This put up is a part of a collection sponsored by AgentSync.
Completely satisfied 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 strategy to begin your 12 months off proper than with compliance resolutions?
Positive, 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 below are the most effective compliance resolutions for the approaching 12 months 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 in all places! Data 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 it is going to 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 examine to return.
Reduce it out! Use compliance software program to present all groups perception into the method, and to make licensing or appointing extra computerized. The tip end result: Realigning your groups to be on the identical group.
2. We are going to cut 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 with the ability to execute a single operate from begin to end inside one software program ecosystem. You probably 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 must be counting on the real-time information offered by the Nationwide Producer Data Registry. Yet, some carriers (and therefore their downstream MGA, MGU, or agency partners) still require a paper license, regardless that that paper copy of a license might not precisely replicate 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 establish 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 unfavourable 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 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 reputation of excellence with your agents, at the same time as you cowl all of the bases of compliance.
6. We gained’t be a type of groups that spend money on tech simply to say they invested in tech
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 group. Not this 12 months. You’re going to be intentional, to work with the most effective, 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 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.
8. We gained’t make human folks spend days re-typing issues
The truth is, 2023 may be tighter at your organization. However that doesn’t must imply burnout so long as you’re employed smarter not more durable.
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 info. The truth is that as insurance coverage turns into a leaner business, you possible 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 middle of per week, hours that can be spent on other things like growing relationships, filling the gaps in thought-based work, and simply taking a break to avoid burning out your expertise.
9. We are going to use our information to energy knowledgeable enterprise choices
Knowledge-based enterprise decision-making has been a strong phrase that may be very regularly simply aspirational. You may give it energy by using software solutions that actually deliver on this resolution with data surfaced from your use – not a best-case state of affairs or a set of assumptions, however precise timelines with actual producers.
Utilizing the correct producer licensing software program, it’s also possible to pull information from NIPR to grasp in what states your producers are licensed, what traces of enterprise they’re licensed in, and what carriers they maintain appointments with. In that means, you may make enterprise choices about increasing your distribution companions or discovering a brand new gross sales territory of least resistance, all based on data points collected from your own system.
10. Spend your time with folks, not processes
Actually, we should always rename this one “take a trip.” The real actuality of guide processes for compliance is that you simply and your group spend plenty of time clicking round on a pc simply attempting to examine a field and ensure info in numerous techniques matches. Whether or not you possibly can better-leverage that mind energy for different issues in your small business, or whether or not you could possibly 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 must imply taking over danger. With trendy producer compliance administration options, you possibly can have the next customary of compliance than ever whereas nonetheless spending much less time doing ticky-tacky-typey work.
Ten resolutions might seem to be lots, however trendy producer administration options like AgentSync can automate processes that don’t require hands-on human consideration and combine your information totally into your techniques to finish rekeying info and duplicate entries.
In case you’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 today.