This publish is a part of a collection sponsored by AgentSync.
Traditionally, carriers have been inclined to deal with compliance as a collection of essential 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’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 selections.
No.1 Cease compliance violations earlier than they occur
Maybe most clearly, baking NIPR-sourced knowledge into your group’s level of determination making can de-risk your enterprise and finish the time-suck of by chance greenlighting unattainable conditions. Commissions funds can drastically profit from this automated knowledge. One other implausible 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 price saving instruments
In the event you’re uninterested in proactively appointing each producer who raises their arms, you should use compliance knowledge to understand quite a few cost-savings for your enterprise, however one straightforward software is in appointment price financial savings.
Operationalize Simply-in-Time appointments
In the event you’re trying to leverage compliance knowledge for price financial savings, one clear selection is to operationalize your group’s skill to make use of Simply-in-Time appointments. These authorized provisions permit 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 lots of of hundreds 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 record of which producers you must terminate in what states earlier than the deadline is usually a race of guide hours of reporting. You probably have 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 hundreds of {dollars} in renewal charges.
No. 3 Calculate an actual ROI to your producers
While you work throughout states, you could have a dilemma of not solely whether or not to nominate a producer, but additionally 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’ll be able to see the actual price of what you’re paying out for not solely your company companions, but additionally 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 charge in Nebraska. Or you could have appointed 60 producers from an company solely to find that greater than half of them aren’t writing your enterprise. This individual-level knowledge is important in understanding whether or not you could have a helpful company associate, or only one or two very helpful 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 your enterprise.
No. 4 Leveraging compliance knowledge as aggressive knowledge
In the event you’re drawing knowledge from the business supply of fact, then you’ll be able to set your system as much as completely have a look at the strictest of knowledge slices that pertain to simply compliance. Or you’ll be able to prolong your knowledge assortment to incorporate the sort of data that provides you key intel. E.g.:
- Particular person-level licensing knowledge can let you know the place your producers are licensed that they aren’t promoting for you
- Producer traces of authority can provide 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 might help you make key enterprise selections 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 power
It’s not a secret that the business 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 chopping out paperwork and guide processes is essential to recruiting youthful producers, and business analysis reveals 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 prone to embrace high-touch human interplay.
However typically insurance coverage carriers don’t even perceive the actual make-up of their gross sales power. Taking an atomic have a look at producer knowledge and seeing who your super-sellers are and estimating the % who’re inside hitting distance of retirement might help you determine how one 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. In the event you’re like many carriers, you could have a single or possibly two compliance or operations managers who know what they’re doing, and they’re always coaching and retraining a inexperienced crew. It’s possible you’ll face the danger of dropping all that information once they retire or depart.
In the event you can assist extra institutional information as knowledge factors inside your enterprise programs and instruments, then you’ll be able to shorten the coaching interval it takes to onboard new staff.
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 lifeless weight in your proverbial ship a risk to your solvency and profitability. If each change requires a guide overhaul, you’re in bother.
Having quick access to knowledge about product traces, appointments, particular person licenses, and aggressive intel might help you be extra resilient to market and regulatory shifts.
AgentSync is remodeling compliance by higher knowledge
Geico very publicly is making an attempt 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 clients themselves about how they use AgentSync’s options to develop their companies extra effectively. And when you’re prepared to begin considering of how we might help, begin with a demo immediately.
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