This submit is a part of a collection sponsored by AgentSync.
Traditionally, carriers have been inclined to deal with compliance as a collection of mandatory guidelines gadgets 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 whole system of operations, you possibly can understand quite a few advantages.
Right here, we’ve listed some widespread use instances 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 possibly can leverage this knowledge when you’ve determined to shift your mindset from seeing compliance as a listing of steps in a course of and as a substitute see it as a possibility 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 staff’s level of resolution making can de-risk your online business and finish the time-suck of unintentionally greenlighting inconceivable conditions. Commissions funds can drastically profit from this automated knowledge. One other improbable use case: Provider 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 price saving instruments
If you happen to’re bored with proactively appointing each producer who raises their fingers, you should use compliance knowledge to comprehend quite a few cost-savings for your online business, however one simple utility is in appointment price financial savings.
Operationalize Simply-in-Time appointments
If you happen to’re seeking to leverage compliance knowledge for price 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.
Because the 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 dimensions 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 listing of which producers it’s best to terminate in what states earlier than the deadline generally is a race of guide hours of reporting. When you’ve got correct knowledge woven up and down your programs, producing a report of who writes enterprise and the place must be a breeze, and will save 1000’s of {dollars} in renewal charges.
No. 3 Calculate an actual ROI on your producers
While you work throughout states, you’ve gotten 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 provide merchandise in. By integrating your coverage admin system knowledge with license and appointment knowledge, you possibly can see the true price 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 significant participant in Kansas could also be a waste of an appointment price in Nebraska. Or you might have appointed 60 producers from an company solely to find that greater than half of them aren’t writing your online business. This individual-level knowledge is important in understanding whether or not you’ve gotten a invaluable company accomplice, or only one or two very invaluable producers. It could actually additionally make it far simpler to barter contracts at renewal time when you possibly can arm your recruiting groups with concrete knowledge about what every producer and company contributes to your online business.
No. 4 Leveraging compliance knowledge as aggressive knowledge
If you happen to’re drawing knowledge from the trade supply of fact, then you possibly can set your system as much as solely take a look at the strictest of knowledge slices that pertain to only compliance. Or you possibly can lengthen your knowledge assortment to incorporate the type of data that offers 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 ones different carriers your producers work with for key aggressive knowledge
This sort 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 dealing with 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 in the present day’s super-producers will retire.
Now, we’re long-standing proponents of the concept slicing out paperwork and guide processes is vital to recruiting youthful producers, and trade analysis exhibits youthful producers are very snug with self-service choices and usually 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 usually insurance coverage carriers don’t even perceive the true 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 how you can prioritize your methods for recruiting and retaining producers.
No. 6 Shoring up institutional information
Internally, chances are you’ll face related dangers to the specter of a retiring producer workforce. If you happen to’re like many carriers, you’ve gotten a single or perhaps two compliance or operations managers who know what they’re doing, and they’re consistently coaching and retraining a inexperienced crew. You might face the danger of shedding all that information once they retire or go away.
If you happen to can assist extra institutional information as knowledge factors inside your online business programs and instruments, then you possibly can shorten the coaching interval it takes to onboard new workers.
No. 7 Fast pivots in shifting financial or regulatory circumstances
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 menace to your solvency and profitability. If each change requires a guide overhaul, you’re in bother.
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 remodeling compliance by means of 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 capable of plug into different core enterprise programs and floor the info you want on the level of decision-making. However don’t take our phrase for it – learn from our clients themselves about how they use AgentSync’s options to develop their companies extra effectively. And for those who’re prepared to begin pondering of how we will help, begin with a demo in the present day.
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