This put up is a part of a collection sponsored by AgentSync.
Does your group have a compliance downside?
It’s OK. We received’t inform anybody.
For those who’re not completely positive, we’ve obtained a solution to examine your signs right here. However if you happen to’re pretty sure that compliance administration is costing your online business an excessive amount of cash, taking too lengthy, and even deterring staff, company companions, or particular person producers from working with you, then you definitely’re in the suitable place.
We’ve seen a little bit of all the pieces as we work with insurance coverage companies, carriers, and MGAs/MGUs to remodel 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 Widespread Distribution Workforce Compliance Challenges and How High Carriers Solved Them (In Their Personal Phrases)
There’s no disgrace in admitting that your online business could possibly be managing compliance higher. In any case, it’s a fancy and daunting job to verify 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, regardless that it’s!
“Our lifeblood is our skill to promote. So, something that would doubtlessly inhibit that skill 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 will empathize (as can all the prospects we’ve partnered with so far). We’ve put collectively a information that factors to a method ahead, letting different insurance coverage carriers let you know in their very own phrases how making the change to AgentSync reworked their worlds.
Six phases of compliance woes
1. The “Earlier than” situation: A standard battle
Many carriers discover themselves slowed down by legacy expertise and handbook processes. These elements make managing producer compliance a time-consuming and error-prone job that nobody needs to do! These challenges can stall important features corresponding to promoting insurance policies, recruiting downstream distribution companions, and paying commissions. In the end, they influence each side of your online business from high to backside and might hinder your skill 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 companies we’d have favored to work with earlier than.”
2. The breaking level
Most organizations attain a turning level after they understand they simply 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 along with your progress, the danger of state charges and penalties for market conduct points, or the conclusion that that you must overhaul the agent expertise to compete within the fashionable insurance coverage market, one thing’s obtained to present! This breaking level is normally years, if not many years, within the making.
“We determined it was too large of an ask, particularly of our two-person compliance group on the time, to manually handle appointments and licensing, and retaining monitor of all 50 states’ rules. We knew there was simply no method we have been ever going to catch up compliance-wise with out some form of answer.”
- An AgentSync provider buyer
3. Envisioning success
Typically it’s simpler to know what you don’t need than what you do. For insurance coverage carriers looking for a brand new solution to handle compliance, it’s straightforward to get all in favour of something that appears higher than the established order. However, to really achieve success, you need to know and outline what success seems to be like at your group.
Sometimes, this entails automation, effectivity, and an improved expertise for inside employees 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 rapidly 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 be certain their expertise working with us is constructive. We have been on the lookout for an answer to make it straightforward and time-saving for them as a substitute of a unfavorable expertise that they begrudgingly get by means of.”
- An AgentSync provider buyer
4. The seek for a greater method
And so the hunt for a brand new method 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 truth 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 expertise options, the opposite merchandise appeared dated, bland, and didn’t appear to be customizable. They have been onerous to navigate and onerous to learn. Additionally they didn’t impress us with their insurance coverage {industry} experience. Actually, 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 companies, MGAs, MGUs, BPOs, FMOs…you get the concept!) companion with AgentSync. The explanations they achieve this span from our agile and nimble expertise to our unparalleled implementation and assist groups. Add on high of that our fashionable interface that’s intuitive and user-friendly; our accurate-to-the-day information pulled from the {industry}’s sources of fact like NIPR, FINRA, and others; and our deep in-house insurance coverage {industry} experience, and also you’ve obtained a recipe not only for success however for transformation.
“Irrespective of how good an answer could look, it’s our those that must be comfy with new course of and expertise. AgentSync saved our topic consultants and employees concerned by means of each step right through 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 outstanding transformations of their compliance administration that translate into measurable ROI: all the pieces from saving cash beforehand spent on a number of exterior distributors to the power to reallocate inside headcount to extra impactful roles. After all, the intangible advantages are important, too. Insurance coverage provider prospects report higher peace of thoughts realizing they’ve obtained compliance on lock, better worker and agent satisfaction with their processes, and a protracted 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 retaining each agent compliant for promoting.”
- An AgentSync provider companion
The place are you at in your compliance administration journey?
If any (or all) of those phases of compliance woes resonate with you, we’d prefer to suggest that AgentSync would be the answer you’ve been wanting (or wishing) for. To learn extra about different insurance coverage carriers who’ve skilled the six phases of compliance woes themselves, and the way AgentSync radically reworked their companies, obtain our free information now.
If you wish to skip to the most effective half and see how AgentSync can assist you obtain the identical outcomes, get in contact with considered one of our compliance consultants immediately.
