This publish is a part of a collection sponsored by AgentSync.
Traditionally, carriers have been inclined to deal with compliance as a collection of crucial guidelines gadgets to carry out. However by shifting your mindset to see compliance as a operate of superior enterprise knowledge with automations built-in all through your complete system of operations, you’ll be able to understand quite a few advantages.
Right here, we’ve listed some widespread use circumstances for a way carriers can leverage compliance knowledge for leaner, extra agile, much less dangerous, extra worthwhile companies. There could also be solely seven right here, however there’s no finish to the methods you’ll be able to leverage this knowledge when you’ve determined to shift your mindset from seeing compliance as an inventory of steps in a course of and as a substitute see it as a possibility to mine your knowledge to be used in enterprise choices.
No.1 Cease compliance violations earlier than they occur
Maybe most clearly, baking NIPR-sourced knowledge into your staff’s level of resolution making can de-risk your corporation and finish the time-suck of unintentionally greenlighting inconceivable conditions. Commissions funds can enormously profit from this automated knowledge. One other unbelievable use case: Provider name facilities that use license and appointment knowledge to auto-route calls based mostly on location solely to a producer who is correctly licensed and appointed to debate merchandise with a potential buyer.
No. 2 Compliance knowledge as value saving instruments
For those who’re bored with proactively appointing each producer who raises their fingers, you should use compliance knowledge to appreciate quite a few cost-savings for your corporation, however one simple software is in appointment value financial savings.
Operationalize Simply-in-Time appointments
For those who’re seeking to leverage compliance knowledge for value financial savings, one clear selection is to operationalize your group’s skill to make use of Simply-in-Time appointments. These authorized provisions permit carriers to carry off on reporting appointments – and paying for them – in most states till after the producer has written enterprise.
Because the majority of appointment states require individual-level appointments, ready to course of appointments each on a producer-to-producer foundation and on a state-by-state foundation can save lots of of hundreds of {dollars} relying on the scale of your distribution channels.
Eliminating appointment renewal charges for producers who aren’t producing
State appointment renewals could also be annual, biennial, or on another foundation relying on what states you use in. However getting the listing of which producers it is best to terminate in what states earlier than the deadline generally is a race of handbook hours of reporting. If in case you have correct knowledge woven up and down your methods, producing a report of who writes enterprise and the place must be a breeze, and will save hundreds of {dollars} in renewal charges.
No. 3 Calculate an actual ROI on your producers
Once you work throughout states, you’ve a dilemma of not solely whether or not to nominate a producer, but in addition whether or not to nominate them in each state you supply merchandise in. By integrating your coverage admin system knowledge with license and appointment knowledge, you’ll be able to see the actual value of what you’re paying out for not solely your company companions, but in addition individual-level producers and what they ship in return on a per-state foundation.
For instance, somebody who’s a significant participant in Kansas could also be a waste of an appointment price in Nebraska. Or you will have appointed 60 producers from an company solely to find that greater than half of them aren’t writing your corporation. This individual-level knowledge is important in understanding whether or not you’ve a priceless company companion, or only one or two very priceless producers. It may additionally make it far simpler to barter contracts at renewal time when you’ll be able to arm your recruiting groups with concrete knowledge about what every producer and company contributes to your corporation.
No. 4 Leveraging compliance knowledge as aggressive knowledge
For those who’re drawing knowledge from the trade supply of reality, then you’ll be able to set your system as much as solely take a look at the strictest of information slices that pertain to only compliance. Or you’ll be able to prolong your knowledge assortment to incorporate the type of data that provides you key intel. E.g.:
- Particular person-level licensing knowledge can inform you the place your producers are licensed that they aren’t promoting for you
- Producer traces of authority can provide you perception into what different merchandise your producers promote
- Broader appointment knowledge tells you which of them different carriers your producers work with for key aggressive knowledge
This type of knowledge might help you make key enterprise choices about mergers, acquisitions, product expansions, aggressive strikes, and regional gross sales with out guessing at your capability or counting on intestine emotions.
No. 5 De-risking your gross sales drive
It’s not a secret that the trade is dealing with a shift as the present crop of producers takes on ever-growing books of enterprise as their barely older compatriots retire and age out of the enterprise. However even in the present day’s super-producers will retire.
Now, we’re long-standing proponents of the concept that slicing out paperwork and handbook processes is vital to recruiting youthful producers, and trade analysis reveals youthful producers are very comfy with self-service choices and customarily hate repetitive copy-paste work. You can also’t abandon your present super-producers whose definition of white-glove service is prone to embody high-touch human interplay.
However usually insurance coverage carriers don’t even perceive the actual make-up of their gross sales drive. Taking an atomic take a look at producer knowledge and seeing who your super-sellers are and estimating the % who’re inside hitting distance of retirement might help you determine methods to prioritize your methods for recruiting and retaining producers.
No. 6 Shoring up institutional data
Internally, chances are you’ll face comparable dangers to the specter of a retiring producer workforce. For those who’re like many carriers, you’ve a single or possibly two compliance or operations managers who know what they’re doing, and they’re continuously coaching and retraining a inexperienced crew. It’s possible you’ll face the danger of shedding all that data after they retire or go away.
For those who can assist extra institutional data as knowledge factors inside your corporation methods and instruments, then you’ll be able to shorten the coaching interval it takes to onboard new workers.
No. 7 Fast pivots in shifting financial or regulatory situations
Unprecedented regional fires. Regulators with one thing to show. Market downturns. These are all conditions that demand organizational-level pivots and product improvements and make each ounce of lifeless weight in your proverbial ship a menace to your solvency and profitability. If each change requires a handbook overhaul, you’re in hassle.
Having quick access to knowledge about product traces, appointments, particular person licenses, and aggressive intel might help you be extra resilient to market and regulatory shifts.
AgentSync is reworking compliance by way of higher knowledge
Geico very publicly is attempting to shrink its 600-plus tech methods into one thing nearer to twenty by leveraging cross-system integrations for higher knowledge. And they’re removed from the one ones.
As a result of AgentSync is constructed on a cloud-native infrastructure and makes use of APIs to transmit knowledge throughout methods, we’re in a position to plug into different core enterprise methods and floor the info you want on the level of decision-making. However don’t take our phrase for it – read from our customers themselves about how they use AgentSync’s options to develop their companies extra effectively. And when you’re prepared to begin pondering of how we might help, start with a demo in the present day.
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