How to turn compliance from a business impediment to a business enabler

This post is part of a series sponsored by AgentSync.

A compliance crash drill was organised when Jetty lost its Designated Resident Licensed Producer (DRLP), which is when Jetty’s compliance officer became convinced that the old way of doing things wasn’t working.

(Read the full Jetty success story here)

The Importance of a Licensed Insurance Agent

Agents and their ability to sell are the lifeblood of any insurance business, so if your agents can’t do their jobs, your business suffers. Licensing requirements are constantly changing from state to state, making it difficult to stay on top of your agents’ competencies.

For Jetty, a high-tech MGA specializing in financial products for renters and landlords, the turning point came when the company’s DRLP suddenly retired. As anyone who has dealt with producer licenses knows, removing one agent licensed as a DRLP in an agency and replacing them with a new agent in every state and territory is no small feat and can be an obstacle to sales and revenue generation.

As a fast-evolving insurtech company, Jetty can’t afford to let technical issues with agent licensing slow down their business. So after a month of staff working at full speed to get things back on track with DRLP, they realized they never wanted to go through that again. After all, licensed agents are too critical to the overall operation of their insurance business to risk losing their ability to sell for days, weeks, or even months.

Keeping up with the pace of business

“We had some outside consultants helping us with license maintenance, but it was very manual. For example, even something as simple as changing our address would result in an email with 50 PDFs attached that we had to individually complete, sign, and send back.” – Kylie Gauthier, VP of Financial Products

Even when not undergoing a “Compliance Emergency Response Drill,” Jetty’s compliance officer was concerned about his department’s inability to quickly respond to the needs of the business. We all know that compliance is not an area where you can compromise or cut corners, but it can be just as frustrating for the business when managing compliance is a time-consuming and overly manual process.

Luckily, Jetty has found a way to dramatically transform producer compliance from a hurdle and potential obstacle into a business accelerator. Their secret weapon is AgentSync and its AutoPilot service.

By partnering with AgentSync’s AutoPilot, Jetty transformed producers’ compliance management processes from one that was a struggle to maintain to one that established a new standard in efficiency and risk management.

From fire drill to smooth sailing

AgentSync’s Autopilot service has not only transformed how Jetty manages compliance, it has also redefined what’s possible, enabling them to:

• Cost reduction: By eliminating the need to hire expensive consultants to keep producers in compliance, Jetty has redirected funds from external license management to internal innovation.
• Time ReclaimedCompliance team members regained 25% of their time each week, allowing them to focus on strategic, high-impact activities instead of manual tasks.
• Risk ReductionAgentSync’s AutoPilot literally brings Jetty to producer compliance On autopilot. The Jetty team no longer has to worry about something leaking, and instead can be confident that all producers have their licenses wherever they need them, when they need them, with the visibility to prove it in real time, if needed.

These are just a few of the breakthroughs Jetty has realized since adopting AgentSync. To learn more about Jetty’s struggles, search for solutions, and the amazing results they’ve achieved with AgentSync, Read the full success story here.

To learn how AgentSync can help agents, carriers and MGAs/MGUs turn compliance from a business impediment to a business enabler, Contact our insurance compliance experts to schedule a demo today..