Producer Lifecycle Management: The Long and Winding Road
A common term in insurance management is Producer Lifecycle Management (PLM). It means pretty much what you would expect: anything and everything to do with managing insurance agents, brokers, and advisors who are engaged in the sales and service of insurance products. PLM addresses all facets of producers: recruiting, onboarding, compliance/credentialing, compensation, portal technology that enables producer and carrier interaction, and reporting.
Because Producer Lifecycle Management, as a term, has been around for quite some time and is understood to be sort of a global term, most parties that are interested in PLM will become a little more granular and speak about specific steps in the Producer Lifecycle Management process, such as recruiting or onboarding. Very few clients or prospective clients contact us and say “I’m interested in Producer Lifecycle Management.” Rather, they tell us they are interested in certain steps or processes that are part of the larger Producer Lifecycle Management context. That prospective client will ask us about onboarding or compliance or compensation, rather than the more expansive Producer Lifecycle Management.
Point of fact: very few vendors actually have a solution that covers all of the varied steps that comprise Producer Lifecycle Management which is problematic for the customer. One of the few that manages the producer round trip is VUE. Some vendors have some elements that make up Producer Lifecycle Management, such as onboarding and compliance, but no compensation or performance analytics/reporting. Others have a compensation portal but no compliance or onboarding. From a buyer’s perspective, learning that no single platform handles all of the functions that make up Producer Lifecycle Management can be a little frustrating. We’ve known that for a long, long time; it doesn’t need to be this way.
When we talk about distribution modernization and call ourselves The Distribution Modernization Company, we have a simple reason: the VUE Distribution Management Suites are the only application suites designed from the ground up to manage all of the processes required to effectively handle the entire producer lifecycle. It is one of the main reasons we are the leader in distribution management.