The right way to Take Compliance from a Enterprise Blocker to a Enterprise Accelerator

This put up is a part of a sequence sponsored by AgentSync.

When Jetty misplaced its designated resident licensed producer (DRLP), a compliance fireplace drill ensued. That’s when Jetty’s head of compliance knew for positive that the outdated approach wasn’t working.

[Read Jetty’s full success story here]

The significance of licensed insurance coverage producers

Producers, and their capability to promote, are the lifeblood of any insurance coverage enterprise. So, any time a producer isn’t in a position to do their job, the enterprise suffers. With ever-evolving licensing necessities that change from state to state, holding on high of a producer drive isn’t straightforward.

For Jetty, a high-tech MGA specializing in monetary merchandise for renters and landlords, the tipping level got here when the corporate’s DRLP left on brief discover. As anybody who’s ever handled producer licensing is aware of, eradicating one licensed agent because the company’s DRLP and changing them with a brand new one throughout all states and territories isn’t any straightforward feat. It’s additionally a possible showstopper for making gross sales and bringing in income.

For Jetty, an insurtech shifting at a fast tempo, the enterprise can’t afford to be slowed down by the technicalities of producer licensing. So, when it took a complete month of workers working at full pace to get the DRLP state of affairs again in good order, it was sufficient to appreciate they by no means needed to expertise that once more. In spite of everything, licensed producers are far too essential to an insurance coverage enterprise’s total operation to threat dropping the power to make gross sales for a number of days, weeks, and even months.

Maintaining with the tempo of enterprise

“We had some outdoors consultants who might assist us with license upkeep however it was an especially handbook course of. For one thing so simple as a change of deal with, for instance, they’d ship over an e-mail with 50 PDFs that we needed to individually execute and signal and ship again.” – Kylie Gauthier, VP Monetary Merchandise

Even when not experiencing a “compliance fireplace drill,” Jetty’s head of compliance was involved that her division couldn’t transfer as rapidly because the enterprise wanted. Whereas everybody is aware of compliance isn’t an space you possibly can compromise or minimize corners on, it’s no much less irritating to the enterprise when managing it’s a sluggish and overly handbook course of.

Fortuitously, Jetty discovered a option to dramatically remodel producer compliance from a hurdle and potential roadblock to a enterprise accelerator. Their secret weapon? AgentSync and its AutoPilot service.

By partnering with AgentSync’s AutoPilot, Jetty turned the producer compliance administration course of from one which struggled to maintain as much as one which set a brand new customary in effectivity and threat administration.

From fireplace drills to clean crusing

AgentSync’s Autopilot service didn’t simply change how Jetty managed compliance; it redefined what was potential, delivering:

• Price financial savings: By eradicating the necessity for dear consultants to maintain producer compliance on the rails, Jetty redirected funds from exterior licensing administration to inside innovation.
• Reclaimed time: Compliance staff members received again 25 p.c of their time every week, enabling them to concentrate on strategic, high-impact actions as a substitute of handbook duties.
• Danger Discount: With AgentSync’s AutoPilot, Jetty’s producer compliance is actually on autopilot. The Jetty staff not worries about whether or not something’s slipping by way of the cracks. As an alternative, they’ve received assurance that each producer is licensed all over the place they should be always. They usually’ve received visibility to show it in real-time, if they should.

These are only a few of the game-changing impacts Jetty’s realized since going stay with AgentSync. To get a more in-depth have a look at Jetty’s struggles, its seek for an answer, and its spectacular outcomes with AgentSync, learn the total success story right here.

To see how AgentSync can take compliance from a enterprise blocker to a enterprise accelerator at your company, provider, or MGA/MGU, contact one in every of our insurance coverage compliance consultants for a demo as we speak.