This post is part of a series sponsored by Actentsync.
The onboarding process is often a barrier to recruiting and retaining talented claim regulators, but an innovative insurer company flips the script by overhauling its regulators to improve its reputation.
By automating and simplifying the licensing and compliance process with Aptentsync, the P&G and liability insurance services company makes life easier for both their regulators and in-house staff. With better onboarding, the company makes it easier to recruit regulators and retain end customers by providing an excellent experience.
Download the insurance company’s story now.
Identify the regulator management challenge
The regulator licensing process can feel like a maze of regulatory barriers and bureaucratic formalities. For this insurer, it is a problem to manage thousands of licenses manually on a good day.
Before adopting proxy synchronization, the company had nearly 5,000 regulators at any given time and had more boarding weekly. But the company is manually handling licensing and state reciprocity and has no time or tendency to train full-time license coordinators. The person in charge of the regulator license spends hours a week managing these responsibilities on other regulator services and lives with constant threats to non-compliance and regulatory risks.
“We put in each license manually,” said the person in charge of regulator license. “This means going to a different system and database to verify that each license in each state is active. Some regulators have 20 licenses, and we bring 15 to 25 new regulators in an average of one week, so you can view it for 25 hours a week, even if it takes only a few minutes to verify the license, and you can verify the license by just manually.”
But thanks to Aptentsync, insurers were able to avoid adding employee numbers to other higher ROI tasks and reassigning them to other higher ROIs, such as building and maintaining relationships that make hiring regulators easier. learn more.
Enhance the regulator experience with simplified onboarding
One of the key advantages of Admentync is that our onboarding process makes it easier to get onto a claim regulator and reduce its management efforts. By automating daily processes such as document submissions and compliance checks, Admentync enables regulators to focus more on what really matters – handling claims and providing top-notch services to their policyholders.
“The regulators are independent contractors, and at the end of the day they will choose to work for companies that pay well and make it easy.” “Our salary is competitive, but why would they follow all these extra steps? With Admentsync, we can get their Social Security number from the contract, or if they just enter NPN, all we have to do is check a small box at the end of us to get the API to work and load everything the next day.
By removing barriers to onboarding, the company can provide more white services without adding employees to the team. Intuitive workflows make it easy for regulators that are not particularly tech-savvy, helping companies better recruit and get on experienced regulators and those new to the industry. Thousands of dollars were wasted when building relationships with regulators, just watching them fall off from the grid between contracts, license verification and first-time claim tasks.
Rolling effect: Emergency situation
It is well known that insurers who struggle to maintain compliance during a normal week may find themselves in an emergency and may find themselves in real pickles. Wildfires, floods, massive data breaches: Sometimes, insurance is an all-round effort.
“You can’t pay for our peace of mind, we know that every regulator is licensed where it needs to be, without the risk of human error,” said the regulator licensing director. Additionally, “this is a huge selling point for our operators. From their perspective, they have this great company that is validating the license, so any regulator that works on the document may not even have a valid license.”
When an emergency strikes, the company must score more easily in downstream regulators and upstream carrier partners when using a system that automates administrative loads. Before the agency, the insurance company simply hired a few temporary staff to deal with new regulators that needed to add emergency situations every day. By using Actentsync to automate regulator license management, the company reduces the confusion of emergency responses, makes itself a more attractive partner, and reduces the cost per response.
Read more about how insurance service companies make regulator management easier.
Manage conversion recruitment with effective regulators
The cumulative effect is that insurers recruit more efficiently with fewer bottlenecks and replace applicants when you easily maintain licenses for your regulators, add their carriers to frictionless systems, and deploy them accurately and effectively under stressful situations.
To learn more about the transformation of the insurance service company, download the case study.
And learn more about how Aptentsync can help you, Schedule the demo.
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