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10 compliance department New Year’s resolutions worth keeping for 2023



10 compliance department New Year's resolutions worth keeping for 2023

This post is part of a series sponsored by AgentSync.

Happy New Year! You̵

7;ve enjoyed the end of the holiday season. Now you’re looking for ways to tighten up those processes, and what better way to start the year off right than with compliance resolutions?

Sure, 99 percent of resolutions fail (or some other made-up statistic, probably). But with AgentSync’s help, these are easy to maintain and well worth the effort!

It’s time. Strike a new pose, turn a page, and buckle up, because here are the best compliance resolutions for the coming year for those of us tasked with keeping producer licenses or appointments.

Without further:

1. We will not pit compliance against recruitment and sales

Silos! Silos everywhere! Data silos turn your compliance and recruiting or sales teams into a modern-day meeting between Capulet and Montague. You know how it goes. A producer calls their recruiter to find out how long it will take before they are fully on board, which sets off a series of pressure-filled emails and calls to the compliance department, who are waiting for a confirmation from the insurance department or a background check to return.

Stop! Use compliance software to give all teams insight into the process and to make licensing or appointment more automated. The end result: Align your teams to be on the same team.

2. We will reduce the number of systems our team has to turn to

Click. Click. Click. Clickity-clickity-click. It’s the sound of a compliance process that requires your team to move from one software to another to another rather than being able to perform a single function end-to-end within a software ecosystem. If you have a compliance solution that integrates with your other technical and regulatory sources appropriately, you can give everyone a single source of license and meeting data.

3. We will stop requiring copies of paper licenses

At this point, everyone in the industry should rely on real-time data from the National Producer Information Registry. Nevertheless, some carriers (and thus their downstream MGAs, MGUs or agency partners) still require a paper license, even though that paper copy of a license may not accurately reflect the current reality of a manufacturer or adjuster. It’s time to move on from paper.

4. We will use data to identify the bottlenecks in our onboarding process

Any process, even a fairly efficient one, will have bottlenecks. How many are there? How long are they? What are their negative consequences? These are the questions that deserve data-based answers. Whether you have a producer management software solution, you’re looking for one, or you’re just measuring how you’re doing, identifying bottlenecks and putting data points on them is a valuable exercise.

5. We will transform our agent experience into a channel to create outstanding fans

Just because you’re in the compliance department doesn’t mean you don’t impact the agent experience. In fact, from what we’ve seen, the compliance experience can make or break a company’s relationship with an agent. So if you want to show your team delivers on the bottom line, make 2023 cultivate an excellent reputation with your agents, even as you cover all the compliance bases.

6. We will not be one of those teams that invest in technology just to say they invested in technology

You know what we mean. We’ve all seen companies park money in software that underperforms, doesn’t meet their needs, or never reaches full implementation, all in the name of being tech forward. But it’s not your team. Not this year. You will be intentional, to work with the best and to only adopt technology that can:

  • Integrate your entire software stack upside down
  • Automate unnecessarily time-consuming processes
  • Solve your actual needs with real-time data

7. We ensure that insurance agents follow the rules for every sale

In the coming year, you won’t be second-guessing compliance. You won’t call accounting to talk about balancing incorrect commission payments. You won’t be tormented for the three months your license expired in Oklahoma before anyone realized it.

Instead, you’ll get compliance software that ensures every sale is compliant with a properly licensed and designated producer every time. Go you!

8. We’re not going to make people spend days rewriting things

The reality is that 2023 could be tighter for your business. But that doesn’t have to mean burnout as long as you work smarter not harder.

Compliance software that integrates data across systems can put an end to the type, type, and retype that too often comes with introducing or maintaining manufacturer and adjustment information. The reality is that as insurance becomes a narrower industry, you probably want your employees to spend much more time on work that requires hands-on attention, skill and developed knowledge. Even simple autofill forms can save hours of work over the course of a week, hours that can be spent on other things like developing relationships, filling in the gaps in thought-based work, and just taking a break to avoid burning out your talent.

9. We will use our data to guide informed business decisions

Computerized business decision making has been a powerful phrase that is very often just aspirational. You can power it by using software solutions that actually deliver this resolution with data from your usage – not a best-case scenario or a set of assumptions, but actual timelines with real producers.

By using the right producer licensing software, you can also pull data from NIPR to understand which states your producers are licensed in, which industries they are licensed in, and which operators they have appointments with. That way, you can make business decisions about expanding your distribution partners or finding a new sales area with least resistance, all based on data points collected from your own system.

10. Spend your time with people, not processes

Honestly, we should rename this one “take a vacation.” The real reality of manual compliance processes is that you and your team spend a lot of time clicking around on a computer just trying to tick a box and make sure the information in different systems matches. Whether you can better utilize that brain power for other things in your business, or if you can just have time to take a break, talk to people in your business, pick up a hobby and meet someone… Spending less time on compliance doesn’t have to means taking a risk. With modern compliance management solutions for manufacturers, you can have a higher standard of compliance than ever before while spending less time doing ticky-tacky-typy work.

Ten resolutions may seem like a lot, but modern producer management solutions like AgentSync can automate processes that don’t require hands-on human attention and integrate your data tightly into your systems to end recoding information and duplicate records.

If you’re ready to see how AgentSync can help you keep those resolutions (and spend more time on the personal ones about growth and development), schedule your demo today.


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