This put up 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 obtained a strategy to examine your signs right here. However for those who’re pretty sure that compliance administration is costing your online business 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 correct place.
We’ve seen a little bit of the whole lot 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 executed 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 Prime Carriers Solved Them (In Their Personal Phrases)
There’s no disgrace in admitting that your online business might be managing compliance higher. In any case, it’s a fancy 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 all the time really feel like compliance is tied on to income, though it’s!
“Our lifeblood is our potential to promote. So, something that would doubtlessly inhibit that potential 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 so far). We’ve put collectively a information that factors to a approach ahead, letting different insurance coverage carriers let you know 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 wrestle
Many carriers discover themselves slowed down by legacy expertise 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 capabilities corresponding to promoting insurance policies, recruiting downstream distribution companions, and paying commissions. In the end, they impression each facet of your online business from prime to backside and may hinder your potential to function successfully.
“We had 4 full-time staff engaged on producer compliance administration and it could 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 might have preferred to work with earlier than.”
2. The breaking level
Most organizations attain a turning level once they understand they only can’t hold doing issues the way in which they’ve all the time executed them. Whether or not it’s discovering that handbook processes can’t scale along with your development, the danger of state charges and penalties for market conduct points, or the conclusion that you’ll want to overhaul the agent expertise to compete within the trendy insurance coverage market, one thing’s obtained to present! This breaking level is often years, if not a long time, 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 preserving observe of all 50 states’ rules. We knew there was simply no approach we have been ever going to catch up compliance-wise with out some kind of answer.”
- An AgentSync service buyer
3. Envisioning success
Generally it’s simpler to know what you don’t need than what you do. For insurance coverage carriers in search of a brand new strategy to handle compliance, it’s simple to get concerned about something that appears higher than the established order. However, to actually achieve success, it’s a must to know and outline what success seems to be 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 components of the enterprise are key markers of success.
“I all the time attempt to be considerate in regards to the person expertise, and particularly the expertise of our company companions. I wish to make certain their expertise working with us is optimistic. We have been on the lookout for an answer to make it simple and time-saving for them as a substitute of a destructive expertise that they begrudgingly get by way of.”
- An AgentSync service buyer
4. The seek for a greater approach
And so the hunt for a brand new approach 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 way of evaluating potential options highlights the fact that many techniques aren’t as trendy, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage service wants.
“After we have been evaluating compliance expertise options, the opposite merchandise appeared dated, bland, and didn’t appear to be customizable. They have been exhausting to navigate and exhausting to learn. Additionally they didn’t impress us with their insurance coverage {industry} experience. Actually, 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 thought!) companion with AgentSync. The explanations they accomplish that 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 information 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 obtained 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 expertise. AgentSync saved our topic consultants and employees concerned by way of each step all over a interval of stabilization, after implementation.”
- An AgentSync service buyer
6. Sit again, chill out, 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 outdoors distributors to the flexibility to reallocate inner headcount to extra impactful roles. In fact, the intangible advantages are vital, too. Insurance coverage service clients report higher peace of thoughts realizing they’ve obtained compliance on lock, higher worker and agent satisfaction with their processes, and a protracted listing 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 preserving each agent compliant for promoting.”
- An AgentSync service companion
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 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 most effective half and see how AgentSync might help you obtain the identical outcomes, get in contact with one among our compliance consultants in the present day.
Subjects
Carriers
Businesses