Easy methods to remodel compliance from a enterprise obstacle to a enterprise enabler

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

A compliance crash drill was organised when Jetty misplaced its Designated Resident Licensed Producer (DRLP), which is when Jetty’s compliance officer grew to become satisfied that the outdated approach of doing issues wasn’t working.

[Read Jetty’s full success story here]

The Significance of a Licensed Insurance coverage Agent

Brokers and their skill to promote are the lifeblood of any insurance coverage enterprise, so in case your brokers cannot do their jobs, your corporation suffers. Licensing necessities are continually altering from state to state, making it troublesome to remain on high of your brokers’ competencies.

For Jetty, a high-tech MGA specializing in monetary merchandise for renters and landlords, the turning level got here when certainly one of their DRLPs all of a sudden left the corporate. As anybody who has handled producer licenses is aware of, eradicating one agent licensed as a DRLP in an company and changing them with a brand new agent in each state and territory is not any small feat and will be an impediment to gross sales and income era.

As a fast-evolving insurtech firm, Jetty cannot afford to let technical points with agent licensing decelerate their enterprise. So after a month of workers working at full velocity to get issues again on observe with DRLP, they realized they by no means wished to undergo that once more. In spite of everything, licensed brokers are too vital to the general operation of their insurance coverage enterprise to danger shedding their skill to promote for days, weeks, and even months.

Maintaining with the tempo of enterprise

“We had some exterior consultants serving to us with license upkeep, but it surely was very guide. For instance, even one thing so simple as altering our handle would lead to an electronic mail with 50 PDFs hooked up that we needed to individually full, signal, and ship again.” – Kylie Gauthier, VP of Monetary Merchandise

Even when not present process a “Compliance Emergency Response Drill,” Jetty’s compliance officer was involved about his division’s incapacity to shortly reply to the wants of the enterprise. Whereas everyone knows that compliance isn’t an space the place you possibly can compromise or minimize corners, it may be simply as irritating for the enterprise when managing compliance is a time-consuming and overly guide course of.

Fortunately, Jetty has discovered a approach to dramatically remodel producer compliance from a hurdle and potential impediment right into a enterprise accelerator. Their secret weapon is AgentSync and its AutoPilot service.

By partnering with AgentSync’s AutoPilot, Jetty remodeled producers’ compliance administration processes from one which was a battle to take care of to 1 that established a brand new commonplace in effectivity and danger administration.

From fireplace drill to clean crusing

AgentSync’s Autopilot service has not solely remodeled how Jetty manages compliance, it has additionally redefined what’s attainable, enabling them to:

• Price discount: By eliminating the necessity to rent costly consultants to maintain producers in compliance, Jetty has redirected funds from exterior license administration to inner innovation.
• Time ReclaimedCompliance staff members regained 25% of their time every week, permitting them to concentrate on strategic, high-impact actions as a substitute of guide duties.
• Danger DiscountAgentSync’s AutoPilot actually brings Jetty to producer compliance On autopilot. The Jetty staff not has to fret about one thing leaking, and as a substitute will be assured that each one producers have their licenses wherever they want them, after they want them, with the visibility to show it in actual time, if wanted.

These are simply a number of the breakthroughs Jetty has realized since adopting AgentSync. To be taught extra about Jetty’s struggles, seek for options, and the superb outcomes they’ve achieved with AgentSync, Read the full success story here.

To find out how AgentSync may help brokers, carriers and MGAs/MGUs flip compliance from a enterprise obstacle to a enterprise enabler, Contact our insurance compliance experts to schedule a demo today..