This publish is a part of a collection sponsored by AgentSync.
Does your group have a compliance drawback?
It’s OK. We gained’t inform anybody.
If you happen to’re not completely certain, we’ve bought a strategy to examine your signs here. However if you happen to’re pretty sure that compliance administration is costing your enterprise an excessive amount of cash, taking too lengthy, and even deterring workers, company companions, or particular person producers from working with you, then you definately’re in the best place.
We’ve seen a little bit of all the things as we work with insurance coverage companies, 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 firms that’ve been there.
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There’s no disgrace in admitting that your enterprise 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 all the time really feel like compliance is tied on to income, although it’s!
“Our lifeblood is our potential to promote. So, something that would probably 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 to date). 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 swap to AgentSync remodeled their worlds.
Six levels of compliance woes
1. The “Earlier than” state of affairs: A typical wrestle
Many carriers discover themselves slowed down by legacy know-how and handbook processes. These elements make managing producer compliance a time-consuming and error-prone process that nobody desires to do! These challenges can stall important features equivalent to promoting insurance policies, recruiting downstream distribution companions, and paying commissions. Finally, they influence each facet of your enterprise 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 companies we might have favored to work with earlier than.”
2. The breaking level
Most organizations attain a turning level once they understand they simply can’t preserve doing issues the way in which they’ve all the time executed 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 conclusion that you want to overhaul the agent expertise to compete within the trendy insurance coverage market, one thing’s bought to present! This breaking level is normally years, if not many years, within the making.
“We determined it was too large of an ask, particularly of our two-person compliance staff on the time, to manually handle appointments and licensing, and conserving monitor of all 50 states’ rules. We knew there was simply no means we have 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 searching for a brand new strategy to handle compliance, it’s straightforward to get concerned about something that appears higher than the established order. However, to actually achieve success, it’s important to know and outline what success seems to be like at your group.
Usually, this entails automation, effectivity, and an improved expertise for inner employees 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 components of the enterprise are key markers of success.
“I all the time attempt to be considerate concerning the consumer expertise, and particularly the expertise of our company companions. I need to be certain their expertise working with us is optimistic. We have been on the lookout for an answer to make it straightforward and time-saving for them as an alternative of a damaging expertise that they begrudgingly get by.”
- 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 evaluating potential options highlights the fact that many methods aren’t as trendy, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage service wants.
“After we have been evaluating compliance know-how options, the opposite merchandise seemed dated, bland, and didn’t appear to be customizable. They have been exhausting to navigate and exhausting to learn. In addition they didn’t impress us with their insurance coverage {industry} experience. In truth, 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 companies, MGAs, MGUs, BPOs, FMOs…you get the concept!) associate with AgentSync. The explanations they accomplish that span from our agile and nimble know-how to our unparalleled implementation and assist groups. Add on high of that our trendy 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.
“Regardless of how good an answer might look, it’s our folks that should be comfy with new course of and know-how. AgentSync saved our topic consultants and employees concerned by each step right through 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: all the things from saving cash beforehand spent on a number of exterior distributors to the power to reallocate inner headcount to extra impactful roles. After all, the intangible advantages are vital, too. Insurance coverage service clients report higher peace of thoughts understanding they’ve bought compliance on lock, higher worker and agent satisfaction with their processes, and an extended record 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 associate
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 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 touch with one of our compliance experts today.
