How INSURICA has streamlined its operations for progress
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 could have greater than its fair proportion of complexity. The corporate works throughout practically all traces of authority in a number of states and has been positioning itself to speed up progress 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 onerous for INSURICA to judge 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, finally transferring to a single particular person chargeable for compliance and reporting.
- Improved profit-and-loss (P&L) statements by driving the lapsed license price to zero %, saving on late renewal charges, and in addition decreasing license printing bills from state websites through the use of the printable license view characteristic.
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, which means the corporate may need 20 alternative ways of doing issues. It wasn’t excellent for a number of causes:
- Change administration threat
- Regulatory threat
- Transparency and ROI
- Delivering worth to acquisitions
- Acquisition complexity
Compliance tasks fell to a number of staff members who had been working 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 companies, producers managed their very own licensing. Every producer could be licensed in a number of states, and a few producers had been truly paying for their very own licenses and getting reimbursed by way of expense reviews.
“Every part was handbook. Some colleagues dealt with their licenses individually whereas others had been being dealt with internally. We had been doing numerous handbook 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 and so they 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 companies aboard: These components introduced 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 study extra about how INSURICA consolidated its license and compliance operations.
Future-proofed and set for progress
Centralizing licensing, compliance, and insurance coverage producer licensing is a part of INSURICA’s roadmap to keep up its legacy as a enterprise that delivers for its companions and their clients. It’s a legacy that the corporate hopes to proceed into the longer term, 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 file, going months with out taking a look at a single cell.
Obtain the case research and study 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 circumstances change.
“We will confidently onboard extra acquisitions than ever, offering them with state-of-the-art licensing and compliance providers… We’re decreasing complexity. We’re extra modern as a result of we have now this visibility into compliance.”
— Kevin Wellfare, VP of Company Improvement, INSURICA
Subjects
Mergers & Acquisitions
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