This post is part of a series sponsored by AgentSync.
Does your organization have a compliance problem?
It’s okay. We won’t tell anyone.
If you’re not sure, here’s a way to check your symptoms. However, if you’re pretty sure that compliance management is costing your company too much money, taking too long, and even discouraging employees, agency partners, or individual producers from working with you, then you’ve come to the right place.
We’ve seen a bit of everything as we work with insurance agencies, carriers and MGAs/MGUs to transform the way they manage manufacturer and appraiser license compliance. Whether you’re still managing state licenses on paper or paying multiple expensive vendors to manage them for you (and still aren’t sure they’re doing it right), we know other companies that have experienced this have.
CTA/Button: Download Does this sound familiar? A guide to the most common compliance challenges facing sales reps and how leading carriers solved them (in their own words)
There’s no shame in admitting that your company could do a better job of managing compliance. Ultimately, ensuring that every manufacturer, appraiser and dual licensed broker-dealer for every line of business in every jurisdiction is properly licensed and appointed is a complex and daunting task. Additionally, you don’t always get the impression that compliance is directly linked to sales, even if it is!
“Our lifeblood is our ability to sell. So anything that could potentially hinder that ability in any state on any given day has real implications.”
- An AgentSync customer
So if compliance is an issue in your organization, we empathize (as do all the clients we’ve worked with to date). We’ve put together a guide to show you the way forward and give other insurance carriers the opportunity to tell you, in their own words, how switching to AgentSync has changed their world.
Six stages of compliance issues
1. The “Before” scenario: A common fight
Many carriers are bogged down by outdated technology and manual processes. These factors make managing manufacturer compliance a time-consuming and error-prone task that no one wants to do! These challenges can hinder essential functions such as sales policies, recruiting downstream distributors, and paying commissions. Ultimately, they impact every aspect of your business from top to bottom and can hinder your ability to work effectively.
“We had four full-time employees dealing with producer compliance management and it would still take two and a half or three months or even longer to process the brokers. The length of this process has actually been off-putting to agents and agencies that we previously would have enjoyed working with.”
2. The breaking point
Most companies reach a tipping point when they realize that they simply can’t keep doing things the way they always have. Whether you’re finding that manual processes can’t keep up with your growth, you’re at risk of government fees and penalties for market conduct issues, or you realize you need to overhaul the broker experience to compete in the modern insurance market – something has to happen! This breaking point is usually reached after years, if not decades.
“We concluded that it was too challenging, especially for our two-person compliance team at the time, to manually manage appointments and licenses and stay on top of regulations in all 50 states. We knew that without some sort of solution, we would never catch up on compliance.”
- An AgentSync carrier customer
3. Imagine success
Sometimes it’s easier to know what you don’t want than what you do. For insurance carriers looking for a new way to manage compliance, it’s easy to gravitate toward anything that looks better than the status quo. But to truly be successful, you need to know and define what success looks like in your company.
Typically, this is about automation, efficiency and an improved experience for internal employees and downstream partners. For many AgentSync customers, specific goals such as reducing agent training time, saving money on unnecessary appointments, and having a compliance process that runs as quickly as other areas of the business are key factors for success.
“I always try to be considerate of the user experience and especially the experience of our agency partners. I want to be sure that their experience working with us is positive. We were looking for a solution that would make it easy and time-saving for them, rather than a negative experience that they would be reluctant to go through.”
- An AgentSync carrier customer
4. Finding a better way
And so the search for a new approach begins. While at first glance the market appears to be flooded with options, many airlines quickly realize that there is too much promise and not enough evidence. The journey through evaluating potential solutions makes it clear that many systems are not as modern, customizable or insurance industry specific as they claim or as an insurance carrier needs.
“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. They also did not impress us with their expertise in the insurance industry. In fact, some seemed completely unfamiliar with the industry.”
- An AgentSync agency customer
5. Enter: AgentSync
After seeing the selection, insurance carriers (and agencies, MGAs, MGUs, BPOs, FMOs… you get the idea!) work with AgentSync. The reasons for this range from our agile and flexible technology to our unparalleled implementation and support teams. Added to this is our modern user interface, which is intuitive and user-friendly; our daily data comes from the industry’s most trusted sources such as NIPR, FINRA and others; and our extensive in-house insurance industry expertise, and you have not only a recipe for success, but also a recipe for transformation.
“No matter how good a solution may look, it is our employees who need to be familiar with new processes and technologies. AgentSync kept our subject matter experts and staff involved every step of the way through the post-implementation stabilization phase.”
- An AgentSync carrier customer
6. Sit back, relax and enjoy the ROI
Carriers using AgentSync have seen remarkable changes in their compliance management that translate into measurable ROI: from saving money previously spent on multiple external vendors to the ability to redeploy internal employees into more impactful roles . Of course, the intangible benefits are also significant. Insurance carrier customers are reporting greater peace of mind knowing they are compliant with lockdown regulations, greater employee and agent satisfaction with their processes, and a long list of other benefits.
“AgentSync tracks important compliance data and automates tasks that previously required us to go to multiple websites and sources to complete. It is also set up for just-in-time appointments, which saves us money while ensuring each agent meets their sales targets.”
- An AgentSync carrier partner
Where are you on your journey to compliance management?
If any (or all) of these phases of compliance issues resonate with you, we would like to suggest that AgentSync may be the solution you have been looking for (or wishing for). To learn more about other insurance carriers who have experienced the six stages of compliance issues themselves and how AgentSync has radically transformed their business, download our free guide now.
If you want to skip to the best part and see how AgentSync can help you achieve the same results, get in touch with one of our compliance experts today.
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2024-04-30 08:00:37
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