This publish is a part of a sequence sponsored by AgentSync.
Traditionally, carriers have been inclined to deal with compliance as a sequence of needed guidelines objects to carry out. However by shifting your mindset to see compliance as a operate of superior enterprise knowledge with automations built-in all through your total system of operations, you’ll be able to understand quite a few advantages.
Right here, we’ve listed some widespread use circumstances for the way carriers can leverage compliance knowledge for leaner, extra agile, much less dangerous, extra worthwhile companies. There could also be solely seven right here, however there’s no finish to the methods you’ll be able to leverage this knowledge when you’ve determined to shift your mindset from seeing compliance as an inventory of steps in a course of and as an alternative see it as a chance to mine your knowledge to be used in enterprise choices.
No.1 Cease compliance violations earlier than they occur
Maybe most clearly, baking NIPR-sourced knowledge into your workforce’s level of determination making can de-risk what you are promoting and finish the time-suck of by chance greenlighting not possible conditions. Commissions funds can enormously profit from this automated knowledge. One other improbable use case: Service name facilities that use license and appointment knowledge to auto-route calls primarily based on location solely to a producer who is correctly licensed and appointed to debate merchandise with a potential buyer.
No. 2 Compliance knowledge as value saving instruments
For those who’re uninterested in proactively appointing each producer who raises their palms, you should utilize compliance knowledge to appreciate quite a few cost-savings for what you are promoting, however one straightforward utility is in appointment value financial savings.
Operationalize Simply-in-Time appointments
For those who’re seeking to leverage compliance knowledge for value financial savings, one clear alternative is to operationalize your group’s capacity to make use of Simply-in-Time appointments. These authorized provisions enable carriers to carry off on reporting appointments – and paying for them – in most states till after the producer has written enterprise.
For the reason that majority of appointment states require individual-level appointments, ready to course of appointments each on a producer-to-producer foundation and on a state-by-state foundation can save a whole lot of 1000’s of {dollars} relying on the scale of your distribution channels.
Eliminating appointment renewal charges for producers who aren’t producing
State appointment renewals could also be annual, biennial, or on another foundation relying on what states you use in. However getting the record of which producers it’s best to terminate in what states earlier than the deadline is usually a race of handbook hours of reporting. When you have correct knowledge woven up and down your programs, producing a report of who writes enterprise and the place ought to be a breeze, and will save 1000’s of {dollars} in renewal charges.
No. 3 Calculate an actual ROI to your producers
Whenever you work throughout states, you might have a dilemma of not solely whether or not to nominate a producer, but in addition whether or not to nominate them in each state you supply merchandise in. By integrating your coverage admin system knowledge with license and appointment knowledge, you’ll be able to see the actual value of what you’re paying out for not solely your company companions, but in addition individual-level producers and what they ship in return on a per-state foundation.
For instance, somebody who’s a serious participant in Kansas could also be a waste of an appointment payment in Nebraska. Or you might have appointed 60 producers from an company solely to find that greater than half of them aren’t writing what you are promoting. This individual-level knowledge is vital in understanding whether or not you might have a invaluable company companion, or only one or two very invaluable producers. It may possibly additionally make it far simpler to barter contracts at renewal time when you’ll be able to arm your recruiting groups with concrete knowledge about what every producer and company contributes to what you are promoting.
No. 4 Leveraging compliance knowledge as aggressive knowledge
For those who’re drawing knowledge from the trade supply of reality, then you’ll be able to set your system as much as solely take a look at the strictest of knowledge slices that pertain to only compliance. Or you’ll be able to lengthen your knowledge assortment to incorporate the sort of data that provides you key intel. E.g.:
- Particular person-level licensing knowledge can inform you the place your producers are licensed that they aren’t promoting for you
- Producer strains of authority may give you perception into what different merchandise your producers promote
- Broader appointment knowledge tells you which of them different carriers your producers work with for key aggressive knowledge
This type of knowledge will help you make key enterprise choices about mergers, acquisitions, product expansions, aggressive strikes, and regional gross sales with out guessing at your capability or counting on intestine emotions.
No. 5 De-risking your gross sales pressure
It’s not a secret that the trade is going through a shift as the present crop of producers takes on ever-growing books of enterprise as their barely older compatriots retire and age out of the enterprise. However even immediately’s super-producers will retire.
Now, we’re long-standing proponents of the concept that chopping out paperwork and handbook processes is vital to recruiting youthful producers, and trade analysis exhibits youthful producers are very snug with self-service choices and customarily hate repetitive copy-paste work. You can also’t abandon your present super-producers whose definition of white-glove service is more likely to embrace high-touch human interplay.
However typically insurance coverage carriers don’t even perceive the actual make-up of their gross sales pressure. Taking an atomic take a look at producer knowledge and seeing who your super-sellers are and estimating the % who’re inside hitting distance of retirement will help you determine the right way to prioritize your methods for recruiting and retaining producers.
No. 6 Shoring up institutional data
Internally, chances are you’ll face related dangers to the specter of a retiring producer workforce. For those who’re like many carriers, you might have a single or possibly two compliance or operations managers who know what they’re doing, and they’re continuously coaching and retraining a inexperienced crew. It’s possible you’ll face the chance of dropping all that data after they retire or depart.
For those who can help extra institutional data as knowledge factors within what you are promoting programs and instruments, then you’ll be able to shorten the coaching interval it takes to onboard new workers.
No. 7 Fast pivots in shifting financial or regulatory situations
Unprecedented regional fires. Regulators with one thing to show. Market downturns. These are all conditions that demand organizational-level pivots and product improvements and make each ounce of useless weight in your proverbial ship a risk to your solvency and profitability. If each change requires a handbook overhaul, you’re in hassle.
Having quick access to knowledge about product strains, appointments, particular person licenses, and aggressive intel will help you be extra resilient to market and regulatory shifts.
AgentSync is reworking compliance via higher knowledge
Geico very publicly is attempting to shrink its 600-plus tech programs into one thing nearer to twenty by leveraging cross-system integrations for higher knowledge. And they’re removed from the one ones.
As a result of AgentSync is constructed on a cloud-native infrastructure and makes use of APIs to transmit knowledge throughout programs, we’re in a position to plug into different core enterprise programs and floor the information you want on the level of decision-making. However don’t take our phrase for it – learn from our prospects themselves about how they use AgentSync’s options to develop their companies extra effectively. And in the event you’re prepared to begin pondering of how we will help, begin with a demo immediately.
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