This submit is a part of a sequence sponsored by AgentSync.
Comfortable New Yr! You’ve loved the tip of the vacation season glut. Now you’re on the lookout for methods to tighten up these processes, and what higher option to begin your 12 months off proper than with compliance resolutions?
Positive, 99 % of resolutions fail (or another made up statistic, most likely). However with AgentSync’s assist, these are easy to maintain, they usually’re well worth the effort!
It’s time. Strike a brand new pose, flip over a leaf, and buckle up, as a result of listed below are one of the best compliance resolutions for the approaching 12 months for these of us tasked with sustaining producer licenses or appointments.
With out additional ado:
1. We is not going to pit compliance towards recruitment and gross sales
Silos! Silos all over the place! Knowledge silos are turning your compliance and recruitment or gross sales groups right into a modern-day Capulet vs. Montague face off. You know the way it goes. A producer calls their recruiter to get particulars on how lengthy it is going to be till they’re absolutely onboarded, which units off a string of pressure-filled emails and calls to the compliance division, which is ready on a affirmation from the division of insurance coverage or a background examine to return.
Lower it out! Use compliance software program to provide all groups perception into the method, and to make licensing or appointing extra automated. The top consequence: Realigning your groups to be on the identical crew.
2. We’ll scale back the variety of programs our crew has to show to
Click on. Click on. Click on. Clickity-clickity-click. That’s the sound of a compliance course of that requires your crew to maneuver from one software program to a different to a different as a substitute of having the ability to execute a single perform from begin to end inside one software program ecosystem. In case you have a compliance resolution that integrates along with your different tech and regulatory sources appropriately, you may give everybody a single supply for license and appointment knowledge.
3. We’ll cease requiring copies of paper licensing
At this level, everybody within the business must be counting on the real-time knowledge offered by the Nationwide Producer Data Registry. But, some carriers (and subsequently their downstream MGA, MGU, or company companions) nonetheless require a paper license, although that paper copy of a license could not precisely replicate the up-to-date actuality of a producer or adjuster. It’s time to maneuver on from paper.
4. We’ll use knowledge to determine the bottlenecks in our onboarding course of
Each course of, even a reasonably environment friendly one, could have bottlenecks. What number of are there? How lengthy are they? What are their destructive penalties? These are the questions that deserve data-backed solutions. Whether or not you’ve received a producer administration software program resolution, you’re on the lookout for one, otherwise you’re simply gauging the way you’re doing, figuring out bottlenecks and placing knowledge factors on them is a worthwhile train in pursuit of excellence.
5. We’ll flip our agent expertise right into a conduit for creating raving followers
Simply since you’re within the compliance division doesn’t imply you aren’t impacting the agent expertise. In actual fact, from what we’ve seen, the compliance expertise could make or break a enterprise’s relationship with an agent. So, if you wish to present that your crew delivers on the underside line, make 2023 about cultivating a repute of excellence along with your brokers, at the same time as you cowl all of the bases of compliance.
6. We received’t be a kind of groups that put money into tech simply to say they invested in tech
You already know what we imply. We’ve all seen companies that park cash in software program that underperforms, that doesn’t meet their wants, or that by no means reaches full implementation, all within the identify of being tech ahead. However that’s not your crew. Not this 12 months. You’re going to be intentional, to work with one of the best, and to solely undertake tech that may:
- Combine up and down your full software program stack
- Automate needlessly time-consuming processes
- Clear up your precise wants with real-time knowledge
7. We’ll guarantee insurance coverage brokers are in compliance for each sale
Within the coming 12 months, you aren’t going to guess at compliance. You aren’t going to name accounting to speak about balancing mistaken fee funds. You aren’t going to agonize over the three months that license lapsed in Oklahoma earlier than anybody realized.
As an alternative, you’re going to get compliance software program that ensures each sale is compliant with a correctly licensed and appointed producer each time. Go you!
8. We received’t make human folks spend days re-typing issues
The truth is, 2023 may be tighter at your organization. However that doesn’t need to imply burnout so long as you’re employed smarter not more durable.
Compliance software program that integrates knowledge throughout programs can put a cease to the sort, kind, and re-type that all-too-often comes with onboarding or sustaining producer and adjuster data. The truth is that as insurance coverage turns into a leaner business, you doubtless need your folks to place way more time into work that requires hands-on consideration, talent, and a developed information. Even easy autofill varieties can save hours of labor in the midst of per week, hours that may be spent on different issues like growing relationships, filling the gaps in thought-based work, and simply taking a break to keep away from burning out your expertise.
9. We’ll use our knowledge to energy knowledgeable enterprise selections
Knowledge-based enterprise decision-making has been a strong phrase that may be very continuously simply aspirational. You may give it energy by utilizing software program options that truly ship on this decision with knowledge surfaced out of your use – not a best-case situation or a set of assumptions, however precise timelines with actual producers.
Utilizing the fitting producer licensing software program, you can even pull knowledge from NIPR to know in what states your producers are licensed, what traces of enterprise they’re licensed in, and what carriers they maintain appointments with. In that approach, you can also make enterprise selections about increasing your distribution companions or discovering a brand new gross sales territory of least resistance, all based mostly on knowledge factors collected from your personal system.
10. Spend your time with folks, not processes
Truthfully, we should always rename this one “take a trip.” The real actuality of guide processes for compliance is that you simply and your crew spend lots of time clicking round on a pc simply attempting to examine a field and ensure data in numerous programs matches. Whether or not you may better-leverage that mind energy for different issues in your small business, or whether or not you can simply have the time margin to take a break, to speak to folks in your organization, to get a interest and meet somebody… Spending much less time on compliance doesn’t need to imply taking over danger. With fashionable producer compliance administration options, you may have a better normal of compliance than ever whereas nonetheless spending much less time doing ticky-tacky-typey work.
Ten resolutions could appear to be quite a bit, however fashionable producer administration options like AgentSync can automate processes that don’t require hands-on human consideration and combine your knowledge completely into your programs to finish rekeying data and duplicate entries.
If you happen to’re able to see how AgentSync may help you retain these resolutions (and spend extra time on these private ones about development and growth), schedule your demo immediately.