Automated Compliance is the Gift that Keeps on Giving

6 Reasons to add AgentSync to your holiday wishlist this year

If automated compliance isn’t already on your insurance organization’s holiday wishlist this year, now’s the time to add it. Unlike a gift card or a new pair of socks, an automated compliance solution is the gift that keeps on giving! 

If you’re making the business case for automated compliance at your insurance carrier, agency, or MGA/MGU then you’re already aware of some of the major benefits of investing in a modern solution. But, don’t forget about the less obvious, long-term benefits of updating this key piece of your distribution channel management.

The “obvious” benefits of automated insurance producer compliance 

While obvious might not be the right word here, it’s true that when you think about automated insurance producer compliance, a few key benefits jump out straight away. When drafting a list of reasons to invest in automated compliance at your insurance carrier or agency, advantages like reducing manual work, eliminating errors from your data, and creating a top-notch producer experience are pretty much no-brainers. But, that’s no reason to gloss over these very real, very critical benefits. 

1. Gain cost and time efficiency by reducing manual work 

When you hear the term automation, eliminating manual work from your team’s plate is likely the first thing you think of. Creating greater process efficiencies is typically a top reason for adopting automated solutions, no matter the industry. 

For insurance organizations, automated compliance means no more having to enter and re-enter multiple producer or agency data points into multiple systems multiple times. Automating compliance to free your team from manual work is a topic we’ve covered many times over, but it’s worth mentioning again nonetheless. Just think of all the higher-value (and higher-profit) work your team can focus on when they’re not bogged down collecting and processing data by hand. 

Furthermore, think about the number of humans your business needs to manage producer licensing and compliance. Does that number increase as you bring on additional producers, adjusters, or agencies? For example, for those working in the P&C space, does onboarding tens or hundreds of new adjusters to help manage claims after a significant weather event like a hurricane also mean hiring on additional administrative help?

If your current distribution channel management workflows require numerous manual touchpoints, the answer is probably yes. Each additional administrative employee you hire adds additional costs to your organization’s bottom line. Just think of the cost savings of an automated solution that allows you to onboard and accommodate more producers or entire agencies without needing to hire any more help. 

In the insurance sector, staying compliant is a necessity, but doing so shouldn’t require hours upon hours of manual intervention. AgentSync bakes automated compliance checks into every step of your distribution channel management processes to ensure your organization’s growth and compliance never compete. 

“From the ability to appoint and terminate agents to keeping on top of compliance through up-to-date information from NIPR on appointments, cancellations, and license status, AgentSync has tracked key compliance data and automated tasks that we previously had to go to multiple websites and sources to handle.”

Jay Moyer, VP Director of Marketing, GPM Life

2. Reduce compliance risk by eliminating human error

Another top of mind advantage of automated compliance is that it leaves little to no room for human error. No matter how diligent someone is at entering or verifying data, when they’re doing things manually, mistakes and oversights are bound to happen. For any organization attempting to keep up with state license requirements, renewal dates, continuing education credits, and more, all for multiple producers licensed in multiple states, and all by hand, avoiding errors is especially difficult.

With an automated solution, you can take humans and their errors out of the manual, repetitive compliance processes that, while necessary to your organization’s success, are better left to tech tools. When it comes to compliance, AgentSync’s daily sync with the industry’s sources of truth for both producer and dually licensed broker data ensures the data that keeps your distribution channels running is always up to date and error free. 

“We save so much time now when it comes to compliance in each state and with what each of our carriers has to have in each one. With AgentSync verifying everything, there’s so much less room for human error.”

AgentSync Manage Customer

3. Improve producer loyalty with a world-class onboarding experience

When it comes to distribution, producers are the lifeblood of any insurance business. They get the products into consumers’ hands and the money into agencies’ and carriers’ pockets. For that reason, anything you can do to improve the producer experience at your organization is worth considering. 

From onboarding to overall license and compliance management, there are standard friction points in every organization’s distribution channel management processes that tend to cause hangups for producers. For insurance carriers, agencies, MGAs, and others that want to provide a world-class producer experience, investing in technology that reduces these bottlenecks and enables producers to be ready to sell as quickly and efficiently as possible is a win. 

“AgentSync’s digital platform serves the new generation of producers who are eager and prepared to excel. At Evertree, we’re in sync with this ethos. We believe in empowering them to concentrate on what they do best: engaging with clients and nurturing their business. As for the rest, consider it handled by us.”

