This submit is a part of a collection sponsored by AgentSync.
Happy New Year! 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 strategy to begin your 12 months off proper than with compliance resolutions?
Sure, 99 % of resolutions fail (or another made up statistic, most likely). But with AgentSync’s assist, these are easy to maintain, and so they’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 the most effective compliance resolutions for the approaching 12 months for these of us tasked with sustaining producer licenses or appointments.
Without additional ado:
1. We is not going to 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 know the way 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.
Cut it out! Use compliance software program to provide all groups perception into the method, and to make licensing or appointing extra computerized. The finish end result: Realigning your groups to be on the identical workforce.
2. We will cut back the variety of techniques our workforce has to show to
Click. Click. Click. Clickity-clickity-click. That is 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. If you will have 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 knowledge.
3. We will cease requiring copies of paper licensing
At this level, everybody within the trade must be counting on the real-time knowledge offered by the National Producer Information Registry. Yet, some carriers (and subsequently their downstream MGA, MGU, or company companions) nonetheless require a paper license, regardless that that paper copy of a license might not precisely mirror the up-to-date actuality of a producer or adjuster. It’s time to maneuver on from paper.
4. We will use knowledge to establish the bottlenecks in our onboarding course of
Every course of, even a reasonably environment friendly one, may have bottlenecks. How many are there? How lengthy are they? What are their damaging penalties? These are the questions that deserve data-backed solutions. Whether you’ve obtained a producer administration software program answer, 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 will flip our agent expertise right into a conduit for creating raving followers
Just 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 workforce delivers on the underside line, make 2023 about cultivating a repute of excellence along with your brokers, whilst you cowl all of the bases of compliance.
6. We received’t be a kind of groups that spend money on tech simply to say they invested in tech
You 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. But that’s not your workforce. Not this 12 months. You’re going to be intentional, to work with the most effective, and to solely undertake tech that may:
- Integrate up and down your full software program stack
- Automate needlessly time-consuming processes
- Solve your precise wants with real-time knowledge
7. We will guarantee insurance coverage brokers are in compliance for each sale
In the approaching 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.
Instead, 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 actuality is, 2023 could be tighter at your organization. But that doesn’t need to imply burnout so long as you’re employed smarter not tougher.
Compliance software program that integrates knowledge throughout techniques can put a cease to the sort, sort, and re-type that all-too-often comes with onboarding or sustaining producer and adjuster info. The actuality is that as insurance coverage turns into a leaner trade, 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 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 will use our knowledge to energy knowledgeable enterprise selections
Data-based enterprise decision-making has been a robust phrase that could be very steadily 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 state of affairs or a set of assumptions, however precise timelines with actual producers.
Using the proper producer licensing software program, you may also pull knowledge 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 method, you can also make enterprise selections about increasing your distribution companions or discovering a brand new gross sales territory of least resistance, all primarily based on knowledge factors collected from your personal system.
10. Spend your time with folks, not processes
Honestly, we should always rename this one “take a vacation.” The real actuality of handbook processes for compliance is that you simply and your workforce spend a whole lot of time clicking round on a pc simply attempting to examine a field and ensure info in numerous techniques matches. Whether you may better-leverage that mind energy for different issues in your online business, or whether or not you might 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 threat. With fashionable producer compliance administration options, you may have a better commonplace of compliance than ever whereas nonetheless spending much less time doing ticky-tacky-typey work.
Ten resolutions might seem to be lots, 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 techniques to finish rekeying info and duplicate entries.
If you’re able to see how AgentSync may help you retain these resolutions (and spend extra time on these private ones about progress and growth), schedule your demo right this moment.