View this article online: https://www.insurancejournal.com/blogs/agentsync/2022/08/03/676691.htm
This post is part of a series sponsored by AgentSync.
Insurance agencies report lengthy producer onboarding periods of up to 30 days, and in some cases even longer!
This is frustrating for everyone:
The answer depends on how much money the producer could be making, and how long they’re delayed before they can start selling. This can vary, but across the entire insurance industry, there are hundreds of thousands, or even millions of dollars being left on the table each month as producers wait on their licensing and appointments to be in order.
Of course, someone is making that money. It just won’t be you or your insurance agency (or carrier, or MGA, MGU, or BGA) if you’re still spending an extended period of time waiting on producers to be ready to sell. In other words, insurance consumers are making purchasing decisions every day, and each day your producers aren’t ready to sell is a day a different carrier’s policy is sold by a different producer at a different agency.
The answer includes various combinations of manual processes, producer-carrier contracting, data, and workflow silos within insurance carriers 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 impacts consumers, who may want to work with a particular producer but be unable to do so, and are then forced to settle for a lesser level of service because they need to get their policies effective today – not a month from now.
One of the largest insurance industry challenges is the length of time it takes for newly 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 agency leadership have accepted this long process as the price of compliance.
But it doesn’t have to be that way anymore! Getting producers ready to sell quickly without sacrificing compliance can be done. It can also be a competitive advantage when done correctly.
If you’re 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 could be costing you to have producers waiting around, and how to get your producers selling as quickly as the same day they start!
If you’re already aware how big and costly a problem this is for your producer force, see how AgentSync can help. Get your producers selling faster by contacting sales@agentsync.io today.