This put up is a part of a sequence sponsored by AgentSync.
Does your group have a compliance drawback?
It’s OK. We received’t inform anybody.
If you happen to’re not solely positive, we’ve bought a strategy to examine your signs right here. However if you happen to’re pretty sure that compliance administration is costing your small business an excessive amount of cash, taking too lengthy, and even deterring staff, company companions, or particular person producers from working with you, then you definately’re in the fitting place.
We’ve seen a little bit of the whole lot as we work with insurance coverage companies, 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 finished proper), we all know different corporations that’ve been there.
CTA/button: Obtain Does This Sound Acquainted? A Information to the Most Widespread Distribution Workforce Compliance Challenges and How High Carriers Solved Them (In Their Personal Phrases)
There’s no disgrace in admitting that your small business might be managing compliance higher. In any case, it’s a fancy and daunting job 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, despite the fact that it’s!
“Our lifeblood is our capacity to promote. So, something that would doubtlessly inhibit that capacity 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 are able to empathize (as can all the prospects we’ve partnered with to date). We’ve put collectively a information that factors to a approach ahead, letting different insurance coverage carriers inform you in their very own phrases how making the swap to AgentSync remodeled their worlds.
Six phases of compliance woes
1. The “Earlier than” state of affairs: A typical wrestle
Many carriers discover themselves slowed down by legacy expertise and handbook processes. These elements make managing producer compliance a time-consuming and error-prone job that nobody desires to do! These challenges can stall important capabilities reminiscent of promoting insurance policies, recruiting downstream distribution companions, and paying commissions. In the end, they impression each facet of your small business from prime to backside and may hinder your capacity to function successfully.
“We had 4 full-time staff 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 really a deterrent to brokers and companies we might have preferred to work with earlier than.”
2. The breaking level
Most organizations attain a turning level once they understand they simply can’t maintain doing issues the way in which they’ve all the time finished them. Whether or not it’s discovering that handbook processes can’t scale together with your development, 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 fashionable insurance coverage market, one thing’s bought to provide! This breaking level is often years, if not many years, within the making.
“We determined it was too huge of an ask, particularly of our two-person compliance crew on the time, to manually handle appointments and licensing, and protecting observe of all 50 states’ laws. We knew there was simply no approach we have been ever going to catch up compliance-wise with out some kind of answer.”
- An AgentSync provider 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 with something that appears higher than the established order. However, to actually achieve success, you must know and outline what success seems like at your group.
Usually, this includes automation, effectivity, and an improved expertise for inner workers and downstream companions alike. For a lot of AgentSync prospects, particular objectives like shortening the agent onboarding time, saving cash on pointless appointments, and having a compliance course of that strikes as rapidly as different components of the enterprise are key markers of success.
“I all the time attempt to be considerate concerning the person expertise, and particularly the expertise of our company companions. I wish to make certain their expertise working with us is constructive. We have been on the lookout for an answer to make it straightforward and time-saving for them as a substitute of a damaging expertise that they begrudgingly get by means of.”
- An AgentSync provider buyer
4. The seek for a greater approach
And so the hunt for a brand new approach 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 means of evaluating potential options highlights the truth that many methods aren’t as fashionable, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage provider wants.
“After we have been evaluating compliance expertise options, the opposite merchandise regarded dated, bland, and didn’t appear to be customizable. They have been arduous to navigate and arduous to learn. Additionally 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 thought!) accomplice with AgentSync. The explanations they accomplish that span from our agile and nimble expertise to our unparalleled implementation and assist groups. Add on prime 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.
“Regardless of how good an answer could look, it’s our those that should be comfy with new course of and expertise. AgentSync saved our topic consultants and workers concerned by means of each step all over a interval of stabilization, after implementation.”
- An AgentSync provider 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: the whole lot from saving cash beforehand spent on a number of outdoors distributors to the power to reallocate inner headcount to extra impactful roles. In fact, the intangible advantages are important, too. Insurance coverage provider prospects report higher peace of thoughts understanding they’ve bought compliance on lock, larger worker and agent satisfaction with their processes, and an extended 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 protecting each agent compliant for promoting.”
- An AgentSync provider accomplice
The place are you at in your compliance administration journey?
If any (or all) of those phases of compliance woes resonate with you, we’d prefer to suggest that AgentSync could be the answer you’ve been trying (or wishing) for. To learn extra about different insurance coverage carriers who’ve skilled the six phases of compliance woes themselves, and the way AgentSync radically remodeled their companies, obtain our free information now.
If you wish to skip to the most effective half and see how AgentSync will help you obtain the identical outcomes, get in contact with considered one of our compliance consultants right this moment.
