How INSURICA has streamlined its operations for progress
Compliance officers are sometimes the unsung heroes of the insurance coverage trade, battling it out with spreadsheets to assist transfer insurance coverage brokers by the ready-to-sell course of, and that was traditionally true at INSURICA as a lot as at some other insurance coverage enterprise.
In reality, INSURICA could have greater than its fair proportion of complexity. The corporate works throughout practically all traces of authority in a number of states and has been positioning itself to speed up progress with fast acquisitions. Nonetheless, every acquisition has traditionally meant the acquired enterprise continues to function in a silo whereas the core enterprise slowly transitions over paperwork. This used to make it laborious for INSURICA to guage the return on funding (ROI) for brand spanking new enterprise entities.
By drawing their compliance and operations right into a single centralized view, INSURICA:
- Applied AgentSync in lower than 4 months, consolidating the tech stack the corporate wanted for licensing, onboarding, and ongoing compliance.
- Improved their producer-to-admin ratio, in the end shifting to a single particular person answerable for compliance and reporting.
- Improved profit-and-loss (P&L) statements by driving the lapsed license price to zero %, saving on late renewal charges, and likewise decreasing license printing bills from state websites through the use of the printable license view characteristic.
To learn extra about how INSURICA used AgentSync to affect the underside line, obtain the case examine.
The case for centralization
For INSURICA, ongoing compliance, onboarding, and producer licensing had been processes that had been dealt with by every enterprise entity, that means the corporate may need 20 other ways of doing issues. It wasn’t ultimate for just a few causes:
- Change administration threat
- Regulatory threat
- Transparency and ROI
- Delivering worth to acquisitions
- Acquisition complexity
Compliance duties fell to a number of staff members who had been operating spreadsheets and instruments and spreadsheets for the instruments and instruments to run the spreadsheets, all on a part-time or ad-hoc foundation. At some businesses, producers managed their very own licensing. Every producer could be licensed in a number of states, and a few producers had been truly paying for their very own licenses and getting reimbursed through expense reviews.
“The whole lot was guide. Some colleagues dealt with their licenses individually whereas others had been being dealt with internally. We had been doing lots of guide monitoring on spreadsheets and paper recordsdata.”
Katie Meyer, Licensing and Compliance Specialist, INSURICA
Poised for partnership
INSURICA has a roadmap for the subsequent few many years, so the corporate wanted a distribution channel administration platform that might assist them elevate their onboarding and compliance processes to a digital-forward platform whereas committing to a long-term imaginative and prescient.
“We checked out one or two different platforms they usually didn’t really feel as strong as AgentSync… AgentSync took the time to grasp our wants earlier than proposing an answer.”
— Kevin Wellfare, VP of Company Growth, INSURICA
Working throughout a number of traces of authority in insurance coverage, working in lots of states, and persevering with to convey new businesses aboard: These components offered no small problem. Consolidating operations wouldn’t imply a lot if, on the finish of the day, the corporate simply took fractured compliance prices and dangers and put them in a single place. The hope was to maneuver towards a greater, extra environment friendly state.
Obtain the case examine to study extra about how INSURICA consolidated its license and compliance operations.
Future-proofed and set for progress
Centralizing licensing, compliance, and insurance coverage producer licensing is a part of INSURICA’s roadmap to keep up its legacy as a enterprise that delivers for its companions and their prospects. It’s a legacy that the corporate hopes to proceed into the longer term, and that it’s higher poised to ship with AgentSync in its tech stack.
Katie Meyer, the Licensing and Compliance Specialist at INSURICA, famous that, when she first began on AgentSync’s Handle platform, she saved ahold of her spreadsheets in case AgentSync was too good to be true. However now she solely makes use of them for the historic file, going months with out a single cell.
Obtain the case examine and study extra about how INSURICA is main the cost of centralized, future-proof license and compliance companies for his or her enterprise entities. Spoiler: They already are innovating the producer onboarding course of to make themselves very versatile as their gross sales areas and market circumstances change.
“We are able to confidently onboard extra acquisitions than ever, offering them with state-of-the-art licensing and compliance companies… We’re decreasing complexity. We’re extra modern as a result of we now have this visibility into compliance.”
— Kevin Wellfare, VP of Company Growth, INSURICA
Subjects
Mergers & Acquisitions
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