“I just love spending hours upon hours manually keeping track of which producers are licensed in which states, for which lines of authority, and when they’re due for CE credits and license renewals!”
If that doesn’t sound familiar, it’s because this statement has been made by literally nobody. Ever.
Tracking producer licenses is an important and necessary part of running an agency. In the past, it’s often been one of the most cumbersome and time consuming parts as well. Many smaller agencies simply don’t pursue business across state lines because they’re intimidated by the implications when it comes to keeping track of their producers’ licenses outside of their resident state.
Thankfully, things are getting easier for insurance agencies and their agents. With the help of modern technology, including Compliance as a Service models, agencies who adopt and embrace these tools can spend less time tracking the status of their producers and more time doing what matters to their business.
If you’re an agency owner, compliance manager, or even a licensed agent who is considering a producer licensing system such as our own AgentSync Manage, but don’t know what you’d do with all the newfound free time, here are seven ideas to help you out!
1. Contact more leads
Not everyone is a fan of cold-calling, but there’s no doubt it’s more likely to lead to revenue than spending time manually tracking producer licenses. Reaching out by phone or email to follow up with quote requests, or even introducing yourself to local people and businesses, will deliver far greater ROI for the time spent than tracking licenses by hand.
2. Nurture your existing relationships
You’ve probably heard the old business adage that it costs five times more to get a new customer than to retain an existing one. According to the Harvard Business Review, the cost to get new customers could be even higher: as much as 25 times that of retaining a current client. That means automating producer licensing management and freeing up more time to care for your existing clients could be one of the smartest investments you can make.
3. Mentor new producers
The insurance industry has faced a talent shortage for years, and it continues to worsen as more and more industry veterans retire. Those in the industry know that it can actually provide a stable, rewarding, and lucrative career. The challenge is not only in conveying this message to millennials and Gen Z, but providing them with the right mix of on-the-job training and support to grow their careers and stay in the industry long-term.
4. Take your dog (or cat, bunny, or kid) for a walk
By now you’ve heard that “sitting is the new smoking.” The science may still be out on exactly how deadly sitting at a desk all day is, but the benefits of getting up and taking breaks are undeniable. The New York Times reported on a 2016 study showing the benefits of walk breaks include: boosting mood and focus, decreasing lethargy, and decreasing hunger – among others.
5. Upgrade your agency’s tech stack
You know the benefits of technology for your agency, particularly if you’ve got aspirations to grow, and eventually sell it. But making any kind of technological investment can be a time-suck. You might even think of “data migration” as dirty words! While we can’t promise to entirely relieve the pain associated with investing in technology for your agency, we can say that implementing a producer licensing management system will reward you with significant time that you can then use to make further improvements to your agency’s entire tech landscape, ultimately resulting in even more efficiency and productivity.
6. Build a web or social media presence
Most insurance agencies rely heavily on word-of-mouth referrals for new business. In the age of the Internet, a robust website and social media presence not only helps you get discovered by your potential clients, but also provides valuable reinforcement and social proof to prospective clients who want to learn more about your business. If you think of your website and social media profiles as your virtual storefront (that is, the first thing most people will see when they find you) it makes sense to invest in making sure people will like what they see. Free up more time in your life to focus on these vital business tools by automating the time-consuming task of producer license management.
7. Learn a new language
When it comes to keeping your brain sharp and achieving a true ROI on your time, learning a language may be the best thing you can do. In the US, over 43 million people speak Spanish as their first language. That’s about 13 percent of the total population, but the percentage is much higher if you live or work in California, Texas, Arizona, Florida, or New York.
In states with large Spanish-speaking populations, being able to speak to your clients in their preferred language is a huge advantage. And, since you’ve implemented a producer licensing management system and it’s become even easier to keep producers credentialed across multiple states, you can reap the benefits of being bilingual even if it’s not a necessity in your home state.
On top of the business case for learning a new language, studies show that it’s a great way to keep your brain in shape. People who are fluent in multiple languages perform better on tasks related to memory and attention. Your clients will thank you for that too, regardless of which language they speak.
So, what would you do with more free time in your day? The options are literally endless! If you or your staff are still spending too much time and energy manually tracking producer licenses, we’d love to show you how AgentSync Manage can give you the time to do other things instead.