Insurance License Tracking Software: Key Features for Leading Insurance Agencies

Although there are numerous programs out there which are specifically designed for insurance agencies, only a few insurance license tracking software are available. Consequently, this type of software stands out among other available options to assist insurance agencies in filling compliance gaps.

However, not all compliance tracking software has the necessary features to meet all your needs. If you’re facing difficulties tracking license statuses and want to learn more about an effective solution, keep reading. In this blog, we will present the key features of insurance license tracking software for leading insurance agencies looking to streamline their operations.

What Are the Dangers of Poor License Management?

Being part of the insurance sector means constantly hearing about compliance, but there’s a reason behind its relevance.

Often, the thought of neglecting one compliance issue or another affects some insurance agencies. That happens because they’re not aware of the magnitude of noncompliance risks. That is, if you’re underestimating the importance of compliance.

On average, the costs of non-compliance have increased 45% in 10 years. Risks evolve along with compliance demands. It only takes one instance of non-compliance to surpass the value of preventative investments—outdated ones—by up to three times.

In addition to financial losses, the risks range from license revocation, criminal charges, loss of market share, and much more.

Understand Where Your Challenges Are and What You Are Looking For

You’ve already understood that it’s impossible to skip measures to stay compliant. But depending on which approach you adopt, it may not yield the effects you expect.

If you use inefficient methods to monitor license statuses like a manual process (spreadsheets), you’ll still be susceptible to errors and gaps. Understanding what resources and insurance license tracking software you need will help you make the right choice.

What Benefits Should the Right Software Bring to Me?

Here are some valuable tips for you to pay attention to and mistakes to avoid when choosing the right software.

Scalability

Consider the scalability of the software so that it can meet the needs of your company as it grows. You never know when your insurance company will experience exponential growth, so the software you choose needs to be able to handle mass processes such as:

• Licenses management
• Appointment management
• Continuing Education (CE) hours tracking
• Fast and bulk producer onboarding
• Quickly finding the information you need

Opt for software solutions that demonstrate the capacity to facilitate ongoing technological advancements. With this, you can make sure you are always using the newest and best that the technological market has to offer. The continuous updating of features to meet the needs of insurance companies is a key aspect that will make all the difference.

Versatility

The software should not focus on just one segment of the insurance industry. It should include features not only for your agency, but also for your MGAs, producers, and partners.

For that, the ideal solution offers levels of access for account owners, administrators, and users. Everyone will be able to use the same software but only have access to the information that’s pertinent to them.

Another functionality linked to versatility is the mobile app. Your producers, MGAs, and anyone else who needs to constantly travel will easily leverage the compliance software’s features.

Reputation

Through user reviews and the company’s reputation, you can gain insight on the software’s reliability. This way, you can easily gauge its quality before even trying out the free demo yourself.

Competitive Advantage

You know better than anyone that having a competitive advantage in the insurance industry can determine a company’s success.

A software solution that stands out and sets itself apart from the competition can give you a significant advantage in the insurance market.

Features

Of course, you don’t want software that only makes promises and falls short in practice. So, you should analyze not only the basic functionalities of insurance license tracking software but also the additional features, which we discuss later on.

What Features Should I Look for in an Insurance License Tracking Software?

The features of insurance license tracking software are specifically developed to help insurance agencies reduce compliance risks and optimize their processes.

To make it easier for you, we’ve listed the best features and services that insurance license management software has to offer.

Automated License Tracking with NIPR Integration

If you’ve been needing to manually check spreadsheets or calendars periodically to know the status of licenses, you can now consider that problem solved. With the automation and integration features of the software, you can check any status with just one click.

In addition, you don’t have to worry about keeping the data up to date. With automatic daily updates, you can access all appointments and licenses in real time.

Also, with NIPR integration, you no longer need to manually input any data. The software extracts all information directly from the source. This allows you to manage licenses in bulk, hence maximizing productivity.

This feature ensures that your insurance company saves valuable time and avoids errors resulting from manual processes.

Notifications and Alerts

Missing deadlines can be very easy without the right tool. Among the insurance license management software features available, the ability of the solution to notify you—and your team—of all pending tasks and commitments related to license renewals should be at the top of the list.

Imagine never having to worry about forgetting to renew a license again. With these notifications, you can anticipate and address any compliance issues that may arise.

The reminders and alerts give you enough time to gather the necessary documents, submit forms, and make license renewal fee payments. This way, you won’t miss any deadlines and keep everything organized, ensuring that the company is always in compliance.

Additionally, the ideal solution should also track appointment statuses and deadlines, as well as Continuing Education (CE) hours.

Centralized Platform

If you’re tired of having to access numerous websites or stacks of documents to get license information, your problems are over. A centralized platform helps you track the status of all producer licenses in one place.

Need to know which producer licenses will expire in one year? Three months? One week? You can access the dashboard and check the status of all licenses at once and identify which requires urgent attention. A dashboard that provides a comprehensive overview of licenses and producers saves hours of your day and minimizes compliance risks at the same time.

User-Friendly Interface

We know it can be frustrating to acquire software and realize they have complex dashboards and no indication of what to do. With an easy-to-use dashboard and a user-friendly interface, you and everyone on your team will immediately start using its functionalities.

A good software provider will always design the license tracking platform with the user in mind. All screens should be easy to understand, even without instructions and training.

Everyone wants an intuitive dashboard, but what’s even better is having customizable widgets on the platform. We can’t deny that with these conveniences, the users will have a positive experience, increase the solution adoption among the users, and minimize the necessary time to adapt to the new platform.

Mobile App

In the day-to-day operations of the insurance sector, many MGAs and producers often travel to meet clients and sell products. A solution that offers mobile versions greatly facilitates the lives of those who are not always in the office.

Having access at your fingertips allows you and your team to check and manage licenses anywhere, on the go. You can minimize compliance risks regardless of location or time, providing unparalleled convenience and freedom.

5-Star Support

Even with a user-friendly platform, it’s natural for questions to arise regarding license management functionalities. That’s where technical support comes into play. Some common inquiries include license activation failures, configuration errors, and compatibility issues with other systems.

Additionally, the support team should also listen to your feedback and implement new features according to your needs. That’s why they must also be open to feedback, suggestions, criticism, and more.

REST API Integration

Most insurance agencies utilize multiple software solutions, each with its own specifications, such as:

• Client management
• Data analysis
• Marketing
• License and appointment management

Your provider should offer API integration to help you easily integrate the solution with your main system, if necessary. With a REST API, for example, it’s possible to unify various systems, enabling them to securely share information and data.

This approach allows for achieving higher levels of efficiency, productivity, and innovation, standing out as a significant advantage in this sector.

Agenzee is Your Go-to Insurance License Tracking Software

After reading this article, you should now know the must-have features for an insurance license management software, such as:

• Automated License and Appointment Tracking
• Native NIPR Integration
• Timely Notifications and Alerts
• Centralized Platform
• User-Friendly Dashboard and Easy to use Interface
• Mobile App
• 5-Star Support
• API Integration

Lucky for you, Agenzee’s software offers all these benefits and much more! We have developed our solution to meet your specific needs regarding license management. Our focus is to simplify processes, provide a competitive advantage, and most importantly, keep you compliant.

Gather your team and ask them what you want to see from our software! We develop personalized demonstrations to show how you can make the most of all the features our platform has to offer.

If you’re curious and want to discover other functionalities and see them in action for yourself, contact us and schedule a free and personalized demo!