This post is part of a series sponsored by AgentSync.
For many shippers and agencies, compliance is an arduous task. Compliance touches almost every aspect of your sales process: from verifying licenses during onboarding, to obtaining appointments in the appropriate states, to selling under the appropriate license and authority, to paying correct commissions, to terminating a sales relationship, and at every single point between. Compliance is an ongoing question.
Companies that take this lightly are at risk of regulatory action. But beyond that, there is a risk that they will be left behind by the competition.
We are in the midst of a wave of technological change in the insurance industry, as carriers and agencies alike challenge their accumulated technical debt and legacy systems that require increasing amounts of energy and expertise to maintain at a basic level of functionality.
Moving forward with modern insurance infrastructure
Carriers and agencies looking to stay ahead will inevitably look to the promise of cloud-native and low-code technologies that can deliver on the promise of flexible infrastructure while maintaining the integrity of their current systems.
Transitioning to legacy on-premise technologies is no walk in the park, but the cost of doing nothing is high, and in the meantime your competitors are making the switch. They take the cost of compliance and turn it into a competitive advantage by ensuring timely and accurate commission payments. They integrate it into onboarding with background checks that run for hours and data syncs that ensure accuracy before a producer has even clicked “agree” to the digital contract.
If you want to learn how AgentSync can help you achieve integrated and automated compliance in real time, check out our guide.
How AgentSync does it better
It’s not just insurance carriers and agencies that are re-evaluating their technology stacks amid this new era of data access. Some vendors have been in the sales management space for decades and offer compliance and onboarding services. However, there are some advantages to being “newbies” in the industry, and one of them is the ability to build with flexibility and nuance from the start.
Many providers update license and appointment data monthly or weekly, meaning your data may be between 6 and 30 days out of date by the time you take action. Compliance that comes days late is generally not true compliance.
Not only do we keep your data up to date through a two-way daily sync with the industry source of truth, we can also integrate this data across your system to break down silos by making license and appointment data visible in your commission payment system in the background. system, agent management platform, and anywhere else your team needs critical access. In fact, with intelligent automation powering your integrations, you can even stop compliance violations before they happen.
Compliance no longer has to be a burdensome task. Integrate real-time, integrated and automated compliance into your sales relationships from start to finish.
If you’d like to learn why our customers chose AgentSync, check out our guide or schedule a personalized demo with a member of our team.
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2024-06-19 04:02:23
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