Real-Time, Integrated, Automated Compliance Becoming Industry Standard

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

For a lot of carriers and companies, compliance is an arduous chore. Compliance touches on nearly each side of your distribution course of: From checking licenses throughout onboarding to acquiring appointments within the applicable states to promoting beneath the suitable license and line of authority to paying correct commissions to ending a distributor relationship and at each single level in between, compliance is a lingering query.

For companies that deal with this frivolously, there’s a threat of regulatory motion. However greater than that, there’s a threat that they’ll get left within the mud by their opponents.

We’re effectively right into a wave of technological transformation within the insurance coverage business as carriers and companies alike query their collected tech debt and legacy systems that require rising power and experience to take care of at a fundamental useful degree.

Getting forward with fashionable insurance coverage infrastructure

Carriers and companies that hope to take care of a forefront will essentially look to the guarantees of cloud-native and low-code applied sciences that may ship on the promise of versatile infrastructure whereas preserving the integrity of their present techniques.

Navigating off of on-premise, legacy tech isn’t any stroll within the park, however the price of doing nothing is steep, and in the meantime your opponents are making the swap. They’re taking the price of compliance and turning it right into a aggressive edge by making certain well timed, correct fee funds. They’re baking it into onboarding with background checks that course of in hours and knowledge syncs that guarantee accuracy earlier than a producer has even clicked “agree” on the digital contract.

In case you’re able to see how AgentSync will help you obtain real-time, built-in, and automatic compliance, check out our guide.

How AgentSync does it higher

It’s not simply insurance coverage carriers and companies which are re-evaluating their tech stacks within the midst of this new period of information entry. Some distributors have been working within the distribution administration house, providing compliance and onboarding providers, for many years. However there are a couple of benefits to being “newcomers” to the business, and a few of it’s the potential to construct from the beginning with flexibility and nuances baked in.

Many distributors replace licensing and appointment knowledge on a month-to-month or weekly foundation, that means your knowledge may very well be old-fashioned from 6 to 30 days by the point you’re taking motion. Compliance that comes days too late isn’t, usually, truly compliance.

Not solely can we preserve your knowledge up-to-date with a two-way day by day synchronization to the business supply of fact, we will combine that knowledge via your system to bust silos by surfacing licensing and appointment knowledge in your commissions cost system, background test system, agent administration platform, and wherever else your staff wants vital entry. In reality, with good automation powering your integrations, you possibly can even cease compliance violations earlier than they occur.

Not should compliance be a hard chore. Bake real-time, built-in, and automatic compliance into your distribution relationships from begin to end.

In case you’re able to be taught why our prospects selected AgentSync, check out our guide or get with a member of our staff for a personalized demo.