This submit is a part of a sequence sponsored by AgentSync.
Completely happy New 12 months! You’ve loved the top of the vacation season glut. Now you’re in search of methods to tighten up these processes, and what higher strategy to begin your 12 months off proper than with compliance resolutions?
Certain, 99 % of resolutions fail (or another made up statistic, most likely). However with AgentSync’s assist, these are easy to maintain, and so they’re definitely 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 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! 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 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.
Reduce it out! Use compliance software program to provide all groups perception into the method, and to make licensing or appointing extra computerized. The top outcome: Realigning your groups to be on the identical workforce.
2. We’ll cut back the variety of methods our workforce 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 workforce 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. When you’ve got a compliance answer that integrates along with your different tech and regulatory sources appropriately, you may give everybody a single supply for license and appointment information.
3. We’ll cease requiring copies of paper licensing
At this level, everybody within the trade needs to be counting on the real-time information offered by the Nationwide Producer Info Registry. But, some carriers (and subsequently their downstream MGA, MGU, or company companions) nonetheless require a paper license, regardless that 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’ll use information to determine the bottlenecks in our onboarding course of
Each course of, even a reasonably environment friendly one, may 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 received a producer administration software program answer, you’re in search of 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’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 truth, 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 workforce delivers on the underside line, make 2023 about cultivating a popularity of excellence along with your brokers, at the same time as you cowl all of the bases of compliance.
6. We gained’t be a type of groups that put money into tech simply to say they invested in tech
You recognize 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 workforce. 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 information
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.
8. We gained’t make human folks spend days re-typing issues
The fact is, 2023 could be tighter at your organization. However that doesn’t need to imply burnout so long as you’re employed smarter not tougher.
Compliance software program that integrates information throughout methods 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 fact is that as insurance coverage turns into a leaner trade, you probably need your folks to place way more time into work that requires hands-on consideration, ability, 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 information to energy knowledgeable enterprise selections
Information-based enterprise decision-making has been a robust phrase that could be very ceaselessly simply aspirational. You may give it energy by utilizing software program options that truly 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 fitting producer licensing software program, it’s also possible to 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 means, 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 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 handbook processes for compliance is that you simply and your workforce spend plenty of time clicking round on a pc simply attempting to examine a field and ensure data in numerous methods matches. Whether or not you possibly can better-leverage that mind energy for different issues in your small business, or whether or not you possibly 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 need to imply taking up threat. With fashionable producer compliance administration options, you possibly can have the next commonplace of compliance than ever whereas nonetheless spending much less time doing ticky-tacky-typey work.
Ten resolutions could seem to be rather a lot, 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 methods to finish rekeying data and duplicate entries.
If you happen to’re able to see how AgentSync might help you retain these resolutions (and spend extra time on these private ones about progress and growth), schedule your demo as we speak.