Why Choose to Oursource Your Licensing?
One of the biggest responsibilities for insurance agencies and carriers is making sure insurance licenses and appointments stay in compliance. If not managed correctly, your company can be seriously penalized like MetLife was in March (see article here). Because the cost of non-compliance can be so severe, it is vital to ensure license and appointment management is under control.
So you may be asking yourself, “Why would I outsource when I can manage everything right from here?” Here are the top 5 reasons why you should outsource:
1. Mitigate Risks
Outsourcing license and appointment management provides you with experts with the knowledge, experience, and processes to ensure your licenses and appointments are kept in compliance. This greatly reduces your license compliance risk and avoids expensive penalties, fees, and state consent orders.
2. Improved Focus
When you choose to outsource, you free up vital internal resources, allowing experts to manage the license and appointment process for you. This allows your internal resources to focus on other core areas of your business including revenue generating initiatives.
3. Lower Costs
Instead of conducting license management activities in house, outsourcing provides a more cost effective alternative saving your business both time and money. Many insurance agencies and carriers have their own dedicated license management positions. Through outsourcing, you can take advantage of the outsource partner’s economies of scale, streamline your staffing, turn fixed costs into variable costs, and save your company money.
4. Enhanced License Management
When outsourcing your licensing, the outsourcing company will focus all of its energy on managing your licenses and appointments. You do not have all day to work on renewing licenses and managing appointments. But guess what? Companies can take care of that for you! They will work day in and day out to guarantee your licenses never fall out of compliance and keep you abreast of ever changing state licensing regulations.
5. Advanced Capabilities
When thinking about outsourcing you must ask yourself “Are they offering anything that I cannot do myself?” Outsourcing companies offer advanced software and proactive services that ensure your license and appointment processes are efficiently managed and deliver enhanced capabilities. These capabilities include secure access to licensing data; improved scalability, continuity, and flexibility; proactive alerting; improved reporting etc.
National License Compliance Group (NLC Group) is a national license compliance company offering license and appointment management on an outsourced basis. We are license management experts. We have years of experience developing and successfully implementing solutions to support the insurance industry.
NLC Group prides itself on delivering uncompromising client service including accommodating unique customer requirements. Our proprietary processes, services, and state-of-the-art cloud based software provides you with worry free proactive management and execution of your licensing and appointment needs. You are always informed as we provide 24 x 7 real time access to your compliance status across the enterprise. We offer our clients a dedicated and knowledgeable client services team with an assigned dedicated account manager who is always available to answer questions and ensure your license and appointment management needs are met.