Connect with us

Finances

How to Take Compliance from a Business Blocker to a Business Accelerator

Published

on

Spread the love

This post is part of a series sponsored by AgentSync.

Advertisement

When Jetty lost its designated resident licensed producer (DRLP), a compliance fire drill ensued. That’s when Jetty’s head of compliance knew for sure that the old way wasn’t working.

[Read Jetty’s full success story here]

Advertisement

The importance of licensed insurance producers

Producers, and their ability to sell, are the lifeblood of any insurance business. So, any time a producer isn’t able to do their job, the business suffers. With ever-evolving licensing requirements that vary from state to state, keeping on top of a producer force isn’t easy.

For Jetty, a high-tech MGA specializing in financial products for renters and landlords, the tipping point came when the company’s DRLP left on short notice. As anyone who’s ever dealt with producer licensing knows, removing one licensed agent as the agency’s DRLP and replacing them with a new one across all states and territories is no easy feat. It’s also a potential showstopper for making sales and bringing in revenue.

Advertisement

For Jetty, an insurtech moving at a rapid pace, the business can’t afford to be slowed down by the technicalities of producer licensing. So, when it took an entire month of staff working at full speed to get the DRLP situation back in good order, it was enough to realize they never wanted to experience that again. After all, licensed producers are far too important to an insurance business’s entire operation to risk losing the ability to make sales for multiple days, weeks, or even months.

Keeping up with the pace of business

“We had some outside consultants who could help us with license maintenance but it was an extremely manual process. For something as simple as a change of address, for example, they would send over an e-mail with 50 PDFs that we had to individually execute and sign and send back.” – Kylie Gauthier, VP Financial Products

Even when not experiencing a “compliance fire drill,” Jetty’s head of compliance was concerned that her department couldn’t move as quickly as the business needed. While everyone knows compliance isn’t an area you can compromise or cut corners on, it’s no less frustrating to the business when managing it is a slow and overly manual process.

Advertisement

Fortunately, Jetty found a way to dramatically transform producer compliance from a hurdle and potential roadblock to a business accelerator. Their secret weapon? AgentSync and its AutoPilot service.

By partnering with AgentSync’s AutoPilot, Jetty turned the producer compliance management process from one that struggled to keep up to one that set a new standard in efficiency and risk management.

Advertisement

From fire drills to smooth sailing

AgentSync’s Autopilot service didn’t just change how Jetty managed compliance; it redefined what was possible, delivering:

  • Cost savings: By removing the need for pricey consultants to keep producer compliance on the rails, Jetty redirected funds from external licensing management to internal innovation.
  • Reclaimed time: Compliance team members got back 25 percent of their time each week, enabling them to focus on strategic, high-impact activities instead of manual tasks.
  • Risk Reduction: With AgentSync’s AutoPilot, Jetty’s producer compliance is literally on autopilot. The Jetty team no longer worries about whether anything’s slipping through the cracks. Instead, they’ve got assurance that every producer is licensed everywhere they need to be at all times. And they’ve got visibility to prove it in real-time, if they need to.

These are just a few of the game-changing impacts Jetty’s realized since going live with AgentSync. To get a closer look at Jetty’s struggles, its search for a solution, and its impressive results with AgentSync, read the full success story here.

To see how AgentSync can take compliance from a business blocker to a business accelerator at your agency, carrier, or MGA/MGU, contact one of our insurance compliance experts for a demo today.

Advertisement

The most important insurance news,in your inbox every business day.

Get the insurance industry’s trusted newsletter

Advertisement
Advertisement
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *