Real-Time, Integrated, Automated Compliance Becoming Industry Standard

This put up is a part of a collection sponsored by AgentSync.

For a lot of carriers and businesses, compliance is an arduous chore. Compliance touches on nearly each side of your distribution course of: From checking licenses throughout onboarding to acquiring appointments within the acceptable states to promoting beneath the suitable license and line of authority to paying correct commissions to ending a distributor relationship and at each single level in between, compliance is a lingering query.

For companies that deal with this evenly, there’s a danger of regulatory motion. However greater than that, there’s a danger that they’ll get left within the mud by their rivals.

We’re effectively right into a wave of technological transformation within the insurance coverage trade as carriers and businesses alike query their accrued tech debt and legacy systems that require growing power and experience to take care of at a primary practical stage.

Getting forward with trendy insurance coverage infrastructure

Carriers and businesses that hope to take care of a vanguard will essentially look to the guarantees of cloud-native and low-code applied sciences that may ship on the promise of versatile infrastructure whereas preserving the integrity of their present methods.

Navigating off of on-premise, legacy tech is not any stroll within the park, however the price of doing nothing is steep, and in the meantime your rivals are making the swap. They’re taking the price of compliance and turning it right into a aggressive edge by making certain well timed, correct fee funds. They’re baking it into onboarding with background checks that course of in hours and knowledge syncs that guarantee accuracy earlier than a producer has even clicked “agree” on the digital contract.

In the event you’re able to see how AgentSync can assist you obtain real-time, built-in, and automatic compliance, check out our guide.

How AgentSync does it higher

It’s not simply insurance coverage carriers and businesses which can be re-evaluating their tech stacks within the midst of this new period of information entry. Some distributors have been working within the distribution administration house, providing compliance and onboarding companies, for many years. However there are a number of benefits to being “newcomers” to the trade, and a few of it’s the capability to construct from the beginning with flexibility and nuances baked in.

Many distributors replace licensing and appointment knowledge on a month-to-month or weekly foundation, which means your knowledge may very well be old-fashioned from 6 to 30 days by the point you are taking motion. Compliance that comes days too late isn’t, usually, really compliance.

Not solely will we hold your knowledge up-to-date with a two-way every day synchronization to the trade supply of fact, we are able to combine that knowledge via your system to bust silos by surfacing licensing and appointment knowledge in your commissions cost system, background test system, agent administration platform, and wherever else your group wants crucial entry. The truth is, with good automation powering your integrations, you may even cease compliance violations earlier than they occur.

Not should compliance be a difficult chore. Bake real-time, built-in, and automatic compliance into your distribution relationships from begin to end.

In the event you’re able to study why our prospects selected AgentSync, check out our guide or get with a member of our group for a personalized demo.