A Cautionary Story for Your Insurance coverage Org


This publish is a part of a collection sponsored by AgentSync.

The Systems Aren't Connected: A Cautionary Tale for Your Insurance Org

We speak quite a bit on this weblog in regards to the hassle with information silos, the ache of handbook information entry (and re-entry), and the way irritating it’s for producers, staff, and enterprise companions to always take care of these points.

In case our prior arguments haven’t been convincing, I need to let you know a narrative that would seem, on the floor, to don’t have anything to do with insurance coverage or your insurance coverage enterprise. Simply humor me for a minute although, and I feel you’ll perceive the way it relates.

Nearly two years in the past, I moved homes. By no means a enjoyable endeavor, however I’ve moved not less than a dozen instances in my life and it’s by no means been this unhealthy. It wasn’t the truth that the shifting truck bumped into our powerline and knocked out the web for every week. Nor was it that our new neighbors quickly proved to be busybodies who’d voice their each grievance about garden upkeep to the county authorities.

It was the mail. The change of handle types to be precise.

The issue is twofold:

First, we moved to a rural space the place the Postal Service doesn’t ship mail to the bodily home handle. If one thing doesn’t have our P.O. Field quantity on it, neglect about it. As a result of the publish workplace doesn’t have a straightforward, fast, and automatic means for our handle to be linked to our field quantity, the employees simply flat-out refuse to do the work of redirecting our mail into our field.

This implies something addressed to the house itself will get returned to the sender as undeliverable. In the event you attempt to think about the variety of essential issues we don’t obtain as a result of somebody had our bodily handle and never our P.O. Field, multiply it by 100 and also you may be shut.

Second, regardless of submitting change of handle types (and sure, together with itemizing the P.O. Field quantity) with everybody from the Postal Service, to the IRS, to the state division of income, to the division of motor autos, to the county treasurer, county tax assessor’s workplace, and extra, mail remains to be despatched to our previous handle – or typically despatched to our new handle however with out the field quantity, which means it’s equally undeliverable.

Final time I received a chunk of mail that lastly made it to me because of the very sort new owners of my earlier residence, I referred to as the federal government entity to appropriate the handle (once more). I used to be actually at my wit’s finish with the poor woman on the cellphone who needed to hearken to me rant about all of the instances, and all of the locations, I’ve already crammed out my new handle during the last 18 months.

“How is it attainable that you just nonetheless have the incorrect handle for me?” I begged to know.

“I’m sorry. It’s simply, the techniques aren’t linked.”

It was at this level I spotted there was a really massive disconnect between my expectations as a shopper and the technological capabilities of each authorities company I’ve to work together with as a citizen.

Are you beginning to see the similarities between my story of woe and what your employees, producers, or insurance coverage distribution companions could also be going via? Simply to be tremendous clear, let’s break it down:

Handbook-only processes: It’s attainable that the individuals in control of producer license compliance at your group are tasked with some crazy-manual processes. Like cross referencing between paper paperwork, spreadsheets, and web sites. It’s attainable that they need to re-check issues frequently as a result of there’s no real-time method to immediately confirm a producer’s license standing.

All of this implies it’s attainable, similar to my native postal staff, that they merely opt-out of performing some handbook work, or let issues slide, or simply don’t have time of their day to get to it. Even when everyone seems to be taking the time to diligently work via these handbook processes, they’re nonetheless error-prone, so that you seemingly find yourself with less-than-ideal ranges of accuracy. Just like the time somebody transposed the numbers for my P.O. Field and unintentionally gave another person a field of dwell wasp larvae supposed to regulate the fly inhabitants on my farm.

A number of, disparate techniques: In the event you’re an insurance coverage service that contracts with many alternative businesses (or different intermediaries), or an insurance coverage company or MGA/MGU that contracts with a lot of completely different producers, it’s nearly assured that somebody alongside your insurance coverage distribution channel is getting into the identical data into a couple of place. In truth, they’re most likely getting into the identical data into greater than two or three locations. Not solely is that this irritating for everybody concerned, however it might probably result in errors and oversights that would put your group into compliance sizzling water.

No single supply of fact: Think about the frustration of a licensed producer who’s attempting to replace or appropriate some piece of knowledge. Possibly it’s a brand new non-resident state license, or perhaps they only handed a licensing examination for a brand new line of authority. What number of completely different locations have they got to enter this data? Relying on what it’s, they may need to go to your organization’s human assets data system (HRIS), your company administration system (AMS), your buyer relationship administration system (CRM), your incentive compensation administration system (ICM), their state division of insurance coverage, and different regulatory our bodies – simply to call just a few! And, since we don’t know what we don’t know, they’ll proceed to play whack-a-mole with incorrect data for so long as it takes for every location housing that data to floor.

Now, think about, if that’s how it’s for one single producer, what it should be like for anybody within the distribution channel who’s tasked with managing data for a number of producers. Do you’ve gotten a headache but?

To sum it up, the value you pay for sticking with handbook, labor-intensive processes could embrace:

  • Information that’s old-fashioned as quickly as you examine it
  • Annoyed staff, producers, and distribution companions
  • Threat of compliance and regulatory mishaps
  • Dropping the most effective individuals to a company that makes their jobs simple and painless

The good information is that AgentSync will help get rid of these points in your insurance coverage group and its companions. On my finish, I’ve received no alternative however to fill out types for the umpteenth time and pray that the day will come when everybody who wants my handle has the suitable one. You don’t know the way a lot I’d give to have an answer at my fingertips that would make this downside disappear faster than my ever-shortening persistence.

So, for all of the individuals who don’t have an answer to the issues of information silos, handbook processes, and outdated know-how wherever these could creep up in life, don’t you owe it to your self to take a look at AgentSync?


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