A Cautionary Story for Your Insurance coverage Org

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

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

We speak 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 cope with these points.

In case our prior arguments haven’t been convincing, I wish 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 at the least a dozen instances 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 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 kinds 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 handle. If one thing doesn’t have our P.O. Field quantity on it, neglect about it. As a result of the submit workplace doesn’t have a simple, fast, and automatic method 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. When 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 is likely to be shut.

Second, regardless of submitting change of handle kinds (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 previous handle – or typically despatched to our new handle however with out the field quantity, which means it’s equally undeliverable.

Final time I acquired a chunk of mail that lastly made it to me due to the very type new householders of my earlier residence, I known 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 telephone 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 over the past 18 months.

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

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

It was at this level I noticed 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:

Guide-only processes: It’s potential that the folks 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 potential that they must re-check issues frequently as a result of there’s no real-time approach to immediately confirm a producer’s license standing.

All of this implies it’s potential, similar to my native postal staff, that they merely opt-out of doing a little 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 manage the fly inhabitants on my farm.

A number of, disparate programs: When you’re an insurance coverage provider that contracts with many various companies (or different intermediaries), or an insurance coverage company or MGA/MGU that contracts with plenty of completely different producers, it’s virtually assured that somebody alongside your insurance coverage distribution channel is getting into the identical info into a couple of place. Actually, they’re most likely getting into the identical info 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. 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 info? Relying on what it’s, they may must go to your organization’s human assets info 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 a couple of! And, since we don’t know what we don’t know, they’ll proceed to play whack-a-mole with incorrect info for so long as it takes for every location housing that info 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 info for a number of producers. Do you have got a headache but?

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

  • Information that’s old-fashioned as quickly as you test it
  • Annoyed staff, producers, and distribution companions
  • Danger of compliance and regulatory mishaps
  • Dropping the perfect folks to a company that makes their jobs simple and painless

The nice information is that AgentSync may also help get rid of these points in your insurance coverage group and its companions. On my finish, I’ve acquired no alternative however to fill out kinds 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 endurance.

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