This publish is a part of a sequence 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 progress. The Wisconsin-based insurance coverage company wanted a technique to greater than double its producer power shortly, and with out sacrificing compliance or including administrative employees.
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 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 always questioning in regards to the standing of the company’s producers’ licenses and appointments.
“We didn’t have any visibility into what was truly taking place, 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 achieve extra management and perception into producer licensing with out taking over 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 capacity 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 making ready so as to add 100 or extra new producers in the midst of only a 12 months, the considered how the prevailing 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 at the moment and we had a degree the place we added 100 brokers in a single 12 months. And we handle all that progress with simply me on the P&C aspect and one other particular person 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 considerations 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 particular person,” Lockwood mentioned, “so certainly one of my greatest fears was how lengthy it might take me to be taught a brand new system.”
Fortunately, these fears proved unfounded. Lockwood remarked that getting began with AgentSync was clean and simple with little or no time wanted to be taught the expertise. Plus, Lockwood raved, “The employees 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 turned a strong differentiator for M3 Insurance coverage’s producer expertise. New brokers, sometimes accustomed to managing their very own licensing and license renewals, have been impressed by the company’s streamlined, skilled strategy to distribution channel administration.
“A lot of the producers who be a part of M3 Insurance coverage are used to doing every thing themselves, so having AgentSync, together with the work I do, impresses them and we get a number of optimistic 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 other than different businesses that also require producers to finish repetitive and guide 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 thing 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 should be.
By making certain producers are solely licensed within the states they’re actively promoting in, and by maintaining harder 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 with no license.
Get peace of thoughts with AgentSync distribution channel administration
“After I click on ‘renew’ in AgentSync, I do know it’s performed and I can neglect 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 resolution? If not, is it actually an answer in any respect?
M3 Insurance coverage is a first-rate 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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