Modern MGAs increasingly recognize how technology can unchain their growth. With integration and automation, MGAs can grow their agent and agency funnels without needing to expand their employee pyramid.
Yet, in a digital landscape that can seem like the Wild West of insurance (an oxymoron, to be sure), financial organizations may struggle to define which tools aid their success, and which just add to the noise. Fortunately, we have experience helping MGAs integrate technology in their insurance producer licensing compliance processes.
To that end, we’ve created this guide to aid stakeholders and decision-makers at all levels of an MGA in thinking through why and how tech can help grow their business, as well as digging into the questions they should ask of themselves and any digital partners they are considering.
In this guide, you’ll learn how digital solutions for compliance can:
- Effortlessly keep your agents in compliance
- Eliminate the need for endless re-keying across manual and software platforms
- Shorten your timelines and workload for both onboarding and offboarding
- Help you take advantage of state allowance of Just-In-Time appointments
- Protect you from liability while making it easier for you to grow
Why digitize insurance license compliance?
In talking with experts across the industry, we find insurance producer license compliance is one of the most cumbersome processes agencies face. It’s vital to the business but is often treated like a one-off issue while onboarding agents. That’s because there are so many moving parts that doing it manually is exhausting. The insurance industry is regulated by a patchy framework specific to each state, so many MGAs fail to ensure license compliance for their agents until there’s a compelling reason – such as pending litigation.
The right digital tech integrated with a source of truth – like the National Insurance Producer Registry (NIPR) – can ensure compliance in real-time and make it easy to onboard agents, all without manually re-keying information across multiple systems and databases.
MGAs, in particular, are ripe to become early adopters of compliance tech because of their specific liability threats:
- Unique state-by-state regulations that change frequently.
- Merger and acquisition activity that shows no signs of slowing down.
- The desire to grow through expanded writing companies.
If you’re looking for solutions that marry compliance and growth, check out a demo of what AgentSync can do.