September 30, 2023

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

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

We discuss so much on this weblog concerning the bother with data silos, the ache of manual data entry (and re-entry), and the way frustrating it is for producers, employees, and business partners to continually take care of these points.

In case our prior arguments haven’t been convincing, I need to inform you 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 believe you’ll perceive the way it relates.

Virtually two years in the past, I moved homes. By no means a enjoyable endeavor, however I’ve moved at the least a dozen occasions in my life and it’s by no means been this dangerous. It wasn’t the truth that the transferring truck bumped into our powerline and knocked out the web for per 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 deal with types to be actual.

The issue is twofold:

First, we moved to a rural space the place the Postal Service doesn’t ship mail to the bodily home deal with. If one thing doesn’t have our P.O. Field quantity on it, overlook about it. As a result of the publish workplace doesn’t have a straightforward, fast, and automatic method for our deal with to be linked to our field quantity, the workers 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. When you attempt to think about the variety of vital issues we don’t obtain as a result of somebody had our bodily deal with and never our P.O. Field, multiply it by 100 and also you could be shut.

Second, regardless of submitting change of deal with 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 automobiles, to the county treasurer, county tax assessor’s workplace, and extra, mail continues to be despatched to our outdated deal with – or generally despatched to our new deal with however with out the field quantity, that means it’s equally undeliverable.

Final time I received a bit of mail that lastly made it to me because of the very type new owners of my earlier residence, I referred to as the federal government entity to right the deal with (once more). I used to be actually at my wit’s finish with the poor girl on the cellphone who needed to hearken to me rant about all of the occasions, and all of the locations, I’ve already stuffed out my new deal with over the past 18 months.

“How is it doable that you just nonetheless have the improper deal with for me?” I begged to know.

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

It was at this level I noticed there was a really giant 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 workers, producers, or insurance coverage distribution companions could also be going by way of? Simply to be tremendous clear, let’s break it down:

Guide-only processes: It’s doable that the individuals in command 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 doable that they must re-check issues regularly as a result of there’s no real-time solution to immediately confirm a producer’s license standing.

All of this implies it’s doable, similar to my native postal employees, that they merely opt-out of doing a little guide 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 by way of these guide processes, they’re nonetheless error-prone, so that you possible 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 meant to regulate the fly inhabitants on my farm.

A number of, disparate techniques: When you’re an insurance coverage service that contracts with many various companies (or different intermediaries), or an insurance coverage company or MGA/MGU that contracts with a number of completely different producers, it’s virtually assured that somebody alongside your insurance coverage distribution channel is getting into the identical data into multiple place. Actually, 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 could 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 right some piece of knowledge. Perhaps 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 might must 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 have to be like for anybody within the distribution channel who’s tasked with managing data for a number of producers. Do you’ve a headache but?

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

  • Information that’s outdated as quickly as you verify it
  • Pissed off workers, producers, and distribution companions
  • Threat of compliance and regulatory mishaps
  • Shedding the perfect individuals to a company that makes their jobs straightforward and painless

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

So, for all of the individuals who don’t have an answer to the issues of knowledge silos, guide 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?