How is the Insurance Agents Onboarding Process at PSIC?

Which Information Will I Be Asked for?

Our commitment is to make this process as quick as possible. It implies asking you just for the essential information we need to set your profile and guarantee our customers that you accomplish the legal requirements. Let’s review them:

 
• Copy of license or NPN certificate
  For legal reasons, we need to validate that you are an active insurance producer. We will do that through your license or your National Producer Number (NPN) certificate. With this information, we will be able to access information about the states you are registered in and the products you are enabled to sell in each one.

 

• E&O policy
  Your Errors and Omissions policy is the insurance product that covers your back in case someone claims you made a mistake when providing your professional services. We hope you never need to use it, but for legal reasons, we must have a copy of this document.

 

• Broker bond
  If you are a licensed producer in California, you need to have an active bond as an additional liability backup. To onboard and enable you to sell our products in that state, we will need a copy of this document.

 

• W9 form
  The W9 form, also known as the Taxpayer Identification Number (TIN) and Certification form, is an Internal Revenue Service (IRS) tax form. If your agency is a sole individual one, the IRS requires us to collect your income tax identification information.

 

• Appointment questionnaire/Producer survey
  We will get to know you (as a producer) or your agency (as a broker) a little better through this document. It will be your professional presentation to us, where we will get to know your profile and trajectory. Please, keep in mind that this topic only applies to non-affiliated agents. Refer to the following section for more details.

 

Am I an Affiliated or a Non-Affiliated Agent?

We’re not sure, but let’s explore the difference, so that you can validate your situation.

 

Affiliated agents are insurance professionals who are associated with an insurance company that has a partnership with PSIC. That partnership allows agents working with them to offer PSIC’s products, after completing the onboarding process. If this is your case, you will be selling our products quicker. Keep in mind that the commercial terms of your agreement with PSIC will be ones agreed between us and the insurance company you are affiliated with.

 

Non-affiliated agents are insurance professionals who don’t have an active working relationship with any of the insurance companies that PSIC has a partnership with. The onboarding process will be longer (just a little) while we validate your information, but you will be able to set the commercial terms of your agreement with PSIC in a direct way, without any restrictions.

 

How Long Will the Onboarding Process Take?

Unfortunately, we cannot provide a direct answer to that question. There are many factors that may affect timeframes. Let’s take a look at some of them:

 
• Onboarding type: As we mentioned before, whether you are an affiliated or a non-affiliated agent will modify the process and its required time.
• Documents’ validation: If we find some missing files, an outdated document, or we need to perform any additional check, the process might take more time.
• Unforeseeable events: There could be other kinds of events like natural disasters that can impact our response time for your application.

 

What we can assure you is that we are committed to completing the onboarding process as soon as possible and our team will be dedicated to diligently and quickly managing your application.

 

 

Can PSIC Reject My Onboarding?

It’s not very common, but it might happen and there might be some different reasons. Let’s explore a few ones:

 
• Products: Like most companies, we have a sales strategy that guides our decisions. If the products you are allowed to sell will stop being commercialized by PSIC or, for any other reason, we need to reduce the sales amount, it will not be productive for you nor for us to begin working together.
• Location: Just like with the products, the states in which we have a presence are aligned with our commercial vision. It could happen that our presence is modified due to strategic issues or that, for other reasons, we stop incorporating independent agents to market our products in a specific area.
• Background: Our main goal at PSIC is to assure our policyholders that they will have the best service throughout their experience with PSIC. For this reason, if we detect any factor that makes us consider that your work style is not aligned with our values, we may decline your application.

 

How Will I be Notified When the Onboarding Is Finished?

Once our team finishes reviewing your application, you will receive an email with the next steps to create your account in our Producers Portal. There you will find all the information that will help you to have a deeper understanding of PSIC’s products and tutorials to guarantee you get the most out of working with us.

 

On the other hand, if your onboarding was not approved, not only will you receive this notification, but we will also indicate the reason for it.