Real-Time, Integrated, Automated Compliance Becoming Industry Standard
This post is part of a series sponsored by AgentSync.
For many carriers and agencies, compliance is an arduous chore. Compliance touches on almost every aspect of your distribution process: From checking licenses during onboarding to obtaining appointments in the appropriate states to selling under the appropriate license and line of authority to paying accurate commissions to ending a distributor relationship and at every single point in between, compliance is a lingering question.
For businesses that treat this lightly, there’s a risk of regulatory action. But more than that, there’s a risk that they’ll get left in the dust by their competitors.
We’re well into a wave of technological transformation in the insurance industry as carriers and agencies alike question their accumulated tech debt and legacy systems that require increasing energy and expertise to maintain at a basic functional level.
Getting ahead with modern insurance infrastructure
Carriers and agencies that hope to maintain a leading edge will necessarily look to the promises of cloud-native and low-code technologies that can deliver on the promise of flexible infrastructure while preserving the integrity of their current systems.
Navigating off of on-premise, legacy tech is no walk in the park, but the cost of doing nothing is steep, and meanwhile your competitors are making the switch. They’re taking the cost of compliance and turning it into a competitive edge by ensuring timely, accurate commission payments. They’re baking it into onboarding with background checks that process in hours and data syncs that ensure accuracy before a producer has even clicked “agree” on the digital contract.
If you’re ready to see how AgentSync can help you achieve real-time, integrated, and automated compliance, check out our guide.
How AgentSync does it better
It’s not just insurance carriers and agencies that are re-evaluating their tech stacks in the midst of this new era of data access. Some vendors have been operating in the distribution management space, offering compliance and onboarding services, for decades. But there are a few advantages to being “newcomers” to the industry, and some of it is the ability to build from the start with flexibility and nuances baked in.
Many vendors update licensing and appointment data on a monthly or weekly basis, meaning your data could be out of date from 6 to 30 days by the time you take action. Compliance that comes days too late isn’t, generally, actually compliance.
Not only do we keep your data up-to-date with a two-way daily synchronization to the industry source of truth, we can integrate that data through your system to bust silos by surfacing licensing and appointment data in your commissions payment system, background check system, agent management platform, and wherever else your team needs critical access. In fact, with smart automation powering your integrations, you can even stop compliance violations before they happen.
No longer must compliance be a troublesome chore. Bake real-time, integrated, and automated compliance into your distribution relationships from start to finish.
If you’re ready to learn why our customers chose AgentSync, check out our guide or get with a member of our team for a personalized demo.
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