This post is part of a series sponsored by AgentSync.
When a service insurance company decided to expand nationwide, what was once a somewhat tedious task (only in Texas) turned into a formidable challenge. The shift from a state-specific focus to a national expansion meant grappling with a patchwork of producer licensing regulations and processes across all 50 states.
This new challenge has led service insurers to find new solutions. By partnering with AgentSync, this workers’ compensation insurance leader was able to reduce what used to take days to just minutes.
Read the full service insurance company success story here
Previously: Low-tech and boring
Jay Howard, Director of Compliance and Risk Management for Service Insurance Company, said the newly formed company will begin its transition from operating only in Texas to providing workers’ compensation insurance nationwide. He was appointed to lead the compliance department.
Historically, Mr. Howard had to fill out paper forms by hand and mail them to the Texas Department of Insurance with a check for each producer, making it impossible for Mr. Howard to spend his weekends in just one state. It was enough to appoint a producer. Howard quickly realized that he could not expand his service insurance company’s national presence without the help of modern technology to speed up the process.
Attempting a solution
Before embarking on AgentSync, Howard’s small compliance team tried to make do with what the company already had: an IT ticketing system. They quickly learned the downside of trying to use the wrong tool for the job. Like many teams that try to repurpose what they have into something they really need, the “solution” created as many new problems as it improved some things.
Howard quickly realized that the only real solution to his team’s problems was to find a modern technology platform purposefully built with compliance management in mind. Fortunately, given the serious nature of market conduct and the scrutiny that all insurance companies are subject to, we had no difficulty in making the case for automated compliance solutions to service insurance company leaders. , said Howard.
A solution that stands out
“AgentSync’s agility was a big selling point for us. That, along with AgentSync’s security and cloud-based nature, made AgentSync different from other products we were considering, especially from a technical stakeholder perspective. – Jay Howard, Director of Compliance and Risk Management.
With management buy-in, Howard began searching for the right insurance compliance technology solution. For many in his position, he has difficulty getting buy-in from the IT department when considering new software. Fortunately for Howard, he was actually the first to suggest that IT leaders consider his AgentSync.
As Howard dug deeper, it was clear that AgentSync stood out from the competition. When considering AgentSync, the services insurance company prioritized information security and the solution’s technical agility. Both of these were important selling points.
How AgentSync helps service insurers
AgentSync dramatically reduced producer booking management time from two days to just minutes, allowing service insurers to:
- Eliminate time-consuming and labor-intensive tasks that previously required staff to work overtime.
- Enjoy complete peace of mind as our producers will not sell without proper reservations in any state.
- Give compliance teams, treasurers, leaders, and regulators instant access and a transparent view of the information they need.
- Export data quickly as required by regulatory authorities without spending extra time
Additionally, AgentSync’s impact on service insurance companies goes beyond just improving operational efficiency. This has fundamentally improved the day-to-day work of those responsible for managing agent appointments and compliance. “The first benefit we noticed with AgentSync was that we no longer had to spend our weekends manually processing appointments,” says Howard.
Read the full service insurance company success story here
Are you ready to transform your compliance processes?
If your service insurance company’s journey from compliance chaos to streamlined efficiency resonates with you, consider what AgentSync can do for your organization. Contact us now Talk to one of our insurance compliance experts.
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