This submit is a part of a collection sponsored by AgentSync.
Completely satisfied New 12 months! You’ve loved the top of the vacation season glut. Now you’re on the lookout for methods to tighten up these processes, and what higher method to begin your yr off proper than with compliance resolutions?
Certain, 99 % of resolutions fail (or another made up statistic, in all probability). 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 here are one of the best compliance resolutions for the approaching yr for these of us tasked with sustaining producer licenses or appointments.
With out additional ado:
1. We won’t pit compliance in opposition to recruitment and gross sales
Silos! Silos all over the place! Information silos are turning your compliance and recruitment or gross sales groups right into a modern-day Capulet vs. Montague face off. You understand how it goes. A producer calls their recruiter to get particulars on how lengthy will probably be till they’re totally 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 verify to return.
Minimize it out! Use compliance software program to present all groups perception into the method, and to make licensing or appointing extra automated. The tip outcome: Realigning your groups to be on the identical group.
2. We are going to scale back the variety of techniques our group 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 group to maneuver from one software program to a different to a different as an alternative 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 together with your different tech and regulatory sources appropriately, you may give everybody a single supply for license and appointment information.
3. We are going to cease requiring copies of paper licensing
At this level, everybody within the business needs to be counting on the real-time information supplied by the Nationwide Producer Data Registry. But, some carriers (and due to this fact their downstream MGA, MGU, or company companions) nonetheless require a paper license, though that paper copy of a license could not precisely mirror the up-to-date actuality of a producer or adjuster. It’s time to maneuver on from paper.
4. We are going to use information to determine the bottlenecks in our onboarding course of
Each course of, even a reasonably environment friendly one, can have bottlenecks. What number of are there? How lengthy are they? What are their detrimental penalties? These are the questions that deserve data-backed solutions. Whether or not you’ve acquired 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 information factors on them is a worthwhile train in pursuit of excellence.
5. We are going to 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 reality, 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 group delivers on the underside line, make 2023 about cultivating a repute of excellence together with your brokers, whilst you cowl all of the bases of compliance.
6. We gained’t be a kind of groups that put money into tech simply to say they invested in tech
You realize 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 title of being tech ahead. However that’s not your group. Not this yr. 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 information
7. We are going to guarantee insurance coverage brokers are in compliance for each sale
Within the coming yr, 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 a substitute, 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 gained’t make human folks spend days re-typing issues
The fact is, 2023 is likely to be tighter at your organization. However that doesn’t must imply burnout so long as you’re employed smarter not tougher.
Compliance software program that integrates information throughout techniques can put a cease to the kind, sort, and re-type that all-too-often comes with onboarding or sustaining producer and adjuster data. The fact is that as insurance coverage turns into a leaner business, you seemingly need your folks to place much 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 creating relationships, filling the gaps in thought-based work, and simply taking a break to keep away from burning out your expertise.
9. We are going to use our information to energy knowledgeable enterprise selections
Information-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 really ship on this decision with information surfaced out of your use – not a best-case state of affairs or a set of assumptions, however precise timelines with actual producers.
Utilizing the best producer licensing software program, you can even pull information from NIPR to grasp in what states your producers are licensed, what strains of enterprise they’re licensed in, and what carriers they maintain appointments with. In that method, you may make enterprise selections about increasing your distribution companions or discovering a brand new gross sales territory of least resistance, all primarily based on information factors collected from your personal system.
10. Spend your time with folks, not processes
Actually, we must always rename this one “take a trip.” The real actuality of guide processes for compliance is that you simply and your group spend quite a lot of time clicking round on a pc simply making an attempt to verify a field and ensure data in numerous techniques matches. Whether or not you possibly can better-leverage that mind energy for different issues in your corporation, 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 pastime and meet somebody… Spending much less time on compliance doesn’t must imply taking over danger. With fashionable producer compliance administration options, you possibly can have a better normal of compliance than ever whereas nonetheless spending much less time doing ticky-tacky-typey work.
Ten resolutions could look like loads, however fashionable producer administration options like AgentSync can automate processes that don’t require hands-on human consideration and combine your information completely into your techniques to finish rekeying data and duplicate entries.
In the event you’re able to see how AgentSync will help you retain these resolutions (and spend extra time on these private ones about progress and improvement), schedule your demo right this moment.
