Agency Licenses
Managing all of your licenses in one place.
Jul 29, 2024
Now in Insuretrek, you can manage everything about your agency licenses. Couple this with managing the licenses of all of your producers, and now agencies are able to manage the end-to-end process for non-residential licenses all in one application.
Why include agency licenses?
Agency licenses are just as important to small and medium size insurance agencies as their producer licensing is. In fact, even if you're one person, you have to make sure that your agency is licensed and compliant wherever you want to do business. There are also different complexities to agency licensing that we don't see on the producer side. For example, you have to make sure to fill out things like ownership details and a designated responsible, licensed producer (DRLP) for each state you want to do business in. This could be a lot to think about, especially for agencies who are growing or expanding their business. So, we wanted to make it as easy as possible inside of Insuretrek.
What's different about agency licenses?
We built agency licenses from the ground up. One of the key differences in agency licenses is that since you can only be licensed in 52 jurisdictions, all of your licenses can live in one place. So, instead of a dynamic list of statuses for licenses like you have on the producer side, for agency licenses you can see everything on one screen.
Agency licenses still have background questions, but instead of employment history, you have to fill out ownership information that we send in to each jurisdiction. Just like on the producer side, we make it easy for you to fill out this information once and reuse your answers for any application or renewal down the line.
Lastly, most states tie your agency license to the license of the DRLP. So, we've made sure it's really easy to see the status of your agency license based on the status of the DRLP's license expiration information.
How's it work?
If it's your first time working with agency licenses in Insuretrek, the first thing you want to do is to pull your current licenses from NIPR. You can do that by heading to your Agency Licenses screen and refreshing licenses from the menu at the top right of the screen.
Next, if you want to apply for a new state, click "States" from the top right of the screen. Here you can pick which state and which LOA you'd like to activate, assign a DRLP, and then you'll see it on your home screen.
From your home screen, Insuretrek will tell you if any of the background information required to apply for a license is missing. You can click the alerts on the screen, or find all of this information in your "My Agency" menu.
Once you have all of the information required to apply for a license, Insuretrek will automatically apply and keep track of the status of your agency's license. Like always, we'll send you a note if you need to manually intervene.
Special Cases
The states of Massachusetts and Washington both require additional information to apply for a new state, so they're not yet supported in Insuretrek. To apply for these licenses, we recommend heading to NIPR directly. Once these licenses are active, we will automatically see their status and help you renew them if necessary.
Not all states report the assigned DRLP back to NIPR. So if you see an active license, but no DRLP assigned, no need to worry. We will alert you if anything goes wrong.
Wrap Up
We think being able to manage your agency licenses in Insuretrek is the next step in saving you and your team time thinking about licenses. We're excited to hear what you think, and if there are any new features around agency licenses that would make your life easier.
If you haven't gotten started yet, we think this is a great time to give Insuretrek a try. You can create an account below, and if you sign up as an agency, we'll automatically pull your current agency licenses into the app.
Let us know what you think!
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