This put up is a part of a sequence sponsored by AgentSync.
Does your group have a compliance drawback?
It’s OK. We gained’t inform anybody.
For those who’re not fully certain, we’ve acquired a method to test your signs here. However should you’re pretty sure that compliance administration is costing your enterprise 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 every little thing as we work with insurance coverage companies, carriers, and MGAs/MGUs to rework the best way 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 completed 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 enterprise might be managing compliance higher. In spite of everything, it’s a fancy and daunting activity 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, though it’s!
“Our lifeblood is our means to promote. So, something that might doubtlessly inhibit that means 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 clients we’ve partnered with so far). We’ve put collectively a information that factors to a approach ahead, letting different insurance coverage carriers let you know 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 battle
Many carriers discover themselves slowed down by legacy know-how and handbook processes. These components make managing producer compliance a time-consuming and error-prone activity that nobody desires to do! These challenges can stall important features reminiscent of promoting insurance policies, recruiting downstream distribution companions, and paying commissions. Finally, they impression each facet of your enterprise from prime to backside and might hinder your means to function successfully.
“We had 4 full-time staff engaged on producer compliance administration and it might 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 preferred to work with earlier than.”
2. The breaking level
Most organizations attain a turning level after they understand they only can’t maintain doing issues the best way they’ve all the time completed them. Whether or not it’s discovering that handbook processes can’t scale along with your development, the chance of state charges and penalties for market conduct points, or the conclusion that you’ll want to overhaul the agent expertise to compete within the trendy insurance coverage market, one thing’s acquired to offer! This breaking level is normally 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 retaining observe of all 50 states’ rules. We knew there was simply no approach we had been ever going to catch up compliance-wise with out some form of answer.”
- 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 looking for a brand new method to handle compliance, it’s simple to get serious about something that appears higher than the established order. However, to actually achieve success, you must know and outline what success appears like at your group.
Sometimes, this includes automation, effectivity, and an improved expertise for inside 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 in regards to the person expertise, and particularly the expertise of our company companions. I wish to make certain their expertise working with us is constructive. We had been on the lookout for an answer to make it simple and time-saving for them as a substitute of a damaging expertise that they begrudgingly get by.”
- An AgentSync service 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 evaluating potential options highlights the truth that many techniques aren’t as trendy, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage service wants.
“After we had been evaluating compliance know-how options, the opposite merchandise appeared dated, bland, and didn’t appear to be customizable. They had been onerous to navigate and onerous to learn. In addition they didn’t impress us with their insurance coverage {industry} experience. In actual fact, 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 achieve this span from our agile and nimble know-how to our unparalleled implementation and assist groups. Add on prime of that our trendy interface that’s intuitive and user-friendly; our accurate-to-the-day knowledge 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 acquired a recipe not only for success however for transformation.
“Regardless of how good an answer could look, it’s our those that must 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, chill out, and benefit from the ROI
Carriers leveraging AgentSync have seen exceptional transformations of their compliance administration that translate into measurable ROI: every little thing from saving cash beforehand spent on a number of exterior distributors to the flexibility to reallocate inside headcount to extra impactful roles. After all, the intangible advantages are vital, too. Insurance coverage service clients report higher peace of thoughts figuring out they’ve acquired compliance on lock, higher worker and agent satisfaction with their processes, and an extended record of different advantages.
“AgentSync tracks key compliance knowledge 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 retaining each agent compliant for promoting.”
- An AgentSync service accomplice
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 wish to suggest that AgentSync would be the answer 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 most effective half and see how AgentSync can assist you obtain the identical outcomes, get in touch with one of our compliance experts today.
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