How High Insurance coverage Carriers Are Revolutionizing Compliance Administration with AgentSync

This publish is a part of a sequence sponsored by AgentSync.

Does your group have a compliance downside?

It’s OK. We received’t inform anybody.

In case you’re not fully positive, we’ve bought a strategy to examine your signs right here. However when you’re pretty sure that compliance administration is costing your corporation an excessive amount of cash, taking too lengthy, and even deterring workers, company companions, or particular person producers from working with you, you then’re in the appropriate place.

We’ve seen a little bit of every little thing as we work with insurance coverage companies, carriers, and MGAs/MGUs to remodel the way in which they handle producer and adjuster license compliance. Whether or not you’re nonetheless dealing with state licenses on paper or paying a number of costly distributors to handle it for you (and nonetheless not feeling assured it’s finished proper), we all know different firms that’ve been there.

CTA/button: Obtain Does This Sound Acquainted? A Information to the Most Widespread Distribution Workforce Compliance Challenges and How High Carriers Solved Them (In Their Personal Phrases)

There’s no disgrace in admitting that your corporation might be managing compliance higher. In any case, it’s a fancy and daunting activity to ensure each producer, adjuster, and dually licensed broker-dealer is licensed and appointed appropriately for each line of enterprise in each jurisdiction. Plus, it doesn’t all the time really feel like compliance is tied on to income, although it’s!

“Our lifeblood is our skill to promote. So, something that would doubtlessly inhibit that skill in any state, on any given day, has actual impacts.”

  • An AgentSync MGA buyer

So, if compliance is a ache level at your group, we are able to empathize (as can the entire prospects we’ve partnered with to date). We’ve put collectively a information that factors to a means ahead, letting different insurance coverage carriers let you know in their very own phrases how making the swap to AgentSync reworked their worlds.

Six levels of compliance woes

1. The “Earlier than” state of affairs: A standard battle

Many carriers discover themselves slowed down by legacy know-how and guide processes. These elements make managing producer compliance a time-consuming and error-prone activity that nobody needs to do! These challenges can stall important features resembling promoting insurance policies, recruiting downstream distribution companions, and paying commissions. Finally, they influence each facet of your corporation from high to backside and might hinder your skill to function successfully.

“We had 4 full-time workers engaged on producer compliance administration and it might nonetheless take us two and a half or three months, and even longer, to get brokers processed. The size of this course of was truly a deterrent to brokers and companies we’d have favored to work with earlier than.”

2. The breaking level

Most organizations attain a turning level after they understand they only can’t preserve doing issues the way in which they’ve all the time finished them. Whether or not it’s discovering that guide processes can’t scale together with your development, the danger of state charges and penalties for market conduct points, or the belief that you have to overhaul the agent expertise to compete within the trendy insurance coverage market, one thing’s bought to offer! This breaking level is normally years, if not many years, within the making.

“We determined it was too huge of an ask, particularly of our two-person compliance group on the time, to manually handle appointments and licensing, and preserving monitor of all 50 states’ laws. We knew there was simply no means we had been ever going to catch up compliance-wise with out some type of answer.”

  • An AgentSync provider buyer

3. Envisioning success

Typically it’s simpler to know what you don’t need than what you do. For insurance coverage carriers looking for a brand new strategy to handle compliance, it’s simple to get eager about something that appears higher than the established order. However, to actually achieve success, you need to know and outline what success appears like at your group.

Usually, this entails automation, effectivity, and an improved expertise for inner employees and downstream companions alike. For a lot of AgentSync prospects, particular objectives like shortening the agent onboarding time, saving cash on pointless appointments, and having a compliance course of that strikes as rapidly as different elements of the enterprise are key markers of success.

“I all the time attempt to be considerate concerning the consumer expertise, and particularly the expertise of our company companions. I need to ensure their expertise working with us is optimistic. We had been searching for an answer to make it simple and time-saving for them as a substitute of a destructive expertise that they begrudgingly get via.”

  • An AgentSync provider buyer

4. The seek for a greater means

And so the hunt for a brand new means of doing issues begins. Whereas at first look the market appears flooded with choices, many carriers quickly understand there are too many guarantees and never sufficient proof. The journey via evaluating potential options highlights the truth that many methods aren’t as trendy, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage provider wants.

“After we had been evaluating compliance know-how options, the opposite merchandise regarded dated, bland, and didn’t appear to be customizable. They had been onerous to navigate and onerous to learn. In addition they didn’t impress us with their insurance coverage {industry} experience. The truth is, some appeared fairly unfamiliar with the {industry}.”

  • An AgentSync company buyer

5. Enter: AgentSync

After seeing what’s on the market to select from, insurance coverage carriers (and companies, MGAs, MGUs, BPOs, FMOs…you get the concept!) associate with AgentSync. The explanations they accomplish that span from our agile and nimble know-how to our unparalleled implementation and assist groups. Add on high of that our trendy interface that’s intuitive and user-friendly; our accurate-to-the-day knowledge pulled from the {industry}’s sources of fact like NIPR, FINRA, and others; and our deep in-house insurance coverage {industry} experience, and also you’ve bought a recipe not only for success however for transformation.

“Regardless of how good an answer could look, it’s our folks that must be snug with new course of and know-how. AgentSync stored our topic consultants and employees concerned via each step all through a interval of stabilization, after implementation.”

  • An AgentSync provider buyer

6. Sit again, loosen up, and benefit from the ROI

Carriers leveraging AgentSync have seen outstanding transformations of their compliance administration that translate into measurable ROI: every little thing from saving cash beforehand spent on a number of exterior distributors to the power to reallocate inner headcount to extra impactful roles. In fact, the intangible advantages are vital, too. Insurance coverage provider prospects report higher peace of thoughts understanding they’ve bought compliance on lock, higher worker and agent satisfaction with their processes, and an extended checklist of different advantages.

“AgentSync tracks key compliance knowledge and automates duties that we beforehand needed to go to a number of web sites and sources to deal with. It’s additionally arrange for Simply-in-Time Appointments, which saves us cash whereas preserving each agent compliant for promoting.”

  • An AgentSync provider associate

The place are you at in your compliance administration journey?

If any (or all) of those levels of compliance woes resonate with you, we’d prefer to suggest that AgentSync would be the answer you’ve been wanting (or wishing) for. To learn extra about different insurance coverage carriers who’ve skilled the six levels of compliance woes themselves, and the way AgentSync radically reworked their companies, obtain our free information now.

If you wish to skip to one of the best half and see how AgentSync will help you obtain the identical outcomes, get in contact with certainly one of our compliance consultants at this time.


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