This submit 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 critical impediment to development. The Wisconsin-based insurance coverage company wanted a approach to greater than double its producer drive 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 dearth of visibility into the method left Lockwood continually 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 may 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 capacity so as to add much more producers with out overwhelming its two-person inner licensing staff. 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 yr, 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 right this moment and we had a degree the place we added 100 brokers in a single yr. And we handle all that development 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 stated, “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 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.
“A lot of the producers who be a part of M3 Insurance coverage are used to doing the whole lot themselves, so having AgentSync, together with the work I do, impresses them and we get numerous constructive suggestions,” stated 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 businesses 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 the whole lot 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 get rid of pointless state license charges. With AgentSync, Lockwood can spot any licensee the company is paying for in states it doesn’t should be.
By guaranteeing producers are solely licensed within the states they’re actively promoting in, and by preserving tougher states’ licenses lively with out lapse, M3 Insurance coverage reduces its prices and avoids late renewal penalties or the possibility of somebody unintentionally 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 completed 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 answer? If not, is it actually an answer in any respect?
M3 Insurance coverage is a first-rate instance of a giant 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 right this moment to see how AgentSync can do the identical for you!
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