of repeated data entry that comes with filling and filling in basic fields. Processes that require this overlap frustrate the people who work with them.

Producers would rather sell to potential customers than sit at the computer screen and rewrite their name and address on each new form. Every minute they do it is a minute they do not do business.

In the same way, members of internal operations teams can use their industry knowledge better than manually moving information from one system to another, which entails 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 satisfaction, you can fight for the attention of a declining population if you ask employees to spend their days copying / pasting from one system to another.

Use digital technology to get rid of the bottleneck

Key features described in this guide point out how an upgrade of your technical stack can complete the manual type and retyping of current vendor management methods. Find out how you can 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 will 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 measure the value of your downstream partners. Simply put, with all your producer data in one centralized digital location, you get a bird’s eye view of your compliance status at all times, along with warnings about potential compliance issues.

Download the guide and see where you can use tools that adapt your teams for effective, sustainable growth today.

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