This publish is a part of a collection 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 technique to greater than double its producer drive rapidly, 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 school or guide approach, 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 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 probability, 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 potential so as to add much more producers with out overwhelming its two-person inside licensing crew. The restrictions 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 had been getting ready so as to add 100 or extra new producers in the middle of only a yr, the considered how the prevailing approach of doing issues would scale (or not) was high 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 now 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 stated, “so one in every of my largest fears was how lengthy it could take me to study 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 study the know-how. Plus, Lockwood raved, “The employees 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 robust differentiator for M3 Insurance coverage’s producer expertise. New brokers, sometimes accustomed to managing their very own licensing and license renewals, had been impressed by the company’s streamlined, skilled strategy to distribution channel administration.
“Many of the producers who be a part of M3 Insurance coverage are used to doing every little thing themselves, so having AgentSync, together with the work I do, impresses them and we get a whole lot of optimistic suggestions,” stated Lockwood. “They’re not used to the extent of service we offer and so they can’t consider 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 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 little 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 File, 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 get rid of 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 maintaining tougher states’ licenses energetic with out lapse, M3 Insurance coverage reduces its prices and avoids late renewal penalties or the prospect of somebody unintentionally promoting and not using a license.
Get peace of thoughts with AgentSync distribution channel administration
“After I click on ‘renew’ in AgentSync, I do know it’s finished and I can neglect 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 answer? If not, is it actually an answer in any respect?
M3 Insurance coverage is a chief 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 get in touch with us right now to see how AgentSync can do the identical for you!
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