Agent Sync

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

By | April 6, 2022

This post is part of a series sponsored by AgentSync.

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

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

With this Checklist to Producer Management, AgentSync has compiled the process of managing producer license and compliance in a step-by-step breakdown of duties and responsibilities. Don’t just guess at what your team should be doing to handle its legal obligations.

Producer management, encompassing the licensing and appointment obligations of both agencies and carriers, is often seen as a roadblock to growth: a liability. But with the right tools and operations in place, it can be the jet fuel to power your business’s growth. And insurance producer management is only ever a liability when it’s done poorly (or not at all).

What’s in the Checklist?

Some of the sting of producer management and compliance is thanks to a strange juxtaposition. The team managing much of the process for you will:

  1. Spend most of their time doing repetitive data entry while also
  2. Needing one of the deepest levels of industry knowledge and regulatory familiarity in your organization

A lot of businesses hire for duty No. 1, but neglect the training and the internal knowledgebase necessary to make duty No. 2 a reality. The checklist aims to make that a less arduous lift by spelling out:

  • The three main processes for producer management
  • The subordinate duties of industry businesses
  • Which internal teams are likely to own each piece of the process
  • A list of tools many organizations currently use to perform the operations manually
  • A description of what AgentSync can do to automate and optimize the process

The Checklist to Producer Management includes helpful indications of which duties are agency-specific or carrier-specific (MGAs and MGUs, of course, may take on one or both sets of duties depending on their unique MGA contract with their appointed carriers).

Transforming the producer management lifecycle

Manual or automatic, no matter how you perform producer management today, see whether you’re covering your required duties, and whether there are processes you could use to streamline that piece of the business. See what tools the industry currently uses to manage these processes with a heavy investment of human resources, and whether you are ahead of the curve (or behind it).

With the right information, you can rework the fundamental pieces of your process so that every touchpoint with your producers is less work for them and less work for your team. Best of all, you can free up your people all while reducing your compliance risk and reputational risk across your whole organization.

Download the Checklist to Producer Management today, and align the booster on your rocket.

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