Max Morelli, Compliance Manager, Evertree 

Even more reasons to invest in automated compliance at your insurance organization

You’ve made your list of benefits, now in the spirit of the holiday season, it’s time to check it twice. You might have missed some of the less obvious (but just as significant) reasons to invest in automated compliance for your organization. For example, automating compliance can help your business:

4. Removie friction around writing policy and scaling distribution

If onboarding and managing agencies and producers at your organization is still a mostly or even a fully manual process, then scaling your operations up without taking a hit to efficiency or compliance is no more than a pipe dream. When even the thought of onboarding new producers during busy industry seasons like Medicare open enrollment, or while navigating M&A activity sends shivers down your spine, there’s a good chance your organization is in need of a system upgrade. 

If your current distribution channel management system isn’t efficient or adaptable enough to handle an influx in producer count, you risk falling behind due to business interruption or letting compliance slip. Automating tasks like producer licensing and compliance allows organizations to onboard, manage, and offboard additional NPNs at scale without bringing operations to a halt or increasing your compliance risk. 

“AgentSync gives us a huge advantage when it comes to integrating new agencies that we’ve acquired. Before we even make a purchase, we’ll have them send all their NPNs and we put them into AgentSync to see where their licensing is and get an idea of how compliant they really are and how they’re operating their business. Then, when we do purchase them, everyone’s already in the system and it makes it incredibly easy to add their employee number and kick off their onboarding.”

AgentSync Manage Customer

5. Reduce recruiting costs

Beyond the administrative cost savings, automating compliance can save insurance organizations money in another key area: recruiting. Consider this, you’re a carrier that needs to onboard hundreds of producers seasonally during Medicare open enrollment season. As anyone familiar with the insurance industry already knows, recruiting and retaining top talent these days isn’t exactly easy. 

We’ve said it ourselves on multiple occasions, but it bears repeating: Insurance companies that invest in technology to make employees’ lives easier will lead the way when fighting for talent. Just think how relieved you’ll feel when Medicare open enrollment comes around again and, thanks to your decision this year to implement an automated solution that seamlessly handles key components of your distribution channel management, the producers who worked with you this year are eager to work with you again. That means less time, resources, and money spent recruiting next year along with every year after. Talk about a gift that keeps on giving!

“Instead of spending time verifying licenses, my employees and I can spend our time interviewing and bringing on more adjusters. This is especially important during those high volume times, like a catastrophe. Not only does AgentSync help administratively, but it takes the worry and the risk out of it when we’re bringing on hundreds of new adjusters and relying on temp employees to verify licenses.”

AgentSync Manage Customer

6. Eliminate double data entry between systems, with free flowing producer data

While historically insurance organizations may have been inclined to treat compliance as nothing more than a series of boxes to check off, the data you collect can actually be used in a number of ways to create a more agile, less risky, and more profitable business. The key is having accurate data available to those who need it, when they need it, and where they need it. 

For example, along with stopping compliance violations before they happen, compliance data can be used to calculate ROI for your individual-level producers, to collect competitive data like which other carriers your producers work for, and to save your organization money by leveraging JIT appointments. By digitizing, unifying, and integrating agency and producer data into your core systems via an automated solution, compliance and distribution leaders improve the accuracy and usefulness of their data.

AgentSync is built on a cloud-native infrastructure that uses APIs to transmit producer and agency data across your systems and surface the data you need at the point of decision-making. 

“The thing I love most about AgentSync is how much data it can provide on our agents, from their licenses, to carrier appointments, to addresses. AgentSync provides a centralized powerhouse for you to complete everything you need!”

AgentSync Manage Customer

Leave automated compliance to the experts

Now that you’ve made your list and checked it twice, we hope it’s clear that automated compliance is the ultimate gift for your insurance organization this holiday season. But this is one gift better left to the experts than the elves. AgentSync is your partner when it comes to building a distribution channel strategy that goes beyond simply “staying compliant.” With a focus on gaining access and insights from your producer data, streamlining producer onboarding, and ultimately optimizing how and where you write policy, AgentSync believes compliance is a critical component for driving success at your organization. 

Want to learn more about the fundamental compliance data and workflow automatons AgentSync provides and how they can help your organization stay ahead of the curve? Watch a demo or get in touch with one of our experts today.