This post is part of a series sponsored by AgentSync.
The insurance industry has been slow to adopt digital-first frameworks for doing business, and the part of the business that deals with compliance and regulatory change management is even slower.
But day by day we see this trend changing. One day, this trickle of early adopters of insurance compliance and producer management technology will become a flood as both internal stakeholders and government regulators stop using a shrug and a “that’s how we’ve always done it” as a compelling reason for non-compliance to accept.
Why are more and more companies turning to AgentSync since there are a variety of technology-based compliance solutions on the market (and no, we don’t count digital spreadsheets as technology-based compliance solutions, sorry, not sorry)? Stay with us and we will give you six convincing reasons.
1. Speed is important for producers, brokers, agents and consumers
AgentSync Manage and Autopilot take an agency or carrier’s tasks from hours of manual data entry, including cross-referencing websites and spreadsheets, to a few minutes of activity on a single platform.
Using APIs, cloud-native and low-code technology solutions, AgentSync’s robust integrations and unparalleled data accuracy break through the milieu of outdated legacy technologies and revolutionize operations and compliance in the financial services insurance industry. This is important if the difference between you and the competition is the speed of offer creation or engagement speed.
If you put your brokers and agents on hold while you make offers, or worse, make simple offers without license validation to ensure it’s a good, qualified deal, you risk losing out to a competitor. Or you may lose business due to license verification missteps. Regardless, manual compliance and manual producer management in this regard are easy ways to leave a bad impression on your consumers.
Since in some business sectors there is no direct connection between a carrier and the end customer until the first reward check is issued, impressing them with accurate and timely business processes is a must.
2. Reduce risk by deploying modern compliance everywhere
If you’re already working with legacy technology, you don’t want your compliance solution to look the same: outdated, complex, custom-coded, and difficult to use. Managing compliance with slow, manual systems the way you always have means taking big risks: financial, legal, reputational, and more.
AgentSync is committed to building an insurance infrastructure that is up-to-date, automated, and integrated into an organization’s entire technology stack. We have developed the first-of-its-kind API that integrates with the industry’s intelligence source, giving our customers visibility into the insurance licensing and compliance data that is updated daily across all their systems.
Our APIs connect compliance and agent management across our customers’ entire ecosystems, giving them the ability to stop breaches before they occur, all with less manual effort. By performing automatic license validation processes, no human intervention is required unless an alert occurs! – You can ensure compliance at every point of the sales cycle, avoiding costly regulatory errors, commission clawbacks or, for claims adjusters, even fraudulent payouts.
3. Understand your data and spend less time asking, “But what does that mean?”
It’s not just about high-quality data – state differences in licensing and data interpretation make 1:1 comparisons difficult. AgentSync humanizes and contextualizes data and explains what it means state by state. For insurance companies struggling to do more with less, this means employees need fewer hours and less training to understand and immediately act on the information available to them.
If you don’t understand how important it is that your employees respond quickly to your data, you may have missed point #1, but we’ll say it again here: Speed equals trust in many industries, as long as that speed is matched with accuracy is paired. With AgentSync’s integrations and data coming daily from the industry’s source of truth, it’s both/and.
4. Make changes quickly
Sometimes in business you have to pivot, and change of almost any kind feels very dramatic when you’re tied to outdated systems like Wile E Coyote and an ACME gun in a Roadrunner cartoon.
As the industry’s first cloud-native solution, AgentSync has brought to life low-code solutions that enable us to quickly respond to government regulatory changes and adjustments. By using low-code fixes, we can change direction in response to government changes (such as the complete overhaul of manufacturer regulation in Texas and Kansas in 2021) or tailored customer needs.
5. Future-proof your business
Late adopters of the automated compliance and producer management trend will have to do a cowboy shuffle on an empty dance floor. In other words, today’s technology is already determining the leaders of tomorrow’s insurance industry.
We serve the fastest-growing insurance companies and legacy businesses, demonstrating our ability to help clients leverage best-in-class data to grow and scale while reducing risk and remaining compliant.
Good companies lose patience with onboarding processes and vendors who take months to hire new agents, even though they know others can do it in weeks or even days. They don’t accept that their operations department has to spend nights and weekends manually entering data.
6. Join the future
Our innovations have already changed the industry’s expectations for compliance and agent management, and we’re just getting started.
Don’t just take our word for it:
“When we evaluated compliance technology solutions, the other products looked outdated, boring, and didn’t seem customizable. They were difficult to navigate and difficult to read. AgentSync was the opposite. It felt modern and the interface was nice to look at,” said Matt Brockmeier, Business Development Specialist at Veterans United Insurance and AgentSync customer. “AgentSync has demonstrated a level of expertise in the insurance industry that we have not seen from other providers we have looked at. Some of them didn’t seem really familiar with the industry.”
If you’re ready to discover what the future of compliance and producer management looks like for your organization, check out a demo today.
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2024-02-28 05:22:34
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