This submit is a part of a collection sponsored by AgentSync.
Does your group have a compliance downside?
It’s OK. We received’t inform anybody.
In the event you’re not completely positive, we’ve bought a strategy to examine your signs right here. However in case you’re pretty sure that compliance administration is costing what you are promoting an excessive amount of cash, taking too lengthy, and even deterring workers, company companions, or particular person producers from working with you, then you definately’re in the precise place.
We’ve seen a little bit of all the pieces as we work with insurance coverage businesses, carriers, and MGAs/MGUs to rework the best way 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 executed proper), we all know different firms that’ve been there.
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There’s no disgrace in admitting that what you are promoting might be managing compliance higher. In any case, it’s a posh and daunting job to verify 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 at all times really feel like compliance is tied on to income, although it’s!
“Our lifeblood is our means to promote. So, something that would probably inhibit that means 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 will empathize (as can all the prospects we’ve partnered with to this point). We’ve put collectively a information that factors to a means ahead, letting different insurance coverage carriers inform you in their very own phrases how making the change to AgentSync reworked their worlds.
Six levels of compliance woes
1. The “Earlier than” situation: A standard battle
Many carriers discover themselves slowed down by legacy know-how and handbook processes. These elements make managing producer compliance a time-consuming and error-prone job that nobody needs to do! These challenges can stall important features equivalent to promoting insurance policies, recruiting downstream distribution companions, and paying commissions. Finally, they influence each side of what you are promoting from high to backside and may hinder your means to function successfully.
“We had 4 full-time workers engaged on producer compliance administration and it will 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 businesses we might have favored to work with earlier than.”
2. The breaking level
Most organizations attain a turning level once they notice they only can’t hold doing issues the best way they’ve at all times executed them. Whether or not it’s discovering that handbook processes can’t scale together with your progress, the danger of state charges and penalties for market conduct points, or the belief that you could overhaul the agent expertise to compete within the fashionable insurance coverage market, one thing’s bought to provide! This breaking level is often years, if not a long time, within the making.
“We determined it was too huge of an ask, particularly of our two-person compliance crew on the time, to manually handle appointments and licensing, and conserving monitor of all 50 states’ rules. We knew there was simply no means we had been ever going to catch up compliance-wise with out some type of resolution.”
- An AgentSync service buyer
3. Envisioning success
Typically it’s simpler to know what you don’t need than what you do. For insurance coverage carriers searching for a brand new strategy to handle compliance, it’s straightforward to get involved in something that appears higher than the established order. However, to really achieve success, you must know and outline what success appears to be like like at your group.
Usually, this includes automation, effectivity, and an improved expertise for inside employees and downstream companions alike. For a lot of AgentSync prospects, particular targets 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 at all times attempt to be considerate concerning the person expertise, and particularly the expertise of our company companions. I wish to be certain their expertise working with us is optimistic. We had been searching for an answer to make it straightforward and time-saving for them as an alternative of a detrimental expertise that they begrudgingly get by.”
- An AgentSync service 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 notice there are too many guarantees and never sufficient proof. The journey by evaluating potential options highlights the truth that many methods aren’t as fashionable, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage service wants.
“Once we had been evaluating compliance know-how options, the opposite merchandise seemed dated, bland, and didn’t appear to be customizable. They had been laborious to navigate and laborious to learn. In addition they didn’t impress us with their insurance coverage {industry} experience. In truth, 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 businesses, MGAs, MGUs, BPOs, FMOs…you get the thought!) accomplice with AgentSync. The explanations they achieve this span from our agile and nimble know-how to our unparalleled implementation and assist groups. Add on high of that our fashionable interface that’s intuitive and user-friendly; our accurate-to-the-day information pulled from the {industry}’s sources of reality 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.
“Irrespective of how good an answer could look, it’s our people who have to be snug with new course of and know-how. AgentSync saved our topic consultants and employees concerned by each step all through a interval of stabilization, after implementation.”
- An AgentSync service buyer
6. Sit again, calm down, and benefit from the ROI
Carriers leveraging AgentSync have seen exceptional transformations of their compliance administration that translate into measurable ROI: all the pieces from saving cash beforehand spent on a number of exterior distributors to the power to reallocate inside headcount to extra impactful roles. After all, the intangible advantages are important, too. Insurance coverage service prospects report higher peace of thoughts understanding they’ve bought compliance on lock, larger worker and agent satisfaction with their processes, and a protracted checklist of different advantages.
“AgentSync tracks key compliance information 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 conserving each agent compliant for promoting.”
- An AgentSync service accomplice
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 often is the resolution you’ve been trying (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 the very best half and see how AgentSync will help you obtain the identical outcomes, get in contact with one in all our compliance consultants at present.
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