Why Small MGA Teams Should Automate Compliance

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

Small however mighty is the realest of offers. But, even (or particularly, relying in your view) small groups can profit from producer licensing automation.

We get it when smaller groups increase the query – why mess with an excellent factor? When your group is buzzing alongside easily and also you already really feel so very environment friendly, it may possibly seem to be tempting destiny to make a tech spend for one thing that isn’t an issue (but).

Funnily sufficient, when you concentrate on it, that is simply the nouveau tech mindset equal to legacy methods’ “however that is how we’ve all the time …”

So, a fast rundown of among the causes even small, environment friendly groups at MGAs ought to automate their producer licensing:

1. It’s not all about you

Producers are bored with endlessly rekeying their data. Even you probably have a group member who can sweet-talk a producer into submitting their information, a drawn-out guide course of remains to be exhausting on the producer. Plus, we’d wager that group member is better-served utilizing their sweet-talking expertise elsewhere within the enterprise.

2. Able to develop? Us too

Our AgentSync Handle product is priced per nationwide producer quantity (NPN), so in case your producer pool is small immediately, so is your invoice. And in the event you plan to develop, we’re incentivized that can assist you, and to scale proper alongside that development.

3. Don’t waste your human assets

If you wish to hold your group small, then digitizing repetitive low-attention duties like producer license compliance is paramount to your success. Your group members put on a number of hats by necessity, and automating the producer license verification piece of your onboarding makes that hat smaller so your group member can put on extra (hopefully we haven’t worn out this metaphor).

4. Appointing? Monitoring? Do each. Or both

Should you’re an MGA or MGU, you’re chargeable for the brokers who work with you, however a few of them you’re extra chargeable for than others. Do they get completely different tabs in your spreadsheet? With an automatic compliance course of, you possibly can simply separate the 2 and handle them in another way, with alerts and automatic emails directed at particular audiences as an alternative of treating all of them the identical.

5. Groups in transition

Not all MGAs wish to keep in the identical place. Some need to merge, be acquired, or rework into full-on carriers. Transitions like that may be a nightmare for compliance. But, with real-time monitoring for insurance coverage producers, hold compliance on lock the entire time.

6. Dangers are larger for smaller groups

At larger organizations, the prospect that somebody’s guide entry goes awry is large. However the compliance penalties are simpler to unfold out when you might have an enormous group. As a smaller firm, changing into a bullseye for state regulators is usually a mission-ending expertise. And make no mistake, most states maintain MGAs chargeable for the brokers below their purview. An automatic compliance course of decreases the chance of guide entry errors.

7. Much less stress in your skilled individuals

Perhaps you’ve recruited some business wonks who’ve a number of expertise and are plugged in on producer licensing. Nonetheless, that’s a number of stress to placed on a single individual. It’s tougher to take a trip when the entire firm’s licensing compliance rides in your shoulders. If that individual grows out of that position or quits, who will take over? Having a tech resolution permits for extra seamless transitions and allows you to put individuals with long-term business information to higher use.

8. Our group is your group

At AgentSync, you’re getting greater than a software-as-a-service resolution. You’re additionally getting a group devoted to your producer licensing success. You don’t want so as to add anybody to your well being care plan, and but you get further back-office help employees.

9. Scorecard!

Need to simply visualize how you could possibly develop or the place your compliance gaps are? Should you’re engaged on a spreadsheet, getting this data at present means somebody spending hours evaluating columns on a spreadsheet. They in all probability tally these numbers (possibly in a special spreadsheet) after which present it as a pie chart or graph on a quarterly or annual foundation. However you might have this at your fingertips on daily basis with AgentSync Handle.

10. Attracting companions

Should you’re making an attempt to convey on provider companions or onboard companies for brand spanking new distribution channels, having an automatic license verification system is further safety not only for you however for them, too. Watching one another’s again is a good way to promote a partnership, and it makes it a lot simpler to promote potential companions on a small group when you possibly can convey a big-team degree of proficiency to these sorts of particulars.

Notably for small groups, there’s a golden age the place you are feeling like your enterprise is large enough to deal with what it must whereas sufficiently small that you just all know one another and are having an excellent time. Peak circulate. It’s magic.

Good software program received’t impede that – as an alternative, it allows you to keep within the zone for longer. If you wish to see how else AgentSync can hold your group in a “circulate state,” check out our options.

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