This submit is a part of a sequence sponsored by AgentSync.
Does your group have a compliance drawback?
It’s OK. We gained’t inform anybody.
In the event you’re not solely positive, we’ve acquired a strategy to verify your signs right here. However when you’re pretty sure that compliance administration is costing your enterprise an excessive amount of cash, taking too lengthy, and even deterring workers, company companions, or particular person producers from working with you, then you definitely’re in the suitable place.
We’ve seen a little bit of the whole lot as we work with insurance coverage businesses, 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 achieved proper), we all know different firms that’ve been there.
CTA/button: Obtain Does This Sound Acquainted? A Information to the Most Frequent Distribution Workforce Compliance Challenges and How High Carriers Solved Them (In Their Personal Phrases)
There’s no disgrace in admitting that your enterprise might be managing compliance higher. In any case, it’s a fancy and daunting process 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, regardless that it’s!
“Our lifeblood is our capacity to promote. So, something that would probably 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 the entire clients we’ve partnered with to date). 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 change to AgentSync reworked their worlds.
Six phases of compliance woes
1. The “Earlier than” state of affairs: 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 process that nobody needs to do! These challenges can stall important features reminiscent of promoting insurance policies, recruiting downstream distribution companions, and paying commissions. Finally, they affect each facet of your enterprise from high to backside and may hinder your capacity 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 really 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 after they understand they only can’t hold doing issues the best way they’ve at all times achieved them. Whether or not it’s discovering that handbook processes can’t scale along with your development, the chance of state charges and penalties for market conduct points, or the belief that you might want to overhaul the agent expertise to compete within the fashionable insurance coverage market, one thing’s acquired to offer! This breaking level is normally years, if not many years, within the making.
“We determined it was too large of an ask, particularly of our two-person compliance group on the time, to manually handle appointments and licensing, and protecting monitor of all 50 states’ laws. We knew there was simply no method we had been ever going to catch up compliance-wise with out some type of resolution.”
- 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 searching for a brand new strategy to handle compliance, it’s straightforward to get focused on something that appears higher than the established order. However, to really achieve success, you must 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 clients, particular objectives like shortening the agent onboarding time, saving cash on pointless appointments, and having a compliance course of that strikes as shortly 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 need to make certain their expertise working with us is constructive. We had been on the lookout for an answer to make it straightforward and time-saving for them as an alternative of a damaging expertise that they begrudgingly get by means of.”
- An AgentSync provider 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 understand there are too many guarantees and never sufficient proof. The journey by means of evaluating potential options highlights the fact that many techniques aren’t as fashionable, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage provider 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 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 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 help 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 acquired a recipe not only for success however for transformation.
“Irrespective of how good an answer might look, it’s our folks that have to be snug with new course of and know-how. AgentSync stored our topic specialists and employees concerned by means of each step during a interval of stabilization, after implementation.”
- An AgentSync provider 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: the whole lot 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 important, too. Insurance coverage provider clients report higher peace of thoughts realizing they’ve acquired compliance on lock, better worker and agent satisfaction with their processes, and a protracted record 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 protecting each agent compliant for promoting.”
- An AgentSync provider accomplice
The place are you at in your compliance administration journey?
If any (or all) of those phases of compliance woes resonate with you, we’d wish to suggest that AgentSync stands out as the resolution you’ve been wanting (or wishing) for. To learn extra about different insurance coverage carriers who’ve skilled the six phases 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 may help you obtain the identical outcomes, get in contact with one in all our compliance specialists immediately.
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