This publish is a part of a collection sponsored by AgentSync.
When M3 Insurance coverage started quickly increasing its distribution channels, its current licensing course of wasn’t simply inefficient: It was changing into a severe impediment to development. The Wisconsin-based insurance coverage company wanted a option to greater than double its producer drive shortly, 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 guide manner, 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 dearth of visibility into the method left Lockwood continually questioning in regards to the standing of the company’s producers’ licenses and appointments.
“We didn’t have any visibility into what was truly occurring, or the place issues stood,” Lockwood recalled. In an business 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 may Lockwood achieve 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 capability so as to add much more producers with out overwhelming its two-person inside licensing workforce. The restrictions of M3 Insurance coverage’s previous system grew to become 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 had been making ready so as to add 100 or extra new producers in the middle of only a 12 months, the considered how the present manner of doing issues would scale (or not) was high of thoughts.
“As we started to develop an increasing number of, it wouldn’t have been doable with out AgentSync. We’re as much as round 350 licensees at the moment and we had some extent the place we added 100 brokers in a single 12 months. And we handle all that development with simply me on the P&C aspect and one other individual on the Worker Advantages aspect. 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 danger of disrupting enterprise.
“I’m not an actual techie individual,” Lockwood mentioned, “so certainly one of my largest fears was how lengthy it could take me to be taught 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 be taught the expertise. Plus, Lockwood raved, “The workers at AgentSync has all the time been so useful, and the customer support has been superb.”
New and improved producer onboarding
What began as an answer to a compliance problem grew to become a robust differentiator for M3 Insurance coverage’s producer expertise. New brokers, usually accustomed to managing their very own licensing and license renewals, had been impressed by the company’s streamlined, skilled method to distribution channel administration.
“Many of the producers who be 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 loads of constructive suggestions,” mentioned Lockwood. “They’re not used to the extent of service we offer and so they can’t imagine we do all of it for them.”
This distinctive producer expertise units M3 Insurance coverage other than different companies that also require producers to finish repetitive and guide duties throughout onboarding and wait weeks, and even months, earlier than they’re prepared to begin 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} annually by making it easy to remove pointless state license charges. With AgentSync, Lockwood can spot any licensee the company is paying for in states it doesn’t have to be.
By making certain 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 prospect of somebody by chance 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 straightforward. The system simply works.”—Kim Lockwood, Provider Relations Coordinator
Are you able to say this about your producer, adjuster, or dealer licensing answer? If not, is it actually an answer in any respect?
M3 Insurance coverage is a major instance of a big and still-growing insurance coverage company that was paying an excessive amount of and getting too little from its current 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 at the moment to see how AgentSync can do the identical for you!
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