It’s Going to Save You Money and Eliminate Your Risk: An MGA’s Perspective on the Necessity of AgentSync

In the fast-paced insurance industry, managing producer license compliance across hundreds, or thousands of licensed agents can be a daunting task for all involved. For a managing general agency (MGA) that works with over 4,400 individual producers, it’s a constant and complex job to ensure everyone is licensed at each point during a policy’s lifecycle. However, with the advent of innovative technology, such as AgentSync’s ProducerSync API, MGAs like Jimcor have found a game-changing solution to streamline and automate this crucial process. 

We’ve covered Jimcor’s transformative success story in a recent case study. This article gives a quick preview of how this MGA overhauled its producer license compliance management process, saving time, reducing risk, and enhancing operational efficiency. For a deeper dive, check out the full case study. 

Read the full case study. 

The challenge of legacy tech

Jimcor, an MGA with over 35 years of experience, has always been at the forefront of embracing technology. In 2010, the company embarked on a journey to create its own web-based agency management system (AMS) to streamline operations. While the AMS proved successful in replacing multiple legacy systems, it lacked integration for producer license compliance management.

Prior to implementing ProducerSync API, Jimcor relied on manual processes and spreadsheets to track producer license statuses. This approach was time-consuming, error-prone, and lacked real-time updates. With the time-intensive nature of performing manual compliance checks on individual producers, staff could only do these periodically, at specific points, leaving room for potential compliance risks. Jimcor recognized the need for a solution that could seamlessly integrate accurate and up-to-date producer licensing information into their AMS.

“If you’re not using something like ProducerSync API where you have nearly real-time data, the truth is, you don’t know if someone’s still licensed since the last time you checked without going and looking again every day.”

Jim Mastowski, President & Chief Information Officer, Jimcor Agencies

Plugging real-time compliance into existing workflows

AgentSync’s ProducerSync API proved to be the perfect solution for Jimcor. Rather than overhauling its existing system, Jimcor sought to integrate real-time producer license information seamlessly into what was already working. 

By leveraging ProducerSync API, Jimcor achieved significant time and cost savings, eliminated compliance risks, and gained a transparent view of every producer’s status in every state. This resulted in huge time savings, including going from needing 1.5 full-time employees to manually check and track producer licenses, to just 30 minutes per day. 

The MGA also eliminated the risks associated with an agent selling outside of their license by adding checkpoints in their quoting and binding process that would flag if a producer was trying to conduct business in a state where their license wasn’t active and valid. This streamlined approach enhanced customer satisfaction and prevented potential policy delays without adding any extra time or work on the part of Jimcor employees or the producers themselves. 

Benefits for other MGAs

Jimcor’s success with ProducerSync API has paved the way for other MGAs to embrace automated compliance. Over 50 MGAs using the same AMS as Jimcor can easily integrate compliance data into their systems, thanks to the groundwork Jimcor laid. By sharing their experience, Jimcor encourages other MGAs to adopt AgentSync’s solution, emphasizing the importance of staying compliant in an industry where noncompliance can lead to fines and reputational damage.

How AgentSync’s ProducerSync API helped Jimcor

• Reduced the amount of time employees spend on producer license management from around 60 hours a week to less than three. 
• Eliminated compliance risk based on outdated producer license information at all points in the quoting, binding, and endorsement stages of a sale.
• Enabled Jimcor’s existing, highly functional, agency management system to incorporate real-time producer license information.
• Furthered Jimcor’s reputation as an innovative technology leader among MGAs and the insurance industry as a whole. 

Read the full Jimcor success story here. 

Ready to add real-time, integrated, and automated license compliance into your producer management process? 

If Jimcor’s journey from spreadsheets to streamlined resonates with you, it’s time to explore what AgentSync can do for your organization. Whether you need a full-service platform solution like AgentSync Manage or want to add always-accurate information into your current tech stack with ProducerSync API, contact us today to speak with one of our insurance compliance experts.