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Guidelines to Producer Administration Exhibits Handbook vs Automated Processes for Insurance coverage Licensing and Compliance


This submit is a part of a collection sponsored by AgentSync.

The producer administration lifecycle for carriers, businesses, and MGAs/MGUs is manufactured from distinct phases, every managed by totally different groups, regulatory necessities, and common processes.

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

With this Guidelines to Producer Administration, AgentSync has compiled the method of managing producer license and compliance in a step-by-step breakdown of duties and obligations. Don’t simply guess at what your crew needs to be doing to deal with its authorized obligations.

Producer administration, encompassing the licensing and appointment obligations of each businesses and carriers, is usually seen as a roadblock to development: a legal responsibility. However with the precise instruments and operations in place, it may be the jet gasoline to energy your corporation’s development. And insurance coverage producer administration is solely ever a legal responsibility when it’s achieved poorly (or by no means).

What’s within the Guidelines?

A number of the sting of producer administration and compliance is because of an odd juxtaposition. The crew managing a lot of the method for you’ll:

  1. Spend most of their time doing repetitive information entry whereas additionally
  2. Needing one of many deepest ranges of business information and regulatory familiarity in your group

A variety of companies rent for obligation No. 1, however neglect the coaching and the interior knowledgebase essential to make obligation No. 2 a actuality. The guidelines goals to make {that a} much less arduous carry by spelling out:

  • The three predominant processes for producer administration
  • The subordinate duties of business companies
  • Which inner groups are more likely to personal every bit of the method
  • A listing of instruments many organizations at the moment use to carry out the operations manually
  • An outline of what AgentSync can do to automate and optimize the method

The Guidelines to Producer Administration contains useful indications of which duties are agency-specific or carrier-specific (MGAs and MGUs, after all, could tackle one or each units of duties relying on their distinctive MGA contract with their appointed carriers).

Reworking the producer administration lifecycle

Handbook or computerized, irrespective of the way you carry out producer administration at present, see whether or not you’re masking your required duties, and whether or not there are processes you may use to streamline that piece of the enterprise. See what instruments the business at the moment makes use of to handle these processes with a heavy funding of human sources, and whether or not you might be forward of the curve (or behind it).

With the precise info, you possibly can rework the elemental items of your course of so that each touchpoint together with your producers is much less work for them and much less work to your crew. Better of all, you possibly can liberate your folks all whereas decreasing your compliance threat and reputational threat throughout your entire group.

Obtain the Guidelines to Producer Administration at present, and align the booster in your rocket.

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