This publish is a part of a sequence sponsored by AgentSync.
The insurance coverage business 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, day-to-day, we’re seeing that development change. Sometime this trickle of early adopters of insurance coverage compliance and producer administration tech will discover itself an entire flood as inside stakeholders and state regulators alike cease shopping for a shoulder shrug and a “that’s how we’ve at all times completed it” as a convincing motive for noncompliance.
With quite a lot of tech-based compliance options in the marketplace (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? Follow us and we’ll offer you six convincing causes.
1. Velocity issues for producers, brokers, brokers, and customers
AgentSync Handle and Autopilot take an company’s or provider’s duties from hours of handbook knowledge entry, together with cross-referencing web sites and spreadsheets, to a couple minutes of exercise in a single platform.
Utilizing APIs, cloud-native, and low-code tech options, AgentSync’s sturdy integrations and unparalleled knowledge accuracy breaks by way of the milieu of outdated legacy tech to revolutionize operations and compliance within the insurance coverage department of the monetary providers business. This issues when the distinction between you and the competitors comes right down to speed-to-quote or speed-to-bind.
Should you put your brokers and brokers on ice when you generate quotes, or worse, you ship straightforward quotes with zero license validation for assurance that it’s good, certified enterprise, then you definitely danger shedding to a competitor. Or shedding enterprise to license verification missteps. Regardless, handbook compliance and handbook producer administration on this respect are straightforward methods to make a poor impression in your customers.
Since some traces of enterprise gained’t see any direct connection between a provider and the tip consumer till that first premium examine is written, impressing them with correct and well timed enterprise processes is a should.
2. Scale back danger by placing fashionable compliance all over the place
Should you’re already engaged on legacy tech, you don’t need your compliance answer to look the identical: dated, advanced, custom-coded, and tough to make use of. Managing compliance “the best way you at all times have” with sluggish, handbook programs means taking large dangers: monetary, authorized, reputational, and extra.
AgentSync is dedicated to constructing insurance coverage infrastructure that’s present, computerized, and built-in into a corporation’s full tech stack. We constructed the first-of-its-kind API built-in with the business’s supply of reality, giving our prospects a style of insurance coverage licensing and compliance knowledge up to date throughout all their programs each day.
Our APIs weave compliance and agent administration by way of our prospects’ whole ecosystems, giving them the ability to cease violations earlier than they occur, and all with much less handbook hands-on time. By working computerized license validation processes – no human contact obligatory until it comes again with a crimson flag! – you may 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 knowledge and spend much less time saying, “however what does it imply?“
It’s not nearly high quality knowledge – state variations in licensing and knowledge interpretation make 1:1 comparisons tough. AgentSync humanizes and contextualizes knowledge, 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 knowledge at their fingertips, and may instantly act on it.
Should you don’t perceive the significance of your employees taking speedy motion in your knowledge, possibly you missed level No. 1, however we’ll reiterate right here, pace equates to belief in lots of industries, so long as that pace is paired with accuracy. With AgentSync’s integrations, and knowledge sourced each day from the business’s supply of reality, it’s each/and.
4. Make change quick
Generally that you must pivot in enterprise, and adjustments of just about any form really feel very dramatic whenever you’re strapped to legacy programs like Wile E Coyote to an ACME weapon in a Roadrunner cartoon.
Because the business’s first cloud-native answer, AgentSync has introduced low-code options to life, permitting us to nimbly tackle state regulatory adjustments and customizations. Through the use of low-code fixes, we will change path in response to state adjustments (like, for example, Texas’s and Kansas’s full overhauls of producer regulation in 2021) or to bespoke buyer wants.
5. Future-proof your small business
Late adopters to the automated compliance and producer administration development will discover themselves doing a cowboy shuffle on an empty dancefloor. Put one other means, at the moment’s tech is already figuring out tomorrow’s high canine within the insurance coverage business.
We serve the fastest-growing firms in insurance coverage in addition to legacy companies, clearly demonstrating our potential to assist prospects use superior knowledge to develop and scale whereas decreasing danger and remaining compliant.
Good companies are shedding endurance with onboarding processes and distributors that take months to carry on new brokers after 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 handbook knowledge entry.
6. Be a part of the long run
Our improvements have already modified business expectations for compliance and agent administration, and we’re simply getting began.
Don’t simply take our phrase for it:
“Once we have been evaluating compliance know-how options, the opposite merchandise regarded dated, bland, and didn’t appear to be customizable. They have been onerous to navigate round, and onerous to learn. AgentSync was the alternative. It felt cutting-edge and the interface was interesting to take a look at,” mentioned Matt Brockmeier, Enterprise Growth Specialist at Veterans United Insurance coverage and an AgentSync buyer. “AgentSync confirmed a degree of insurance coverage business experience that we didn’t see in different distributors we have been taking a look at. A few of them didn’t actually appear that aware of the business.”
Should you’re able to discover what the way forward for compliance and producer administration seem like in your group, take a look at a demo at the moment.