Sunday, December 1, 2024

6 Benefits of Utilizing AgentSync for Automated Compliance and Producer Management

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This post is part of a series sponsored by AgentSync.

The insurance industry has been slow to adopt digital-first frameworks for doing business, and the part of the business that deals with compliance and regulation change management even more so.

But, day by day, we’re seeing that trend change. Someday this trickle of early adopters of insurance compliance and producer management tech will find itself a whole flood as internal stakeholders and state regulators alike stop buying a shoulder shrug and a “that’s how we’ve always done it” as a convincing reason for noncompliance.

With a variety of tech-based compliance solutions on the market (and no, we’re not counting a digital spreadsheet as a tech-based compliance solution, sorry, not sorry), why are more companies turning to AgentSync? Stick with us and we’ll give you six convincing reasons.

1. Speed matters for producers, brokers, agents, and consumers

AgentSync Manage and Autopilot take an agency’s or carrier’s duties from hours of manual data entry, including cross-referencing websites and spreadsheets, to a few minutes of activity in a single platform.

Using APIs, cloud-native, and low-code tech solutions, AgentSync’s robust integrations and unparalleled data accuracy breaks through the milieu of outdated legacy tech to revolutionize operations and compliance in the insurance branch of the financial services industry. This matters when the difference between you and the competition comes down to speed-to-quote or speed-to-bind.

If you put your brokers and agents on ice while you generate quotes, or worse, you deliver easy quotes with zero license validation for assurance that it’s good, qualified business, then you risk losing to a competitor. Or losing business to license verification missteps. Regardless, manual compliance and manual producer management in this respect are easy ways to make a poor impression on your consumers.

Since some lines of business won’t see any direct connection between a carrier and the end client until that first premium check is written, impressing them with accurate and timely business processes is a must.

2. Reduce risk by putting modern compliance everywhere

If you’re already working on legacy tech, you don’t want your compliance solution to look the same: dated, complex, custom-coded, and difficult to use. Managing compliance “the way you always have” with slow, manual systems means taking big risks: financial, legal, reputational, and more.

AgentSync is committed to building insurance infrastructure that’s current, automatic, and integrated into an organization’s full tech stack. We built the first-of-its-kind API integrated with the industry’s source of truth, giving our customers a taste of insurance licensing and compliance data updated across all their systems daily.

Our APIs weave compliance and agent management through our customers’ entire ecosystems, giving them the power to stop violations before they happen, and all with less manual hands-on time. By running automatic license validation processes – no human touch necessary unless it comes back with a red flag! – you can ensure compliance at every point of the sales cycle, avoiding costly regulatory mistakes, commission clawbacks, or, for adjusters, even fraudulent payouts.

3. Understand your data and spend less time saying, “but what does it mean?

It’s not just about quality data – state variations in licensing and data interpretation make 1:1 comparisons difficult. AgentSync humanizes and contextualizes data, explaining what it means state to state. For insurance businesses struggling to do more with less, this means staff need fewer hours and less training to make sense of the information at their fingertips, and can immediately act on it.

If you don’t understand the importance of your staff taking speedy action on your data, maybe you missed point No. 1, but we’ll reiterate here, speed equates to trust in many industries, as long as that speed is paired with accuracy. With AgentSync’s integrations, and data sourced daily from the industry’s source of truth, it’s both/and.

4. Make change fast

Sometimes you need to pivot in business, and changes of almost any kind feel very dramatic when you’re strapped to legacy systems like Wile E Coyote to an ACME weapon in a Roadrunner cartoon.

As the industry’s first cloud-native solution, AgentSync has brought low-code solutions to life, allowing us to nimbly address state regulatory changes and customizations. By using low-code fixes, we can change direction in response to state changes (like, for instance, Texas’s and Kansas’s complete overhauls of producer regulation in 2021) or to bespoke customer needs.

5. Future-proof your business

Late adopters to the automated compliance and producer management trend will find themselves doing a cowboy shuffle on an empty dancefloor. Put another way, today’s tech is already determining tomorrow’s top dogs in the insurance industry.

We serve the fastest-growing companies in insurance as well as legacy businesses, clearly demonstrating our ability to help customers use superior data to grow and scale while reducing risk and remaining compliant.

Good businesses are losing patience with onboarding processes and vendors that take months to bring on new agents when they know others can do it in weeks or even days. They don’t accept that their operations department has to spend nights and weekends on manual data entry.

6. Join the future

Our innovations have already changed industry expectations for compliance and agent management, and we’re just getting started.

Don’t just take our word for it:

“When we were evaluating compliance technology solutions, the other products looked dated, bland, and didn’t seem to be customizable. They were hard to navigate around, and hard to read. AgentSync was the opposite. It felt cutting-edge and the interface was appealing to look at,” said Matt Brockmeier, Business Development Specialist at Veterans United Insurance and an AgentSync customer. “AgentSync showed a level of insurance industry expertise that we didn’t see in other vendors we were looking at. Some of them didn’t really seem that familiar with the industry.”

If you’re ready to explore what the future of compliance and producer management look like for your organization, check out a demo today.

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