How to Take Compliance from a Business Blocker to a Business Accelerator

This submit is a part of a sequence sponsored by AgentSync.

When Jetty misplaced its designated resident licensed producer (DRLP), a compliance hearth drill ensued. That’s when Jetty’s head of compliance knew for positive that the outdated approach wasn’t working.

[Read Jetty’s full success story here]

The significance of licensed insurance coverage producers

Producers, and their means to promote, are the lifeblood of any insurance coverage enterprise. So, any time a producer isn’t capable of do their job, the enterprise suffers. With ever-evolving licensing necessities that adjust from state to state, maintaining on high of a producer pressure isn’t simple.

For Jetty, a high-tech MGA specializing in monetary merchandise for renters and landlords, the tipping level got here when the corporate’s DRLP left on quick discover. As anybody who’s ever handled producer licensing is aware of, eradicating one licensed agent because the company’s DRLP and changing them with a brand new one throughout all states and territories is not any simple feat. It’s additionally a possible showstopper for making gross sales and bringing in income.

For Jetty, an insurtech transferring at a speedy tempo, the enterprise can’t afford to be slowed down by the technicalities of producer licensing. So, when it took a complete month of workers working at full velocity to get the DRLP state of affairs again in good order, it was sufficient to understand they by no means wished to expertise that once more. In any case, licensed producers are far too necessary to an insurance coverage enterprise’s total operation to threat shedding the power to make gross sales for a number of days, weeks, and even months.

Maintaining with the tempo of enterprise

“We had some exterior consultants who may assist us with license upkeep however it was an especially handbook course of. For one thing so simple as a change of deal with, for instance, they’d ship over an e-mail with 50 PDFs that we needed to individually execute and signal and ship again.” – Kylie Gauthier, VP Monetary Merchandise

Even when not experiencing a “compliance hearth drill,” Jetty’s head of compliance was involved that her division couldn’t transfer as rapidly because the enterprise wanted. Whereas everybody is aware of compliance isn’t an space you possibly can compromise or lower corners on, it’s no much less irritating to the enterprise when managing it’s a sluggish and overly handbook course of.

Luckily, Jetty discovered a technique to dramatically rework producer compliance from a hurdle and potential roadblock to a enterprise accelerator. Their secret weapon? AgentSync and its AutoPilot service.

By partnering with AgentSync’s AutoPilot, Jetty turned the producer compliance administration course of from one which struggled to maintain as much as one which set a brand new commonplace in effectivity and threat administration.

From hearth drills to easy crusing

AgentSync’s Autopilot service didn’t simply change how Jetty managed compliance; it redefined what was potential, delivering:

• Value financial savings: By eradicating the necessity for expensive consultants to maintain producer compliance on the rails, Jetty redirected funds from exterior licensing administration to inner innovation.
• Reclaimed time: Compliance workforce members received again 25 p.c of their time every week, enabling them to concentrate on strategic, high-impact actions as an alternative of handbook duties.
• Threat Discount: With AgentSync’s AutoPilot, Jetty’s producer compliance is actually on autopilot. The Jetty workforce not worries about whether or not something’s slipping by way of the cracks. As an alternative, they’ve received assurance that each producer is licensed all over the place they have to be always. They usually’ve received visibility to show it in real-time, if they should.

These are only a few of the game-changing impacts Jetty’s realized since going stay with AgentSync. To get a better have a look at Jetty’s struggles, its seek for an answer, and its spectacular outcomes with AgentSync, read the full success story here.

To see how AgentSync can take compliance from a enterprise blocker to a enterprise accelerator at your company, service, or MGA/MGU, contact one of our insurance compliance experts for a demo today.