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How Prime Insurance coverage Carriers Are Revolutionizing Compliance Administration with AgentSync

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This submit 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 the event you’re not fully positive, we’ve acquired a option to examine your signs right here. However in case you’re pretty sure that compliance administration is costing your corporation an excessive amount of cash, taking too lengthy, and even deterring staff, company companions, or particular person producers from working with you, then you definately’re in the fitting place.

We’ve seen a little bit of all the things as we work with insurance coverage companies, carriers, and MGAs/MGUs to remodel 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 corporations that’ve been there.

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

There’s no disgrace in admitting that your corporation may very well be managing compliance higher. In spite of everything, it’s a posh and daunting job 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 at all times really feel like compliance is tied on to income, regardless that it’s!

“Our lifeblood is our capacity to promote. So, something that would doubtlessly inhibit that capacity 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 clients we’ve partnered with to this point). We’ve put collectively a information that factors to a method 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 typical wrestle

Many carriers discover themselves slowed down by legacy expertise and guide processes. These components make managing producer compliance a time-consuming and error-prone job that nobody needs to do! These challenges can stall important features comparable to promoting insurance policies, recruiting downstream distribution companions, and paying commissions. Finally, they impression each side of your corporation from prime to backside and might hinder your capacity to function successfully.

“We had 4 full-time staff 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 really 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 once they notice they simply can’t hold doing issues the best way they’ve at all times executed them. Whether or not it’s discovering that guide processes can’t scale along with your development, the chance of state charges and penalties for market conduct points, or the conclusion that you should overhaul the agent expertise to compete within the trendy insurance coverage market, one thing’s acquired to provide! This breaking level is normally years, if not a long time, 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 maintaining observe of all 50 states’ rules. We knew there was simply no method we have been ever going to catch up compliance-wise with out some form of answer.”

  • 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 option to handle compliance, it’s straightforward to get fascinated about something that appears higher than the established order. However, to really achieve success, it’s important to know and outline what success appears like at your group.

Sometimes, this includes automation, effectivity, and an improved expertise for inner workers and downstream companions alike. For a lot of AgentSync clients, 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 components of the enterprise are key markers of success.

“I at all times attempt to be considerate in regards to the consumer expertise, and particularly the expertise of our company companions. I wish to be certain their expertise working with us is optimistic. We have been searching for an answer to make it straightforward and time-saving for them as an alternative of a unfavorable expertise that they begrudgingly get by way of.”

  • An AgentSync service buyer

4. The seek for a greater method

And so the hunt for a brand new method 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 way of evaluating potential options highlights the fact that many programs aren’t as trendy, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage service wants.

“Once we have been evaluating compliance expertise options, the opposite merchandise seemed dated, bland, and didn’t appear to be customizable. They have been exhausting to navigate and exhausting to learn. In addition they didn’t impress us with their insurance coverage {industry} experience. In reality, 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!) accomplice with AgentSync. The explanations they achieve this span from our agile and nimble expertise to our unparalleled implementation and help groups. Add on prime 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 acquired 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 comfy with new course of and expertise. AgentSync stored our topic specialists and workers concerned by way of 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 outstanding transformations of their compliance administration that translate into measurable ROI: all the things from saving cash beforehand spent on a number of outdoors distributors to the power to reallocate inner headcount to extra impactful roles. In fact, the intangible advantages are important, too. Insurance coverage service clients report higher peace of thoughts figuring out they’ve acquired compliance on lock, higher worker and agent satisfaction with their processes, and an extended listing 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 maintaining 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 could 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 the perfect half and see how AgentSync can assist you obtain the identical outcomes, get in contact with certainly one of our compliance specialists right now.

Subjects
Carriers
Businesses

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