Maintaining current licensing information for insurance-producers is a crucial but time-consuming task. Many agencies are still tracking upcoming renewals and expirations on spreadsheets housed on internal servers or individual computers. This approach might work reasonably well, provided agents are licensed in a limited number of jurisdictions.
However, when more agents are added to the roster (or an agency expands their services into more territories, or the one person who has been tasked with monitoring renewals for the last decade leaves the organization), keeping track of the details can quickly devolve into a paperwork nightmare.
Perr&Knight has been offering renewals as part of our insurance licensing services for years. Our team submits, monitors and tracks producer licensing in all jurisdictions across all lines of business. Eight years ago, we developed software enabling us internally to track and monitor licensing status. We have recently released an updated version that our insurance licensing clients now have the ability to access via online portal.
Introducing the new License Reporter
LicenseReporter.com is Perr&Knight’s online license reporting solution for our current insurance licensing services clients. This web-based software permits clients to log in via any web-enabled device to check the status of recent, past, and upcoming renewals. While our licensing department team continues to manually manage the submission of forms to state Departments of Insurance (DOI) on behalf of insurance agents and agencies, LicenseReporter.com enables our clients to access a transparent view of the various licensing processes.
Using LicenseReporter.com, license and appointment data can be searched by a range of key criteria, including:
- Agent Name
- Agency Name
- Agency & Affiliated Agents
- Expiration Dates (date range)
- Line of Authority
- License Type
Increase transparency, reduce risk
LicenseReporter.com provides a new level of transparency into the insurance licensing and renewals timeline on a nationwide scale. By increasing insight into the licensing process, agencies establish more control, thus reducing the risk of information falling into a black hole or becoming trapped in administrative purgatory upon in-house staff turnover.
LicenseReporter.com was developed to increase efficiency for Perr&Knight’s insurance licensing services teams, but also provides the following valuable benefits for our clients:
Eliminate email back-and-forth – Answer questions immediately by letting HR managers or licensing analysts view the current status of all submissions, 24/7, from any web-enabled device
Reduce the risk of accidental expiration – Ensure all agents are operating with current licenses
Become aware of upcoming renewals – Monitor upcoming renewals
Ensure correct jurisdictional licensing – Confirm agents are properly licensed in all areas before expanding business into new territories
Access proof of current license – LicenseReporter.com enables us to attach relevant documents, including a copy of the agent’s current license, or web verification from the state, saving space in the file cabinet and the time required to access a copy of the license, if necessary
Who should use Perr&Knight’s producer licensing and appointment services?
We manage licensing services for agencies of all sizes and scope. However, for certain agencies, our licensing services (including LicenseReporter.com) can be especially beneficial. These agencies include:
- Insurance start-ups
- Insurtech companies
- Agencies with limited in-house support
- Agencies operating in 5 or more states
Peace of mind managing license renewals
We developed LicenseReporter.com to solve an important issue that drains valuable time and resources from insurance agencies. By offloading the licensing process onto Perr&Knight’s experienced producer licensing services team then monitoring progress via online portal, insurance agencies can make sure all agent licenses are up to date while freeing their internal teams from managing minutiae.