Product management checklist showing manual versus automated processes for insurance authorization and compliance


This post is part of a series sponsored by AgentSync.

The product management lifecycle for carriers, agencies, and MGAs/MGUs consists of distinct phases, each managed by different teams, organizational requirements, and general operations.

So, how can a company ensure that its process is robust, predictable, repeatable, and purposeful? (Let’s face it – we’re in lockdown; if not predictable and repeatable, What do we even do?)

with this Producer management checklistAgentSync has compiled the product licensing and compliance management process into a step-by-step breakdown of duties and responsibilities. Don’t just guess what your team has to do to deal with its legal obligations.

Product management, which includes licensing and assignment obligations to both agencies and carriers, is often seen as an obstacle to growth: a liability. But with the right tools and processes in place, jet fuel can be to boost your business growth. Insurance product management Just No liability when it is poorly done (or not done at all).

What is on the checklist?

Credit for some of the bites to product management and compliance owes to a strange juxtaposition. The team managing most of the process for you will:

  1. They spend most of their time entering data frequently while doing that too
  2. You need one of the deepest levels of industry knowledge and organizational familiarity in your organization

Lots of companies are hiring for Duty #1, but neglect the training and in-house knowledge base needed to make Duty #2 a reality. The checklist aims to make this work less difficult by spelling:

  • The three main processes of managing producers
  • Minor duties of industry companies
  • Internal teams that potentially own every part of the process
  • List of tools that many organizations currently use to manually perform operations
  • A description of what AgentSync can do to automate and improve the process

Product management checklist Includes useful pointers on agency- or carrier-specific duties (MGAs and MGUs may, of course, handle one or both sets of duties depending on the unique MGA contract with their designated carriers).

Transforming the product management lifecycle

Manually or automatically, no matter how product management is performed today, see if you cover your required duties, and whether there are processes you can use to simplify this part of the work. Find out what tools the industry is currently using to manage these processes with a significant investment of human resources, and whether you are ahead (or behind it).

With the right information, you can reframe essential parts of your process so that each point of contact with your producers is less effort for them. And the Less work for your team. Best of all, you can free up all of your employees while reducing compliance risk and reputation risk across your entire organization.

Download Producer management checklist Today, and align the booster on your rocket.

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