This publish is a part of a collection sponsored by AgentSync.
The insurance coverage trade has been sluggish to undertake digital-first frameworks for doing enterprise, and the a part of the enterprise that offers with compliance and regulation change administration much more so.
However, day-to-day, we’re seeing that development change. Sometime this trickle of early adopters of insurance coverage compliance and producer administration tech will discover itself a complete flood as inner stakeholders and state regulators alike cease shopping for a shoulder shrug and a “that’s how we’ve all the time finished it” as a convincing purpose for noncompliance.
With a wide range of tech-based compliance options available on the market (and no, we’re not counting a digital spreadsheet as a tech-based compliance answer, sorry, not sorry), why are extra corporations turning to AgentSync? Keep on with us and we’ll offer you six convincing causes.
1. Velocity issues for producers, brokers, brokers, and shoppers
AgentSync Handle and Autopilot take an company’s or provider’s duties from hours of handbook knowledge entry, together with cross-referencing web sites and spreadsheets, to some minutes of exercise in a single platform.
Utilizing APIs, cloud-native, and low-code tech options, AgentSync’s strong integrations and unparalleled knowledge accuracy breaks by way of the milieu of outdated legacy tech to revolutionize operations and compliance within the insurance coverage department of the monetary providers trade. This issues when the distinction between you and the competitors comes right down to speed-to-quote or speed-to-bind.
When you put your brokers and brokers on ice whilst you generate quotes, or worse, you ship simple quotes with zero license validation for assurance that it’s good, certified enterprise, then you definately danger shedding to a competitor. Or shedding enterprise to license verification missteps. Regardless, handbook compliance and handbook producer administration on this respect are simple methods to make a poor impression in your shoppers.
Since some traces of enterprise gained’t see any direct connection between a provider and the top consumer till that first premium verify is written, impressing them with correct and well timed enterprise processes is a should.
2. Cut back danger by placing fashionable compliance in all places
When you’re already engaged on legacy tech, you don’t need your compliance answer to look the identical: dated, complicated, custom-coded, and troublesome to make use of. Managing compliance “the way in which you all the time have” with sluggish, handbook programs means taking massive dangers: monetary, authorized, reputational, and extra.
AgentSync is dedicated to constructing insurance coverage infrastructure that’s present, automated, and built-in into a corporation’s full tech stack. We constructed the first-of-its-kind API built-in with the trade’s supply of reality, giving our clients a style of insurance coverage licensing and compliance knowledge up to date throughout all their programs each day.
Our APIs weave compliance and agent administration by way of our clients’ complete ecosystems, giving them the ability to cease violations earlier than they occur, and all with much less handbook hands-on time. By operating automated license validation processes – no human contact needed until it comes again with a crimson flag! – you may guarantee compliance at each level of the gross sales cycle, avoiding expensive regulatory errors, fee clawbacks, or, for adjusters, even fraudulent payouts.
3. Perceive your knowledge and spend much less time saying, “however what does it imply?“
It’s not nearly high quality knowledge – state variations in licensing and knowledge interpretation make 1:1 comparisons troublesome. AgentSync humanizes and contextualizes knowledge, explaining what it means state to state. For insurance coverage companies struggling to do extra with much less, this implies workers want fewer hours and fewer coaching to make sense of the data at their fingertips, and might instantly act on it.
When you don’t perceive the significance of your workers taking speedy motion in your knowledge, possibly you missed level No. 1, however we’ll reiterate right here, pace equates to belief in lots of industries, so long as that pace is paired with accuracy. With AgentSync’s integrations, and knowledge sourced each day from the trade’s supply of reality, it’s each/and.
4. Make change quick
Typically you’ll want to pivot in enterprise, and adjustments of virtually any form really feel very dramatic once you’re strapped to legacy programs like Wile E Coyote to an ACME weapon in a Roadrunner cartoon.
Because the trade’s first cloud-native answer, AgentSync has introduced low-code options to life, permitting us to nimbly deal with state regulatory adjustments and customizations. Through the use of low-code fixes, we are able to change course in response to state adjustments (like, as an example, Texas’s and Kansas’s full overhauls of producer regulation in 2021) or to bespoke buyer wants.
5. Future-proof your small business
Late adopters to the automated compliance and producer administration development will discover themselves doing a cowboy shuffle on an empty dancefloor. Put one other method, in the present day’s tech is already figuring out tomorrow’s high canines within the insurance coverage trade.
We serve the fastest-growing corporations in insurance coverage in addition to legacy companies, clearly demonstrating our capability to assist clients use superior knowledge to develop and scale whereas decreasing danger and remaining compliant.
Good companies are shedding endurance with onboarding processes and distributors that take months to convey on new brokers once they know others can do it in weeks and even days. They don’t settle for that their operations division has to spend nights and weekends on handbook knowledge entry.
6. Be part of the long run
Our improvements have already modified trade expectations for compliance and agent administration, and we’re simply getting began.
Don’t simply take our phrase for it:
“After we had been evaluating compliance know-how options, the opposite merchandise regarded dated, bland, and didn’t appear to be customizable. They had been laborious to navigate round, and laborious to learn. AgentSync was the other. It felt cutting-edge and the interface was interesting to have a look at,” mentioned Matt Brockmeier, Enterprise Improvement Specialist at Veterans United Insurance coverage and an AgentSync buyer. “AgentSync confirmed a stage of insurance coverage trade experience that we didn’t see in different distributors we had been taking a look at. A few of them didn’t actually appear that accustomed to the trade.”
When you’re able to discover what the way forward for compliance and producer administration appear like to your group, try a demo in the present day.
