This put up is a part of a sequence sponsored by AgentSync.
When M3 Insurance coverage started quickly increasing its distribution channels, its present licensing course of wasn’t simply inefficient: It was changing into a severe impediment to progress. The Wisconsin-based insurance coverage company wanted a option to greater than double its producer pressure rapidly, and with out sacrificing compliance or including administrative workers.
Learn M3 Insurance coverage’s success story now.
The problem of invisible compliance
M3 Insurance coverage wasn’t managing its producer compliance in an old style or handbook method, however that doesn’t imply the method was environment friendly or seamless. For the company’s Provider Relations Coordinator, Kim Lockwood, the a part of her job spent managing producer licensing felt like sending requests right into a black field. Whereas their earlier vendor dealt with the licensing work, the shortage of visibility into the method left Lockwood consistently questioning concerning the standing of the company’s producers’ licenses and appointments.
“We didn’t have any visibility into what was really occurring, or the place issues stood,” Lockwood recalled. In an trade the place compliance can’t be left to likelihood, this uncertainty was changing into more and more untenable as the corporate grew. The problem was, how might Lockwood acquire extra management and perception into producer licensing with out taking up an exponential quantity of labor?
Scaling with out breaking
Past the problem of getting restricted visibility into the standing of their licensed producers, M3 Insurance coverage additionally struggled with its means so as to add much more producers with out overwhelming its two-person inner licensing group. The constraints of M3 Insurance coverage’s previous system turned manifestly obvious because the company expanded.
“Earlier than getting AgentSync, we had roughly 125 licensees and it was manageable utilizing the system we had on the time,” Lockwood defined. However, as they have been getting ready so as to add 100 or extra new producers in the middle of only a yr, the considered how the present method of doing issues would scale (or not) was prime of thoughts.
“As we started to develop increasingly, it wouldn’t have been doable with out AgentSync. We’re as much as round 350 licensees immediately and we had a degree the place we added 100 brokers in a single yr. And we handle all that progress with simply me on the P&C facet and one other particular person on the Worker Advantages facet. And licensing isn’t even the one factor we do!”—Kim Lockwood, Provider Relations Coordinator
The necessity for change was clear, however Lockwood had issues about implementing a brand new system. With any change in software program or processes, there’s an actual threat of disrupting enterprise.
“I’m not an actual techie particular person,” Lockwood mentioned, “so one in all my largest fears was how lengthy it will take me to study a brand new system.”
Fortunately, these fears proved unfounded. Lockwood remarked that getting began with AgentSync was easy and straightforward with little or no time wanted to study the know-how. Plus, Lockwood raved, “The workers at AgentSync has all the time been so useful, and the customer support has been wonderful.”
New and improved producer onboarding
What began as an answer to a compliance problem turned a strong differentiator for M3 Insurance coverage’s producer expertise. New brokers, usually accustomed to managing their very own licensing and license renewals, have been impressed by the company’s streamlined, skilled method to distribution channel administration.
“Many of the producers who be a part of M3 Insurance coverage are used to doing every part themselves, so having AgentSync, together with the work I do, impresses them and we get plenty of constructive suggestions,” mentioned Lockwood. “They’re not used to the extent of service we offer they usually can’t imagine we do all of it for them.”
This distinctive producer expertise units M3 Insurance coverage aside from different companies that also require producers to finish repetitive and handbook duties throughout onboarding and wait weeks, and even months, earlier than they’re prepared to start out promoting.
“When a brand new producer joins M3 Insurance coverage, we undergo every part with them of their first week, together with getting them arrange in AgentSync and seeing which carriers they should get appointed with. In the event that they full their Producer Element Report, they are often able to promote after their first week.”—Kim Lockwood, Provider Relations Coordinator
Proper-sizing producer licenses to economize
Past effectivity, compliance, and producer expertise, investing in AgentSync saves M3 Insurance coverage actual {dollars} every year by making it easy to eradicate pointless state license charges. With AgentSync, Lockwood can spot any licensee the company is paying for in states it doesn’t must be.
By guaranteeing producers are solely licensed within the states they’re actively promoting in, and by retaining tougher states’ licenses lively with out lapse, M3 Insurance coverage reduces its prices and avoids late renewal penalties or the possibility of somebody by accident promoting and not using a license.
Get peace of thoughts with AgentSync distribution channel administration
“Once I click on ‘renew’ in AgentSync, I do know it’s executed and I can overlook about it. It’s simply that simple. The system simply works.”—Kim Lockwood, Provider Relations Coordinator
Are you able to say this about your producer, adjuster, or dealer licensing resolution? If not, is it actually an answer in any respect?
M3 Insurance coverage is a primary instance of a big and still-growing insurance coverage company that was paying an excessive amount of and getting too little from its present distribution channel administration strategies. Learn their full success story to learn the way M3 Insurance coverage reaped the advantages of real-time, automated license compliance administration, and contact us immediately to see how AgentSync can do the identical for you!
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