This put up is a part of a collection sponsored by AgentSync.
Does your group have a compliance drawback?
It’s OK. We gained’t inform anybody.
In case you’re not totally certain, we’ve bought a solution to verify 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 workers, company companions, or particular person producers from working with you, then you definitely’re in the correct place.
We’ve seen a little bit of all the things as we work with insurance coverage businesses, 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 completed 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 High Carriers Solved Them (In Their Personal Phrases)
There’s no disgrace in admitting that your online business may very well be managing compliance higher. In any case, it’s a fancy and daunting process 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 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 the entire clients we’ve partnered with thus far). We’ve put collectively a information that factors to a means ahead, letting different insurance coverage carriers inform you 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 typical battle
Many carriers discover themselves slowed down by legacy expertise 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 corresponding to promoting insurance policies, recruiting downstream distribution companions, and paying commissions. In the end, they affect each facet of your online business from high to backside and may hinder your potential 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 truly a deterrent to brokers and businesses we’d have appreciated 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 at all times completed them. Whether or not it’s discovering that handbook processes can’t scale together with your progress, the danger of state charges and penalties for market conduct points, or the belief that you want to overhaul the agent expertise to compete within the fashionable insurance coverage market, one thing’s bought to present! This breaking level is often 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 retaining monitor of all 50 states’ laws. We knew there was simply no means 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 solution 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 appears to be like like at your group.
Sometimes, this includes automation, effectivity, and an improved expertise for inside workers and downstream companions alike. For a lot of AgentSync clients, particular targets 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 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 had been on the lookout for an answer to make it simple and time-saving for them as a substitute of a damaging expertise that they begrudgingly get by way of.”
- An AgentSync service buyer
4. The seek for a greater means
And so the hunt for a brand new means 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 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 regarded dated, bland, and didn’t appear to be customizable. They had been arduous to navigate and arduous 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 concept!) accomplice with AgentSync. The explanations they accomplish that span from our agile and nimble expertise 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 fact 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 might look, it’s our people who must be comfy with new course of and expertise. AgentSync stored our topic specialists and workers concerned by way of each step right through 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: all the things 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 vital, too. Insurance coverage service clients report higher peace of thoughts realizing they’ve bought compliance on lock, better 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 retaining 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 would be the resolution 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 one of the best half and see how AgentSync will help you obtain the identical outcomes, get in contact with one in all our compliance specialists at this time.
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Carriers
Businesses