This post is part of a series sponsored by AgentSync.
Product management and license compliance is not the most attractive part of working in insurance.
Most carriers, agencies, and MGAs use fairly manual processes to maintain and update data for their downstream producers and partners. Thus, the product management lifecycle — on board, license validation and renewal, filing deadlines and terminations, etc. — is, in this business, an obstacle to growth.
in A guide to making product management an opportunity for growthIn this article, we have shown how you can use modern product management tools to not only remove obstacles, but also to use your own product management data and processes supercharged your growth.
Breaking the Limits of Speed vs. Accuracy vs. Size
Manual methods put three factors into the overall tension: speed, accuracy, and size. If you have a few producers or downstream agencies, this probably isn’t a problem. You can process and maintain these products quickly and accurately. However, if you’re on a growth spree, you experience a tension between having too much product data to process and having your team get it done or get it right. (Spoilers, a lot of companies choose the latter option and absorb the enormous regulatory risk in doing so.)
The only way to relieve this stress manually is to hire and train members of your compliance or operations team heavily in anticipation of your growth. Unfortunately, this approach may solve the speed/accuracy/size conundrum – assuming you have a generous recruitment and training calendar Before When you need new employees – but it also restricts your revenue, which again makes managing producers a speed bump on your way to success.
It doesn’t have to be this way. With tools that automate licensing and appointment processes, you can make speed and accuracy a scalable foundation for your business. Instead of having the workload of feasting or starving while aboard different volumes of producers, you will have repeatable and predictable controls for speed and accuracy.
People’s problems in managing producers
Part of what makes product management an obstacle is the global boredom of repetitive data entry that comes with filling and refilling basic fields. Processes that require this overlap frustrate human work with them.
Producers would rather sell to potential customers than sit in front of their computer screen to retype their name and address on each new form. Every minute they do that is a minute they don’t produce work.
Likewise, internal operations team members can make better use of their industry knowledge than manually transferring information from one system to another, which brings with it frequent opportunities for misspellings. In a workforce where employees are more likely to leave jobs that give them a sense of purpose and fulfillment, you might be fighting for the attention of a dwindling population if you ask employees to spend their days copying/pasting from one system to another.
Using digital technology to end the bottleneck
The key features described in this guide indicate how upgrading the technology stack can end the manual type and rewrite the nature of current product management practices. Find out how to free your people’s attention and time, how to make your producers loyal fans, and how to end the competition between speed, accuracy, and growth.
With modern operations and digital information management, you will be able to access data points to gain insights into your business and its regulatory risk profile that can help you adjust your operations for efficiency and measure the value of your downstream partners. Simply put, with all of your product data in a central digital location, you’ll have a comprehensive view of your compliance status at all times, along with alerts on potential compliance concerns.
Download the guide We see where you can use the tools that orchestrate your teams for effective and sustainable growth today.
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