Guide Flags Areas of Efficiency, Danger for Carrier Management of Producer Lifecycle

This post is part of a series sponsored by AgentSync.

Appointments, terminations, license verification – the duties of compliance never end, and insurance carriers making a sincere effort to keep up can be quickly overwhelmed.

The AgentSync Insurance Carrier’s Guide to Compliance Pitfalls and Protips brings the producer lifecycle management duties to your fingertips. Line by line, the guide walks through each duty of producer compliance from a carrier’s perspective, pointing to diligence duties and potential state variations, as well as possible sources of efficiency, tips for ease of doing business, and resources to learn more about each duty.

Complete with a checklist of duties and a self-assessment quiz, carrier compliance teams can look to tighten their protocol against a best-practice standard with the Insurance Carrier’s Guide to Compliance Pitfalls and Protips.

Download the Insurance Carrier’s Guide to Compliance Pitfalls and Protips.

What carriers looking to expand should know

Often, depending on what states a carrier has historically worked in, a carrier’s compliance team may have tunnel vision about what state compliance requirements are. This narrow view gives teams a wide regulatory blind spot when it comes to expanding their regional territory, because following one state’s compliance processes isn’t following them all.

With a birds’-eye view of all 50-plus regulatory jurisdictions, this guide flags issues that carriers looking to expand and work across borders should be aware of.

From areas of state alignment such as the responsibility to verify licenses before and at the time of sales and commission payments to areas of stark state disagreement like appointment procedures and requirements, this guide offers a holistic view of the insurance regulatory environment. Carriers looking beyond their original state borders need a roadmap; this guide can provide even seasoned compliance aficionados with a view of red-flag risks.

Modernizing insurance processes

With helpful hints on tackling areas of manual double-work for increased efficiency, this guide can give your carrier organization insights into leveling up your digital tools.

Insights into how digitization can help you in areas such as:

  • License verification
  • Producer data collection
  • Contract management
  • Cost-controlling appointments

Download the Insurance Carrier’s Guide to Compliance Pitfalls and Protips.

Self-assessment and checklist

For carrier team leaders, perhaps the ins and outs of state-by-state compliance for producer licensing are old hat. In that case, they should compare their current team processes against the producer management checklist included in the Insurance Carrier’s Guide to Compliance Pitfalls and Protips.

With a quick list of carrier duties for producer management, carrier compliance teams can assess their own processes against the legal requirements and deepen their own understanding of internal risk. They can generate insights into any areas that don’t have enough focus, or where they stand to gain efficiencies.

For a more challenging look into your organization’s onboarding process, turn times, and other structural data, take the self-assessment at the end of the guide to understand not only gaps in your compliance, but also gaps in your ease of doing business, cybersecurity, and general data availability.

With the Insurance Carrier’s Guide to Compliance Pitfalls and Protips, your business can better understand its producer management risks and opportunities. Download it today.

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