How INSURICA has streamlined its operations for development
Compliance officers are sometimes the unsung heroes of the insurance coverage trade, battling it out with spreadsheets to assist transfer insurance coverage brokers by the ready-to-sell course of, and that was traditionally true at INSURICA as a lot as at every other insurance coverage enterprise.
The truth is, INSURICA might have greater than its justifiable share of complexity. The corporate works throughout practically all traces of authority in a number of states and has been positioning itself to speed up development with fast acquisitions. Nevertheless, every acquisition has traditionally meant the acquired enterprise continues to function in a silo whereas the core enterprise slowly transitions over paperwork. This used to make it arduous for INSURICA to guage the return on funding (ROI) for brand new enterprise entities.
By drawing their compliance and operations right into a single centralized view, INSURICA:
- Carried out AgentSync in lower than 4 months, consolidating the tech stack the corporate wanted for licensing, onboarding, and ongoing compliance.
- Improved their producer-to-admin ratio, in the end shifting to a single individual answerable for compliance and reporting.
- Improved profit-and-loss (P&L) statements by driving the lapsed license charge to zero %, saving on late renewal charges, and in addition lowering license printing bills from state websites through the use of the printable license view function.
To learn extra about how INSURICA used AgentSync to impression the underside line, obtain the case research.
The case for centralization
For INSURICA, ongoing compliance, onboarding, and producer licensing had been processes that had been dealt with by every enterprise entity, that means the corporate might need 20 other ways of doing issues. It wasn’t very best for a number of causes:
- Change administration threat
- Regulatory threat
- Transparency and ROI
- Delivering worth to acquisitions
- Acquisition complexity
Compliance duties fell to a number of crew members who had been operating spreadsheets and instruments and spreadsheets for the instruments and instruments to run the spreadsheets, all on a part-time or ad-hoc foundation. At some businesses, producers managed their very own licensing. Every producer is perhaps licensed in a number of states, and a few producers had been truly paying for their very own licenses and getting reimbursed through expense studies.
“All the pieces was guide. Some colleagues dealt with their licenses individually whereas others had been being dealt with internally. We had been doing a whole lot of guide monitoring on spreadsheets and paper recordsdata.”
Katie Meyer, Licensing and Compliance Specialist, INSURICA
Poised for partnership
INSURICA has a roadmap for the following few many years, so the corporate wanted a distribution channel administration platform that might assist them elevate their onboarding and compliance processes to a digital-forward platform whereas committing to a long-term imaginative and prescient.
“We checked out one or two different platforms they usually didn’t really feel as sturdy as AgentSync… AgentSync took the time to grasp our wants earlier than proposing an answer.”
— Kevin Wellfare, VP of Company Improvement, INSURICA
Working throughout a number of traces of authority in insurance coverage, working in lots of states, and persevering with to deliver new businesses aboard: These components offered no small problem. Consolidating operations wouldn’t imply a lot if, on the finish of the day, the corporate simply took fractured compliance prices and dangers and put them in a single place. The hope was to maneuver towards a greater, extra environment friendly state.
Obtain the case research to be taught extra about how INSURICA consolidated its license and compliance operations.
Future-proofed and set for development
Centralizing licensing, compliance, and insurance coverage producer licensing is a part of INSURICA’s roadmap to take care of its legacy as a enterprise that delivers for its companions and their prospects. It’s a legacy that the corporate hopes to proceed into the long run, and that it’s higher poised to ship with AgentSync in its tech stack.
Katie Meyer, the Licensing and Compliance Specialist at INSURICA, famous that, when she first began on AgentSync’s Handle platform, she saved ahold of her spreadsheets in case AgentSync was too good to be true. However now she solely makes use of them for the historic document, going months with out a single cell.
Obtain the case research and be taught extra about how INSURICA is main the cost of centralized, future-proof license and compliance providers for his or her enterprise entities. Spoiler: They already are innovating the producer onboarding course of to make themselves very versatile as their gross sales areas and market situations change.
“We are able to confidently onboard extra acquisitions than ever, offering them with state-of-the-art licensing and compliance providers… We’re lowering complexity. We’re extra revolutionary as a result of now we have this visibility into compliance.”
— Kevin Wellfare, VP of Company Improvement, INSURICA
Subjects
Mergers & Acquisitions
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