How to Take Compliance from a Business Blocker to a Business Accelerator

This submit is a part of a sequence sponsored by AgentSync.

When Jetty misplaced its designated resident licensed producer (DRLP), a compliance hearth drill ensued. That’s when Jetty’s head of compliance knew for certain that the previous manner wasn’t working.

[Read Jetty’s full success story here]

The significance of licensed insurance coverage producers

Producers, and their means 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 adjust from state to state, maintaining on high of a producer power 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 is not 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 scenario again in good order, it was sufficient to comprehend they by no means wished to expertise that once more. In spite of everything, licensed producers are far too vital to an insurance coverage enterprise’s total operation to danger shedding 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 but it surely was a particularly guide course of. For one thing so simple as a change of handle, for instance, they might 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 hearth 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 may compromise or minimize corners on, it’s no much less irritating to the enterprise when managing it’s a gradual and overly guide course of.

Fortuitously, Jetty discovered a technique to dramatically rework 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 danger administration.

From hearth drills to easy crusing

AgentSync’s Autopilot service didn’t simply change how Jetty managed compliance; it redefined what was doable, 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 inner innovation.
• Reclaimed time: Compliance crew members bought again 25 p.c of their time every week, enabling them to deal with strategic, high-impact actions as a substitute of guide duties.
• Danger Discount: With AgentSync’s AutoPilot, Jetty’s producer compliance is actually on autopilot. The Jetty crew not worries about whether or not something’s slipping by way of the cracks. As an alternative, they’ve bought assurance that each producer is licensed in all places they should be always. And so they’ve bought visibility to show it in real-time, if they should.

These are just some of the game-changing impacts Jetty’s realized since going dwell with AgentSync. To get a more in-depth take a look at Jetty’s struggles, its seek for an answer, and its spectacular outcomes with AgentSync, read the full success story 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 of our insurance compliance experts for a demo today.