10 Ways MGAs and MGUs Can Use Compliance for Cost-Savings
Despite the historical trend of placing the burden on upstream carrier partners or downstream agency partners, MGAs/MGUs are responsible for ensuring they only do business with producers working with valid licenses.
Assuming you want to stay on the right side of all applicable laws and regulations, you can’t ignore compliance. But how do you achieve efficient and effective producer license compliance management?
Manual processes – or even digital ones that rely heavily on your human team’s time and intervention – are impossible to integrate thoroughly into a process, unless you intend to have a compliance consultant sitting in on every sale. Instead, modern software solutions can automate licensing and appointment steps to do the heavy lifting for your team, drastically reducing the time and money spent on manual compliance management.