This publish is a part of a sequence sponsored by AgentSync.
Does your group have a compliance downside?
It’s OK. We received’t inform anybody.
For those who’re not totally positive, we’ve bought a method to examine your signs right here. However when 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, you then’re in the precise place.
We’ve seen a little bit of every part as we work with insurance coverage businesses, carriers, and MGAs/MGUs to rework 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 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 what you are promoting may very well be managing compliance higher. In any case, it’s a posh 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, though it’s!
“Our lifeblood is our skill to promote. So, something that would doubtlessly inhibit that skill 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 are able to empathize (as can the entire prospects 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 remodeled their worlds.
Six levels of compliance woes
1. The “Earlier than” state of affairs: A standard battle
Many carriers discover themselves slowed down by legacy expertise and guide processes. These components make managing producer compliance a time-consuming and error-prone process 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 what you are promoting from prime to backside and might hinder your skill to function successfully.
“We had 4 full-time workers engaged on producer compliance administration and it might 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 appreciated to work with earlier than.”
2. The breaking level
Most organizations attain a turning level once they notice they only can’t preserve doing issues the way in which they’ve at all times executed them. Whether or not it’s discovering that guide processes can’t scale together with your development, the chance of state charges and penalties for market conduct points, or the conclusion that it is advisable to overhaul the agent expertise to compete within the fashionable insurance coverage market, one thing’s bought to offer! This breaking level is normally years, if not a long time, within the making.
“We determined it was too massive of an ask, particularly of our two-person compliance group on the time, to manually handle appointments and licensing, and conserving 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 kind of resolution.”
- 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 method to handle compliance, it’s simple to get fascinated by something that appears higher than the established order. However, to really achieve success, it’s a must to know and outline what success seems to be like at your group.
Sometimes, this entails automation, effectivity, and an improved expertise for inside employees and downstream companions alike. For a lot of AgentSync prospects, 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 elements of the enterprise are key markers of success.
“I at all times attempt to be considerate concerning the consumer expertise, and particularly the expertise of our company companions. I wish to make sure their expertise working with us is optimistic. We had been in search of an answer to make it simple and time-saving for them as an alternative of a detrimental expertise that they begrudgingly get by means 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 means of evaluating potential options highlights the truth that many programs aren’t as fashionable, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage service wants.
“After we had been evaluating compliance expertise options, the opposite merchandise seemed dated, bland, and didn’t appear to be customizable. They had been onerous to navigate and onerous to learn. Additionally they didn’t impress us with their insurance coverage {industry} experience. In actual fact, 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!) companion with AgentSync. The explanations they accomplish that span from our agile and nimble expertise to our unparalleled implementation and assist groups. Add on prime 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 those who must be snug with new course of and expertise. AgentSync stored our topic consultants and employees concerned by means of each step throughout 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: every part from saving cash beforehand spent on a number of outdoors distributors to the flexibility 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, better worker and agent satisfaction with their processes, and an extended 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 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 stands out as 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 remodeled 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 one in every of our compliance consultants in the present day.