This submit is a part of a sequence sponsored by AgentSync.
Does your group have a compliance downside?
It’s OK. We gained’t inform anybody.
Should you’re not fully certain, we’ve received a option to examine your signs here. However in case you’re pretty sure that compliance administration is costing what you are promoting 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 best place.
We’ve seen a little bit of every part as we work with insurance coverage businesses, carriers, and MGAs/MGUs to rework the way in which 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 performed proper), we all know different firms that’ve been there.
CTA/button: Obtain Does This Sound Acquainted? A Information to the Most Frequent Distribution Workforce Compliance Challenges and How Prime Carriers Solved Them (In Their Personal Phrases)
There’s no disgrace in admitting that what you are promoting could possibly be managing compliance higher. In any case, it’s a posh and daunting process to ensure 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 at all times really feel like compliance is tied on to income, despite the fact that it’s!
“Our lifeblood is our potential to promote. So, something that would doubtlessly inhibit that potential 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 prospects we’ve partnered with thus far). We’ve put collectively a information that factors to a approach ahead, letting different insurance coverage carriers inform you in their very own phrases how making the change to AgentSync remodeled their worlds.
Six levels of compliance woes
1. The “Earlier than” state of affairs: A standard battle
Many carriers discover themselves slowed down by legacy know-how and handbook processes. These elements make managing producer compliance a time-consuming and error-prone process that nobody needs to do! These challenges can stall important capabilities corresponding to promoting insurance policies, recruiting downstream distribution companions, and paying commissions. In the end, they affect each side of what you are promoting from prime to backside and might hinder your potential to function successfully.
“We had 4 full-time staff engaged on producer compliance administration and it could nonetheless take us two and a half or three months, and even longer, to get brokers processed. The size of this course of was really a deterrent to brokers and businesses we’d 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 way in which they’ve at all times performed them. Whether or not it’s discovering that handbook processes can’t scale together with your progress, the chance of state charges and penalties for market conduct points, or the belief that it is advisable overhaul the agent expertise to compete within the fashionable insurance coverage market, one thing’s received to offer! This breaking level is normally years, if not many years, within the making.
“We determined it was too massive of an ask, particularly of our two-person compliance group on the time, to manually handle appointments and licensing, and holding observe of all 50 states’ rules. We knew there was simply no approach we have been ever going to catch up compliance-wise with out some type of resolution.”
- An AgentSync provider buyer
3. Envisioning success
Generally it’s simpler to know what you don’t need than what you do. For insurance coverage carriers in search of a brand new option to handle compliance, it’s simple to get interested by something that appears higher than the established order. However, to really achieve success, it’s important to know and outline what success appears like at your group.
Usually, this includes automation, effectivity, and an improved expertise for inside workers and downstream companions alike. For a lot of AgentSync prospects, particular objectives 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 at all times attempt to be considerate concerning the consumer expertise, and particularly the expertise of our company companions. I wish to make sure their expertise working with us is optimistic. We have been on the lookout for an answer to make it simple and time-saving for them as an alternative of a destructive expertise that they begrudgingly get by means of.”
- An AgentSync provider 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 means of evaluating potential options highlights the fact that many methods aren’t as fashionable, customizable, or insurance coverage industry-specific as they declare, or as an insurance coverage provider wants.
“After we have been evaluating compliance know-how options, the opposite merchandise regarded dated, bland, and didn’t appear to be customizable. They have been laborious to navigate and laborious 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 businesses, MGAs, MGUs, BPOs, FMOs…you get the thought!) associate 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 fashionable interface that’s intuitive and user-friendly; our accurate-to-the-day information pulled from the {industry}’s sources of reality like NIPR, FINRA, and others; and our deep in-house insurance coverage {industry} experience, and also you’ve received a recipe not only for success however for transformation.
“Irrespective of how good an answer might look, it’s our people who should be snug with new course of and know-how. AgentSync stored our topic specialists and workers concerned by means of each step all over a interval of stabilization, after implementation.”
- An AgentSync provider buyer
6. Sit again, calm down, and benefit from the ROI
Carriers leveraging AgentSync have seen exceptional transformations of their compliance administration that translate into measurable ROI: every part from saving cash beforehand spent on a number of outdoors distributors to the power to reallocate inside headcount to extra impactful roles. In fact, the intangible advantages are vital, too. Insurance coverage provider prospects report higher peace of thoughts understanding they’ve received compliance on lock, better worker and agent satisfaction with their processes, and an extended record of different advantages.
“AgentSync tracks key compliance information 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 holding each agent compliant for promoting.”
- An AgentSync provider associate
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 often is the resolution 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 one of the best half and see how AgentSync can assist you obtain the identical outcomes, get in touch with one of our compliance experts today.
