How to Take Compliance from a Business Blocker to a Business Accelerator

How to Take Compliance from a Business Blocker to a Business Accelerator

This post is part of a series sponsored by AgentSync.

When Jetty lost its Designated Resident Licensed Producer (DRLP), a compliance fire drill followed. That’s when Jetty’s head of compliance knew for sure that the old way wasn’t working.

[Read Jetty’s full success story here]

The importance of licensed insurance producers

Producers and their ability to sell are the lifeblood of any insurance company. So if a producer can’t do their job, the business suffers. With ever-evolving licensing requirements that vary from state to state, it’s not easy to keep track of the producer population.

For Jetty, a high-tech MGA specializing in financial products for tenants and landlords, the turning point came when the company’s DRLP left on short notice. As anyone who has ever dealt with producer licensing knows, removing a licensed agent as the agency’s DRLP and replacing them with a new one in all states and territories is no easy task. It’s also a potential head-turner for sales and revenue.

For Jetty, a fast-moving insurtech company, it cannot afford to be slowed down by the technicalities of manufacturer licensing. As the staff worked at full speed for an entire month to fix the DRLP situation, it was enough to realize that they never wanted to experience this again. After all, licensed producers are far too important to an insurance company’s overall operations to risk not being able to make sales for several days, weeks, or even months.

Keep up with the pace of business

“We had some external consultants who could help us with license maintenance, but it was an extremely manual process. For example, for something as simple as an address change, they sent us an email with 50 PDFs that we had to execute, sign, and return one at a time.” – Kylie Gauthier, VP of Financial Products

Even without going through a “compliance fire drill,” Jetty’s head of compliance was concerned that her department couldn’t respond as quickly as the company needed. Although everyone knows that compliance is not an area where one can compromise or cut corners, it does not make it any less frustrating for the company when managing it is a slow and overly manual process.

Luckily, Jetty has found a way to turn manufacturer compliance from a hurdle and potential hurdle to a business accelerator. Your secret weapon? AgentSync and its AutoPilot service.

By partnering with AgentSync’s AutoPilot, Jetty has transformed manufacturers’ compliance management process from one that was difficult to keep up with to one that sets a new standard for efficiency and risk management.

From fire drills to smooth sailing

AgentSync’s Autopilot service has not only changed the way Jetty manages compliance; It redefined what was possible and delivered:

  • Savings measures: By eliminating the need for expensive consultants to maintain manufacturer compliance, Jetty has redirected funds from external license management to internal innovation.
  • Time regained: Compliance team members received 25 percent of their time back each week, allowing them to focus on strategic, high-impact activities rather than manual tasks.
  • Risk reduction: With AgentSync’s AutoPilot, Jetty’s manufacturer compliance literally runs on autopilot. The Jetty team no longer worries about something slipping through the cracks. Instead, they have the peace of mind that every manufacturer is licensed wherever and whenever they need to be. And they have the transparency to be able to prove this in real time if necessary.

These are just some of the groundbreaking impacts Jetty has made since introducing AgentSync. For a closer look at Jetty’s problems, the search for a solution, and the impressive results with AgentSync, read the full success story here.

To see how AgentSync can transform compliance from a business blocker to a business accelerator at your agency, carrier or MGA/MGU, contact one of our insurance compliance experts for a demo today.

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2024-06-05 04:44:28