How a High-M&A Insurance Agency Reduces Complexity at Scale

How INSURICA has streamlined its operations for growth

Compliance officers are often the unsung heroes of the insurance industry, battling it out with spreadsheets to help move insurance agents through the ready-to-sell process, and that was historically true at INSURICA as much as at any other insurance business. 

In fact, INSURICA may have more than its fair share of complexity. The company works across nearly all lines of authority in multiple states and has been positioning itself to accelerate growth with quick acquisitions. However, each acquisition has historically meant the acquired business continues to operate in a silo while the core business slowly transitions over paperwork. This used to make it hard for INSURICA to evaluate the return on investment (ROI) for new business entities.

By drawing their compliance and operations into a single centralized view, INSURICA:

• Implemented AgentSync in less than four months, consolidating the tech stack the company needed for licensing, onboarding, and ongoing compliance.
• Improved their producer-to-admin ratio, ultimately moving to a single person responsible for compliance and reporting.
• Improved profit-and-loss (P&L) statements by driving the lapsed license rate to zero percent, saving on late renewal fees, and also reducing license printing expenses from state sites by using the printable license view feature.

To read more about how INSURICA used AgentSync to impact the bottom line, download the case study.

The case for centralization

For INSURICA, ongoing compliance, onboarding, and producer licensing were processes that were handled by each business entity, meaning the company might have 20 different ways of doing things. It wasn’t ideal for a few reasons:

• Change management risk
• Regulatory risk
• Transparency and ROI
• Delivering value to acquisitions
• Acquisition complexity

Compliance responsibilities fell to multiple team members who were running spreadsheets and tools and spreadsheets for the tools and tools to run the spreadsheets, all on a part-time or ad-hoc basis. At some agencies, producers managed their own licensing. Each producer might be licensed in multiple states, and some producers were actually paying for their own licenses and getting reimbursed via expense reports. 

“Everything was manual. Some colleagues handled their licenses individually while others were being handled internally. We were doing a lot of manual tracking on spreadsheets and paper files.” 

Katie Meyer, Licensing and Compliance Specialist, INSURICA

Poised for partnership

INSURICA has a roadmap for the next few decades, so the company needed a distribution channel management platform that could help them elevate their onboarding and compliance processes to a digital-forward platform while committing to a long-term vision.

“We looked at one or two other platforms and they didn’t feel as robust as AgentSync… AgentSync took the time to understand our needs before proposing a solution.”

Kevin Wellfare, VP of Agency Development, INSURICA

Working across multiple lines of authority in insurance, working in many states, and continuing to bring new agencies aboard: These factors presented no small challenge. Consolidating operations wouldn’t mean much if, at the end of the day, the company just took fractured compliance costs and risks and put them in one place. The hope was to move toward a better, more efficient state.

Download the case study to learn more about how INSURICA consolidated its license and compliance operations. 

Future-proofed and set for growth

Centralizing licensing, compliance, and insurance producer licensing is part of INSURICA’s roadmap to maintain its legacy as a business that delivers for its partners and their customers. It’s a legacy that the company hopes to continue into the future, and that it’s better poised to deliver with AgentSync in its tech stack.

Katie Meyer, the Licensing and Compliance Specialist at INSURICA, noted that, when she first started on AgentSync’s Manage platform, she kept ahold of her spreadsheets in case AgentSync was too good to be true. But now she only uses them for the historical record, going months without looking at a single cell.

Download the case study and learn more about how INSURICA is leading the charge of centralized, future-proof license and compliance services for their business entities. Spoiler: They already are innovating the producer onboarding process to make themselves very versatile as their sales regions and market conditions change. 

“We can confidently onboard more acquisitions than ever, providing them with state-of-the-art licensing and compliance services… We’re reducing complexity. We are more innovative because we have this visibility into compliance.”

Kevin Wellfare, VP of Agency Development, INSURICA