3 Ways Insurance Distribution Licensing Software Makes Life Easier for MGAs and MGUs

This post is part of a series sponsored by AgentSync.

Investing in technology can be daunting. The thought of setting up an entirely new system, or migrating from an old one, is enough to stop progress in its tracks for many organizations. Obviously, the benefits need to outweigh the costs, both in monetary terms and also when you consider the time spent.

Luckily, implementing insurance distribution licensing software doesn’t have to be a major disruption to business. With AgentSync, which is built on Salesforce.com (although you don’t need to be a Salesforce customer to use it) automating the producer licensing process requires minimal startup and implementation time.

With that out of the way, it’s time to reap the benefits of a distribution management system. Here are three ways doing so will make life easier for those working at MGAs and MGUs. If ease of doing business is important to you (spoiler alert: it should be!), then each of these aspects of your distribution licensing software will enhance the experience and give your MGA or MGU a leg up over those still doing it the old way.

While AgentSync isn’t the only distribution licensing system out there, we think these five components are vital to reaping the benefits of any system you may choose.

Automated agent contracting

With a single click, or even no clicks if you set up an automated workflow in advance, your MGA/MGU can generate producer agreements that are auto-populated with information specific to both your agency and the agent.

Imagine how much easier life would be without chasing paper for each new agent you try to onboard. HR staff and sales leadership alike will be thrilled with the speed and ease with which new agents can be properly set up and start selling policies.

Your producer licensing management system should (and, if it’s AgentSync, will!) pull information from each agent’s W9, E&O policy, and other documents provided during onboarding. This also makes life easier for incoming agents who don’t get burdened with repeat data entry.

Additionally, with an integration into Docusign or your contracting vendor of choice, automated reminders and redlined contracts save in your system and let you know when your agent is greenlit to sell – or flag trouble spots in the process – without the manual checklist.

Bulk licensing with real-time NIPR sync

Getting your agents licensed and ready to sell is one of the most important, and also most time-consuming, parts of the business. With the right technology, it doesn’t have to be!

Thanks to real-time, two-way syncing with NIPR’s Producer Database, AgentSync can provide bulk producer onboarding just by entering the producer’s national producer number (NPN) – either individually or by uploading a CSV with up to 5,000 NPNs at a time. If one upload sounds better than 5,000 manual entries, then a producer licensing management system that syncs with NIPR is for you.

Not to mention, the real-time NIPR sync also means you can keep an eye on the status of those agents’ licenses – for example, monitoring changes to contact information, appointments, and even regulatory actions. If you’re wondering whose life is easier thanks to this feature, just ask the folks in charge of monitoring compliance at your MGA or MGU.

Appointment processing

When it comes to getting agents ready to sell, a license doesn’t mean much without carrier appointments. That’s why your producer licensing management system should also make the appointment process easy for everyone involved.

If your system happens to be AgentSync, we work with your team to load in state-based and line-of-authority-based rules and settings. Then, the system will show available appointments for each agent based on what they’re eligible for according to their licensure. You can choose real-time or automated “Just-In-Time” appointment submissions, depending on your preference and needs. It really couldn’t be easier to get agents properly set up to sell!

These three features are only the tip of the iceberg when it comes to how the right producer licensing management system can make life easier for MGAs and MGUs. Not to mention, everything it can do to give the same time (and sanity) saving advantages to other members of the insurance distribution channel.

To learn more, and get started, see what AgentSync Manage can do for you.

Topics Insurance Wholesale