This submit is a part of a collection sponsored by AgentSync.
The insurance coverage trade has been sluggish to undertake digital-first frameworks for doing enterprise, and the a part of the enterprise that offers with compliance and regulation change administration much more so.
However, daily, we’re seeing that development change. Sometime this trickle of early adopters of insurance coverage compliance and producer administration tech will discover itself a complete flood as inner stakeholders and state regulators alike cease shopping for a shoulder shrug and a “that’s how we’ve at all times accomplished it” as a convincing purpose for noncompliance.
With quite a lot of tech-based compliance options available on the market (and no, we’re not counting a digital spreadsheet as a tech-based compliance answer, sorry, not sorry), why are extra firms turning to AgentSync? Persist with us and we’ll offer you six convincing causes.
1. Velocity issues for producers, brokers, brokers, and shoppers
AgentSync Handle and Autopilot take an company’s or service’s duties from hours of guide information entry, together with cross-referencing web sites and spreadsheets, to some minutes of exercise in a single platform.
Utilizing APIs, cloud-native, and low-code tech options, AgentSync’s sturdy integrations and unparalleled information accuracy breaks by the milieu of outdated legacy tech to revolutionize operations and compliance within the insurance coverage department of the monetary providers trade. This issues when the distinction between you and the competitors comes right down to speed-to-quote or speed-to-bind.
If you happen to put your brokers and brokers on ice when you generate quotes, or worse, you ship simple quotes with zero license validation for assurance that it’s good, certified enterprise, you then threat shedding to a competitor. Or shedding enterprise to license verification missteps. Regardless, guide compliance and guide producer administration on this respect are simple methods to make a poor impression in your shoppers.
Since some strains of enterprise gained’t see any direct connection between a service and the top consumer till that first premium verify is written, impressing them with correct and well timed enterprise processes is a should.
2. Cut back threat by placing trendy compliance all over the place
If you happen to’re already engaged on legacy tech, you don’t need your compliance answer to look the identical: dated, advanced, custom-coded, and troublesome to make use of. Managing compliance “the way in which you at all times have” with sluggish, guide methods means taking massive dangers: monetary, authorized, reputational, and extra.
AgentSync is dedicated to constructing insurance coverage infrastructure that’s present, automated, and built-in into a company’s full tech stack. We constructed the first-of-its-kind API built-in with the trade’s supply of reality, giving our clients a style of insurance coverage licensing and compliance information up to date throughout all their methods every day.
Our APIs weave compliance and agent administration by our clients’ whole ecosystems, giving them the facility to cease violations earlier than they occur, and all with much less guide hands-on time. By operating automated license validation processes – no human contact mandatory until it comes again with a purple flag! – you’ll be able to guarantee compliance at each level of the gross sales cycle, avoiding expensive regulatory errors, fee clawbacks, or, for adjusters, even fraudulent payouts.
3. Perceive your information and spend much less time saying, “however what does it imply?“
It’s not nearly high quality information – state variations in licensing and information interpretation make 1:1 comparisons troublesome. AgentSync humanizes and contextualizes information, explaining what it means state to state. For insurance coverage companies struggling to do extra with much less, this implies employees want fewer hours and fewer coaching to make sense of the data at their fingertips, and might instantly act on it.
If you happen to don’t perceive the significance of your employees taking speedy motion in your information, possibly you missed level No. 1, however we’ll reiterate right here, velocity equates to belief in lots of industries, so long as that velocity is paired with accuracy. With AgentSync’s integrations, and information sourced every day from the trade’s supply of reality, it’s each/and.
4. Make change quick
Typically you have to pivot in enterprise, and modifications of virtually any type really feel very dramatic while you’re strapped to legacy methods like Wile E Coyote to an ACME weapon in a Roadrunner cartoon.
Because the trade’s first cloud-native answer, AgentSync has introduced low-code options to life, permitting us to nimbly handle state regulatory modifications and customizations. Through the use of low-code fixes, we are able to change course in response to state modifications (like, as an illustration, Texas’s and Kansas’s full overhauls of producer regulation in 2021) or to bespoke buyer wants.
5. Future-proof what you are promoting
Late adopters to the automated compliance and producer administration development will discover themselves doing a cowboy shuffle on an empty dancefloor. Put one other manner, at this time’s tech is already figuring out tomorrow’s prime canines within the insurance coverage trade.
We serve the fastest-growing firms in insurance coverage in addition to legacy companies, clearly demonstrating our means to assist clients use superior information to develop and scale whereas lowering threat and remaining compliant.
Good companies are shedding persistence with onboarding processes and distributors that take months to deliver on new brokers once they know others can do it in weeks and even days. They don’t settle for that their operations division has to spend nights and weekends on guide information entry.
6. Be part of the long run
Our improvements have already modified trade expectations for compliance and agent administration, and we’re simply getting began.
Don’t simply take our phrase for it:
“Once we had been evaluating compliance expertise options, the opposite merchandise appeared dated, bland, and didn’t appear to be customizable. They had been onerous to navigate round, and onerous to learn. AgentSync was the other. It felt cutting-edge and the interface was interesting to take a look at,” stated Matt Brockmeier, Enterprise Improvement Specialist at Veterans United Insurance coverage and an AgentSync buyer. “AgentSync confirmed a degree of insurance coverage trade experience that we didn’t see in different distributors we had been taking a look at. A few of them didn’t actually appear that accustomed to the trade.”
If you happen to’re able to discover what the way forward for compliance and producer administration appear like to your group, try a demo at this time.
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