This post is part of a series sponsored by AgentSync.
Does your organization have compliance issues?
it’s okay. I won’t tell anyone.
If you’re not sure, here’s how to check the symptoms here. But if you’re fairly certain that compliance management is costing your company too much, taking too much time, or even preventing your employees, agency partners, or individual producers from working together, you is in the right position.
We’ve seen a little bit of everything as we work with insurance agents, carriers, and MGAs/MGUs to transform the way they manage producer and adjuster license compliance. Whether you’re still dealing with state licenses on paper or paying multiple expensive vendors to manage them for you (and even if you’re still not confident that you’re doing it right) , we know of other companies that have done so.
CTA/Button: Download Does this sound familiar? A guide to the most common compliance challenges for distribution employees and how top carriers are solving them (in their own words)
There’s no shame in admitting that your business could be better able to manage compliance. After all, ensuring that all producers, appraisers, and dually licensed broker-dealers are properly licensed and appointed for all lines of business in all jurisdictions is complex and daunting. This is a long process. Furthermore, although compliance is directly tied to revenue, this is not always the case.
“Our lifeblood is our ability to sell. So anything that could potentially inhibit that ability, in any condition, on any given day, has a huge impact. ”
- AgentSync MGA customers
So if compliance is a challenge for your company, we can empathize (as do all of our customers we’ve partnered with). We’ve created a way forward guide for other insurance companies to tell in their own words how his switch to AgentSync has changed the world.
Six stages of compliance issues
1. “Before” scenario: common struggle
Many carriers feel stuck with legacy technology and manual processes. These factors make managing producer compliance a time-consuming and error-prone task that no one wants to do. These challenges can disrupt critical functions such as selling insurance policies, recruiting downstream distribution partners, and paying commissions. Ultimately, they can impact every aspect of your business from top to bottom and hinder your ability to operate effectively.
“We had four full-time employees managing producer compliance, but the intermediary process takes two and a half to three months or more. It was actually a deterrent for agents and agencies who had wanted to work with us for a while.”
2. Breaking point
Most organizations reach a tipping point when they realize they can’t keep doing things the same way they’ve always done them. Whether you find that manual processes can’t scale with your growth or risk state fees and fines for market conduct issues, you need to overhaul your agent experience to compete in the modern insurance market. Even with this recognition, something should be gained. This breaking point typically forms over years, if not decades.
“We decided that manually managing reservations and licenses and tracking regulations in all 50 states was too much of a burden, especially for our compliance team, which at the time consisted of two people. Without it, we knew we would never be able to catch up in terms of compliance.”
- AgentSync carrier customers
3. Visualize success
Sometimes it’s easier to know what you are please do not I want more than you do. For insurers looking for new ways to manage compliance, it’s easy to be interested in anything that looks better than the status quo. But to be truly successful, you need to know the following: and define What does success look like in your organization?
This typically includes automation, efficiency, and improving the experience for internal staff and downstream partners. For many AgentSync customers, specific goals such as reducing agent onboarding time, saving money on unnecessary reservations, and ensuring compliance processes move as quickly as other parts of the business are key to success. This is an important indicator.
“I always try to think thoughtfully about the user experience, especially the experience of our agency partners. We want to be confident that their experience working with us is a positive one. We were looking for a solution that would make it easier and time-saving for them, rather than a negative experience that they have to go through reluctantly.”
- AgentSync carrier customers
4. Looking for a better way
And the search for new ways to do things begins. At first glance, the market appears to be full of options, but many carriers quickly discover that they promise too much and not enough proof. The process of evaluating potential solutions has highlighted the reality that many systems are not as modern, customizable, specific to the insurance industry, or what insurers need as they claim to be. Become.
“When we were evaluating compliance technology solutions, other products seemed outdated, bland, and non-customizable. They were difficult to navigate and difficult to read. Also, their insurance The industry expertise didn’t impress us either, in fact some were completely unfamiliar with the industry.
- AgentSync reseller customers
5. Type “AgentSync”.
Insurers (and agents, MGAs, MGUs, BPOs, FMOs, etc.) partner with AgentSync after ensuring they have options. The reasons range from our agile and agile technology to our unparalleled implementation and support team. Added to that is a modern interface that is intuitive and user-friendly. Our accurate data comes from industry truth sources such as NIPR, FINRA, and more. Leverage our deep in-house insurance industry expertise and you have a recipe for not just success, but transformation.
“No matter how good a solution seems, it’s your employees who need to get used to new processes and technology. AgentSync relies on subject matter experts and staff at every step during the post-implementation stabilization period. kept them involved.”
- AgentSync carrier customers
6. Sit back, relax and enjoy your ROI
Carriers leveraging AgentSync are seeing significant changes in their compliance management, leading to measurable ROI. Money saved previously on multiple external vendors can now be reassigned to more impactful roles within the company. Of course, there are also great benefits that you can’t see. Insurance customers gain greater peace of mind knowing that compliance is ensured, employee and agent satisfaction with the process is high, and many other benefits It is reported that it can be done.
“AgentSync tracks key compliance data and automates tasks that previously required accessing multiple websites and sources to process them. It also provides just-in-time appointments so you can of agents can be compliant with their sales while saving money.”
- AgentSync Carrier Partner
Where are you currently at with your compliance management efforts?
If any (or all) of these stages of your compliance problem resonate with you, we’d like to suggest that AgentSync may be the solution you’ve been looking for (or wanted). If you would like to learn more about other insurance companies who have gone through his six stages of compliance issues themselves and how AgentSync has fundamentally transformed their businesses, download our free guide today.
If you want to skip to the most important part and see how AgentSync can help you achieve the same results, Contact our compliance experts today.
