This submit is a part of a collection sponsored by AgentSync.
The insurance coverage trade has been gradual to undertake digital-first frameworks for doing enterprise, and the a part of the enterprise that offers with compliance and regulation change administration much more so.
However, day-to-day, we’re seeing that development change. Sometime this trickle of early adopters of insurance coverage compliance and producer administration tech will discover itself a complete flood as inside stakeholders and state regulators alike cease shopping for a shoulder shrug and a “that’s how we’ve all the time finished it” as a convincing cause for noncompliance.
With quite a lot of tech-based compliance options in the marketplace (and no, we’re not counting a digital spreadsheet as a tech-based compliance solution, sorry, not sorry), why are extra firms turning to AgentSync? Stick to us and we’ll offer you six convincing causes.
1. Pace issues for producers, brokers, brokers, and shoppers
AgentSync Handle and Autopilot take an company’s or service’s duties from hours of handbook information entry, together with cross-referencing web sites and spreadsheets, to some minutes of exercise in a single platform.
Utilizing APIs, cloud-native, and low-code tech options, AgentSync’s strong integrations and unparalleled information accuracy breaks by means of the milieu of outdated legacy tech to revolutionize operations and compliance within the insurance coverage department of the monetary providers trade. This issues when the distinction between you and the competitors comes right down to speed-to-quote or speed-to-bind.
If you happen to put your brokers and brokers on ice when you generate quotes, or worse, you ship simple quotes with zero license validation for assurance that it’s good, certified enterprise, then you definitely danger shedding to a competitor. Or shedding enterprise to license verification missteps. Regardless, handbook compliance and handbook producer administration on this respect are simple methods to make a poor impression in your shoppers.
Since some traces of enterprise received’t see any direct connection between a service and the top shopper till that first premium test is written, impressing them with correct and well timed enterprise processes is a should.
2. Cut back danger by placing fashionable compliance in every single place
If you happen to’re already engaged on legacy tech, you don’t need your compliance answer to look the identical: dated, complicated, custom-coded, and tough to make use of. Managing compliance “the best way you all the time have” with gradual, handbook techniques means taking large dangers: monetary, authorized, reputational, and extra.
AgentSync is dedicated to constructing insurance coverage infrastructure that’s present, automated, and integrated into an organization’s full tech stack. We constructed the first-of-its-kind API built-in with the trade’s supply of fact, giving our prospects a style of insurance coverage licensing and compliance information up to date throughout all their techniques every day.
Our APIs weave compliance and agent administration by means of our prospects’ complete ecosystems, giving them the ability to cease violations earlier than they occur, and all with much less handbook hands-on time. By operating automated license validation processes – no human contact mandatory until it comes again with a crimson flag! – you possibly can guarantee compliance at each level of the gross sales cycle, avoiding expensive regulatory errors, fee clawbacks, or, for adjusters, even fraudulent payouts.
3. Perceive your information and spend much less time saying, “however what does it imply?“
It’s not nearly high quality information – state variations in licensing and information interpretation make 1:1 comparisons tough. AgentSync humanizes and contextualizes information, explaining what it means state to state. For insurance coverage companies struggling to do extra with much less, this implies workers want fewer hours and fewer coaching to make sense of the data at their fingertips, and may instantly act on it.
If you happen to don’t perceive the significance of your workers taking speedy motion in your information, perhaps you missed level No. 1, however we’ll reiterate right here, speed equates to trust in lots of industries, so long as that velocity is paired with accuracy. With AgentSync’s integrations, and information sourced every day from the trade’s supply of fact, it’s each/and.
4. Make change quick
Typically you want to pivot in enterprise, and adjustments of virtually any form really feel very dramatic whenever you’re strapped to legacy techniques like Wile E Coyote to an ACME weapon in a Roadrunner cartoon.
Because the trade’s first cloud-native answer, AgentSync has introduced low-code options to life, permitting us to nimbly handle state regulatory adjustments and customizations. Through the use of low-code fixes, we are able to change path in response to state adjustments (like, as an example, Texas’s and Kansas’s full overhauls of producer regulation in 2021) or to bespoke buyer wants.
5. Future-proof your corporation
Late adopters to the automated compliance and producer administration development will discover themselves doing a cowboy shuffle on an empty dancefloor. Put one other manner, immediately’s tech is already figuring out tomorrow’s prime canines within the insurance coverage trade.
We serve the fastest-growing firms in insurance coverage in addition to legacy companies, clearly demonstrating our potential to assist prospects use superior information to develop and scale whereas decreasing danger and remaining compliant.
Good companies are shedding endurance with onboarding processes and distributors that take months to carry on new brokers after they know others can do it in weeks and even days. They don’t settle for that their operations division has to spend nights and weekends on handbook information entry.
6. Be part of the longer term
Our improvements have already modified trade expectations for compliance and agent administration, and we’re simply getting began.
Don’t simply take our phrase for it:
“After we had been evaluating compliance expertise options, the opposite merchandise regarded dated, bland, and didn’t appear to be customizable. They had been exhausting to navigate round, and exhausting to learn. AgentSync was the alternative. It felt cutting-edge and the interface was interesting to take a look at,” mentioned Matt Brockmeier, Enterprise Growth Specialist at Veterans United Insurance coverage and an AgentSync buyer. “AgentSync confirmed a degree of insurance coverage trade experience that we didn’t see in different distributors we had been taking a look at. A few of them didn’t actually appear that conversant in the trade.”
If you happen to’re able to discover what the way forward for compliance and producer administration appear to be on your group, check out a demo today.
