This post is part of a series sponsored by AgentSync.
When service insurance companies decided to expand nationwide, what was once a somewhat cumbersome task (for the state of Texas only) turned into a Herculean challenge. Shifting from a state-specific focus to a nationwide presence meant dealing with the patchwork of manufacturer licensing regulations and processes in all 50 states.
This new challenge prompted service insurance companies to find a new solution. By partnering with AgentSync, this leading workers’ compensation provider was able to reduce what had previously been days of work to just a few minutes.
Read the full success story of Service Insurance Companies here
The previous state: low-tech and boring
Jay Howard, director of compliance and risk management at Service Insurance Companies, led a newly established compliance department as the company began its transition from operating solely in the state of Texas to providing workers’ compensation policies nationwide.
Historically, appointing producers in just one state was enough to take up Howard’s weekends, as he had to fill out paper forms by hand and mail them to the Texas Department of Insurance with a check for each producer. Howard immediately realized that he could not expand Service Insurance Companies’ national footprint without the help of modern technology to speed up the process.
Attempted solutions
Before diving into AgentSync, Howard’s small compliance team tried to make do with something the company already had: an IT ticketing system. They quickly learned the disadvantages of trying to use the wrong tool for the job. Like many teams trying to transform something they have into what they really need, the “solution” created as many new problems as the few things it improved.
Howard soon realized that the only real solution to his team’s problem was to find a modern technology platform that was intentionally designed for compliance management. Fortunately, given the seriousness of market behavior and the scrutiny every insurer faces, it wasn’t difficult for him to make the case for an automated compliance solution to his executives at Service Insurance Companies, Howard said.
The solution that stood out from the crowd
“The agility of AgentSync was a big selling point for us. This, along with the security and cloud-based nature we saw, differentiated AgentSync from others we had considered, particularly from the perspective of our technical stakeholders.” – Jay Howard, Director of Compliance and Risk Management
With leadership buy-in, Howard began searching for the right technology solution for insurance compliance. For many in his position, getting buy-in from the IT department when dealing with new software is a challenge. Luckily for Howard, an IT manager was actually the first to suggest taking a look at AgentSync.
As Howard looked closer, it became clear that AgentSync stood out from the competition. Service insurance companies prioritized information security and the technical agility of their solution, both key selling points, when investigating AgentSync.
How AgentSync supports service insurance companies
With AgentSync, the time it takes to manage producer appointments has been reduced from two days to just minutes, enabling service insurance companies to:
- Eliminate time-consuming and tedious tasks that previously required employees to work overtime to complete
- Enjoy complete peace of mind knowing that no manufacturer is selling in any state without the correct dates
- Provide all compliance, accounting, leadership and regulatory staff with quick access and a transparent view of all the information they need
- Export data quickly and without additional time when requested by regulators
Additionally, AgentSync’s impact on service insurance companies went beyond operational efficiency. It has fundamentally improved day-to-day work for those responsible for managing agent appointments and compliance. “The first benefit I noticed when we got AgentSync was that I no longer had to spend my weekends manually editing appointments,” shared Howard.
Read the full success story of Service Insurance Companies here
Are you ready to transform your compliance process?
If you like service insurance companies’ journey from compliance chaos to optimized efficiency, it’s time to find out what AgentSync can do for your business. Contact us today to speak with one of our insurance compliance experts.
subjects
Carrier Texas
Interested in carriers?
Receive automatic notifications for this topic.
Source link
2024-05-09 04:16:23
www.insurancejournal.com
