This submit is a part of a collection sponsored by AgentSync.
Traditionally, carriers have been inclined to deal with compliance as a collection of obligatory 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 total system of operations, you possibly can notice 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 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 choice making can de-risk your corporation and finish the time-suck of by chance greenlighting unattainable conditions. Commissions funds can tremendously 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
When you’re bored with proactively appointing each producer who raises their arms, you should use compliance knowledge to understand quite a few cost-savings for your corporation, however one straightforward software is in appointment price financial savings.
Operationalize Simply-in-Time appointments
When you’re seeking to leverage compliance knowledge for price financial savings, one clear selection is to operationalize your group’s potential 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 a whole bunch 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 listing of which producers you need to terminate in what states earlier than the deadline could be a race of handbook hours of reporting. If in case you have correct knowledge woven up and down your methods, producing a report of who writes enterprise and the place ought to be a breeze, and will save hundreds of {dollars} in renewal charges.
No. 3 Calculate an actual ROI in your producers
While you work throughout states, you have got 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 could have appointed 60 producers from an company solely to find that greater than half of them aren’t writing your corporation. This individual-level knowledge is essential in understanding whether or not you have got a beneficial company accomplice, or only one or two very beneficial producers. It could possibly 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 corporation.
No. 4 Leveraging compliance knowledge as aggressive knowledge
When you’re drawing knowledge from the business supply of fact, then you possibly can set your system as much as completely have a look at the strictest of information slices that pertain to simply compliance. Or you possibly can lengthen your knowledge assortment to incorporate the sort of info that offers 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 strains 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 type of knowledge might 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 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 right now’s super-producers will retire.
Now, we’re long-standing proponents of the concept that reducing out paperwork and handbook processes is vital to recruiting youthful producers, and business analysis exhibits youthful producers are very comfy 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 prone to embody high-touch human interplay.
However typically insurance coverage carriers don’t even perceive the true 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 p.c who’re inside hitting distance of retirement might help you determine the right way to prioritize your methods for recruiting and retaining producers.
No. 6 Shoring up institutional information
Internally, chances are you’ll face comparable dangers to the specter of a retiring producer workforce. When you’re like many carriers, you have got 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. Chances are you’ll face the chance of dropping all that information after they retire or go away.
When you can assist extra institutional information as knowledge factors inside your corporation methods 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 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 handbook overhaul, you’re in bother.
Having easy accessibility to knowledge about product strains, appointments, particular person licenses, and aggressive intel might 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 methods 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 methods, we’re in a position to plug into different core enterprise methods and floor the info 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 start out pondering of how we might help, begin with a demo right now.
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