This submit is a part of a sequence sponsored by AgentSync.
The insurance coverage trade has been gradual to undertake digital-first frameworks for doing enterprise, and the a part of the enterprise that offers with compliance and regulation change administration much more so.
However, day-to-day, we’re seeing that development change. Sometime this trickle of early adopters of insurance coverage compliance and producer administration tech will discover itself a complete flood as inside stakeholders and state regulators alike cease shopping for a shoulder shrug and a “that’s how we’ve at all times completed it” as a convincing motive for noncompliance.
With quite a lot of tech-based compliance options in the marketplace (and no, we’re not counting a digital spreadsheet as a tech-based compliance solution, sorry, not sorry), why are extra firms turning to AgentSync? Keep on with us and we’ll provide you with six convincing causes.
1. Pace issues for producers, brokers, brokers, and shoppers
AgentSync Handle and Autopilot take an company’s or provider’s duties from hours of handbook knowledge entry, together with cross-referencing web sites and spreadsheets, to a couple minutes of exercise in a single platform.
Utilizing APIs, cloud-native, and low-code tech options, AgentSync’s sturdy integrations and unparalleled knowledge accuracy breaks via the milieu of outdated legacy tech to revolutionize operations and compliance within the insurance coverage department of the monetary companies trade. This issues when the distinction between you and the competitors comes right down to speed-to-quote or speed-to-bind.
If you happen to put your brokers and brokers on ice when you generate quotes, or worse, you ship simple quotes with zero license validation for assurance that it’s good, certified enterprise, then you definitely danger dropping to a competitor. Or dropping enterprise to license verification missteps. Regardless, handbook compliance and handbook producer administration on this respect are simple methods to make a poor impression in your shoppers.
Since some traces of enterprise gained’t see any direct connection between a provider and the tip consumer till that first premium examine is written, impressing them with correct and well timed enterprise processes is a should.
2. Cut back danger by placing trendy compliance all over the place
If you happen to’re already engaged on legacy tech, you don’t need your compliance resolution to look the identical: dated, advanced, custom-coded, and troublesome to make use of. Managing compliance “the best way you at all times have” with gradual, handbook programs means taking huge dangers: monetary, authorized, reputational, and extra.
AgentSync is dedicated to constructing insurance coverage infrastructure that’s present, computerized, and integrated into an organization’s full tech stack. We constructed the first-of-its-kind API built-in with the trade’s supply of fact, giving our prospects a style of insurance coverage licensing and compliance knowledge up to date throughout all their programs every day.
Our APIs weave compliance and agent administration via our prospects’ total ecosystems, giving them the facility to cease violations earlier than they occur, and all with much less handbook hands-on time. By operating computerized license validation processes – no human contact crucial except it comes again with a crimson flag! – you may guarantee compliance at each level of the gross sales cycle, avoiding pricey regulatory errors, fee clawbacks, or, for adjusters, even fraudulent payouts.
3. Perceive your knowledge and spend much less time saying, “however what does it imply?“
It’s not nearly high quality knowledge – state variations in licensing and knowledge interpretation make 1:1 comparisons troublesome. AgentSync humanizes and contextualizes knowledge, explaining what it means state to state. For insurance coverage companies struggling to do extra with much less, this implies workers want fewer hours and fewer coaching to make sense of the knowledge at their fingertips, and might instantly act on it.
If you happen to don’t perceive the significance of your workers taking speedy motion in your knowledge, perhaps you missed level No. 1, however we’ll reiterate right here, speed equates to trust in lots of industries, so long as that velocity is paired with accuracy. With AgentSync’s integrations, and knowledge sourced every day from the trade’s supply of fact, it’s each/and.
4. Make change quick
Generally that you must pivot in enterprise, and modifications of virtually any variety really feel very dramatic if you’re strapped to legacy programs like Wile E Coyote to an ACME weapon in a Roadrunner cartoon.
Because the trade’s first cloud-native resolution, AgentSync has introduced low-code options to life, permitting us to nimbly handle state regulatory modifications and customizations. By utilizing low-code fixes, we are able to change course in response to state modifications (like, as an example, Texas’s and Kansas’s full overhauls of producer regulation in 2021) or to bespoke buyer wants.
5. Future-proof your enterprise
Late adopters to the automated compliance and producer administration development will discover themselves doing a cowboy shuffle on an empty dancefloor. Put one other approach, at present’s tech is already figuring out tomorrow’s prime canines within the insurance coverage trade.
We serve the fastest-growing firms in insurance coverage in addition to legacy companies, clearly demonstrating our potential to assist prospects use superior knowledge to develop and scale whereas lowering danger and remaining compliant.
Good companies are dropping endurance with onboarding processes and distributors that take months to convey on new brokers after they know others can do it in weeks and even days. They don’t settle for that their operations division has to spend nights and weekends on handbook knowledge entry.
6. Be part of the long run
Our improvements have already modified trade expectations for compliance and agent administration, and we’re simply getting began.
Don’t simply take our phrase for it:
“Once we have been evaluating compliance know-how options, the opposite merchandise seemed dated, bland, and didn’t appear to be customizable. They have been arduous to navigate round, and arduous to learn. AgentSync was the alternative. It felt cutting-edge and the interface was interesting to have a look at,” mentioned Matt Brockmeier, Enterprise Growth Specialist at Veterans United Insurance coverage and an AgentSync buyer. “AgentSync confirmed a degree of insurance coverage trade experience that we didn’t see in different distributors we have been . A few of them didn’t actually appear that aware of the trade.”
If you happen to’re able to discover what the way forward for compliance and producer administration seem like on your group, check out a demo today.
