As a producer, what should you be expecting in terms of compliance support from your partners?

Support with your licensing obligations should start at onboarding. The less manual data entry and spreadsheet wrangling you are responsible for, the less time the process takes and the lower the chance of an inadvertent error.
Your carriers should provide you with tools that are easy to use and don't require you to fill out stacks of forms. You should be primarily verifying data, not entering it yourself, with just one ID number to keep track of.
Tools should also have compliance updates built in — so you can be confident you are meeting the latest requirements.
Some sort of tickler system is a must to help you remember key dates, deadlines, and documentation so items don't fall through the cracks. An automated system should alert you by email when it's time for you to complete a licensing task, or advance notifications when the requirements for your current licenses have changed.
A central repository with access to outside applications will make assembling your key compliance data a much more streamlined process. It should contain past record information on licenses, CEUs and other information you would have received from entities in support of your license, numerical information on performance from the previous year and commission levels, all in one place and one system. All this information should be at your fingertips and easily accessible to export and provide to regulators/auditors.

A flexible technology solution that streamlines the credentialing process for you is the sign of an insurance company that not only values your time, but also respects the importance of auditability and compliance as fundamental to business health. That's how you want to do business — and with whom you would partner.

Instant Insights /

Licensing compliance: Don’t go at it alone

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