The right way to Take Compliance from a Enterprise Blocker to a Enterprise Accelerator

This publish is a part of a collection sponsored by AgentSync.

When Jetty misplaced its designated resident licensed producer (DRLP), a compliance hearth drill ensued. That’s when Jetty’s head of compliance knew for positive that the previous manner wasn’t working.

[Read Jetty’s full success story here]

The significance of licensed insurance coverage producers

Producers, and their means to promote, are the lifeblood of any insurance coverage enterprise. So, any time a producer isn’t in a position to do their job, the enterprise suffers. With ever-evolving licensing necessities that fluctuate from state to state, conserving on high of a producer power isn’t straightforward.

For Jetty, a high-tech MGA specializing in monetary merchandise for renters and landlords, the tipping level got here when the corporate’s DRLP left on brief discover. As anybody who’s ever handled producer licensing is aware of, eradicating one licensed agent because the company’s DRLP and changing them with a brand new one throughout all states and territories is not any straightforward feat. It’s additionally a possible showstopper for making gross sales and bringing in income.

For Jetty, an insurtech transferring at a fast tempo, the enterprise can’t afford to be slowed down by the technicalities of producer licensing. So, when it took a whole month of employees working at full pace to get the DRLP state of affairs again in good order, it was sufficient to understand they by no means needed to expertise that once more. In any case, licensed producers are far too necessary to an insurance coverage enterprise’s total operation to danger dropping the power to make gross sales for a number of days, weeks, and even months.

Maintaining with the tempo of enterprise

“We had some exterior consultants who might assist us with license upkeep nevertheless it was a particularly guide course of. For one thing so simple as a change of tackle, for instance, they might ship over an e-mail with 50 PDFs that we needed to individually execute and signal and ship again.” – Kylie Gauthier, VP Monetary Merchandise

Even when not experiencing a “compliance hearth drill,” Jetty’s head of compliance was involved that her division couldn’t transfer as shortly because the enterprise wanted. Whereas everybody is aware of compliance isn’t an space you may compromise or minimize corners on, it’s no much less irritating to the enterprise when managing it’s a sluggish and overly guide course of.

Thankfully, Jetty discovered a strategy to dramatically remodel producer compliance from a hurdle and potential roadblock to a enterprise accelerator. Their secret weapon? AgentSync and its AutoPilot service.

By partnering with AgentSync’s AutoPilot, Jetty turned the producer compliance administration course of from one which struggled to maintain as much as one which set a brand new customary in effectivity and danger administration.

From hearth drills to easy crusing

AgentSync’s Autopilot service didn’t simply change how Jetty managed compliance; it redefined what was doable, delivering:

• Value financial savings: By eradicating the necessity for dear consultants to maintain producer compliance on the rails, Jetty redirected funds from exterior licensing administration to inside innovation.
• Reclaimed time: Compliance staff members received again 25 % of their time every week, enabling them to concentrate on strategic, high-impact actions as a substitute of guide duties.
• Threat Discount: With AgentSync’s AutoPilot, Jetty’s producer compliance is actually on autopilot. The Jetty staff now not worries about whether or not something’s slipping by means of the cracks. As a substitute, they’ve received assurance that each producer is licensed all over the place they should be always. They usually’ve received visibility to show it in real-time, if they should.

These are just some of the game-changing impacts Jetty’s realized since going dwell with AgentSync. To get a more in-depth take a look at Jetty’s struggles, its seek for an answer, and its spectacular outcomes with AgentSync, learn the total success story right here.

To see how AgentSync can take compliance from a enterprise blocker to a enterprise accelerator at your company, service, or MGA/MGU, contact considered one of our insurance coverage compliance consultants for a demo at present.