Compliance software is one of the smartest investments an insurance agency can make. Given today’s complex and ever-changing regulatory environment, it’s no wonder many agencies rely on technology to keep up with compliance requirements.
However, not all compliance software is created equal. With so many options available, it can be challenging to identify the right solution. In this blog post, we share our top five tips to help you evaluate compliance software so you can choose the best one for your agency.
5 Tips for Choosing the Right Compliance Software for Your Agency
With so many options available in the market, it’s essential to determine your needs before purchasing compliance software. Start by understanding your current compliance policies and procedures, which will help you identify areas of weakness that need improvement.
Then, consider the features you’ll need. Here are the top priorities we consistently hear during our meetings with insurance agencies:
- Smart interface with an efficient workflow
- Quality dashboard with at-a-glance metrics
- Ability to obtain and renew producer and entity licenses
- Fast and easy drill-down to detailed data
- Nightly updates through NIPR integration
- Excellent reporting functionality
- Uploading, downloading, and tracking of data and documents such as DBA, SOS and tax filings
- An agent portal to gather information from producers
When you’ve done a thorough job of assessing your needs, you’ll be more likely to select a software solution that makes you happy you chose it.
After identifying your needs, begin researching vendors that offer compliance software. It’s never been easier to gather relevant information.
What should you be looking for? Based on our engagements with owners, executives, and compliance managers, our data point to the following priorities:
- The company’s reputation and reviews from current customers
- Tenure and experience of the management team
- Expertise in critical areas such as insurance compliance, law, or tax compliance
- Years in business and financial stability of the company
Many agencies find that a software partner with deep knowledge of insurance regulatory compliance can provide tremendous value-added expertise and services. A software partner who can also help you navigate organic growth, acquisitions, corporate filings, surplus lines filings, risk purchasing and retention groups, and other needs will be a great asset to your organization.
The best compliance software is intuitive, with a user-friendly interface that empowers users to automate and complete tasks efficiently with minimal training. Complicated, difficult-to-use software often leads to user frustration and resistance. This could result in compliance issues.
When you see a demo, pay attention to the user interface and workflows. Be mindful that a new interface will be different than what you and your team are used to. This can seem awkward in demos, and when you first begin using it. Feel free to ask demonstrators to slow down, show things again, and walk you through tasks step-by-step.
Reporting functionality is one area we see evaluation teams focus a lot of attention on. And for good reason. Look for a compliance software solution that includes a wide array of standard reports and makes it easy for you to generate custom reports quickly and easily.
You should be able to export data to .CSV, and PDF, which will come in handy when sharing data with teammates or presenting to management. A compliance solution with robust reporting capabilities is especially valuable when dealing with regulatory agencies.
Price is an essential consideration when it comes to selecting compliance software. It’s crucial to compare prices and features carefully to help you understand the value you’ll be getting for your investment.
Remember that the most expensive compliance software is not always the best solution for your agency. Ask yourself if you’ll be paying for features you don’t need or won’t use.
You’ll notice that pricing models vary from one product to the next, which can be tricky but not impossible to overcome. Make sure you identify all the fees and costs, from onboarding to transactions. Then calculate and compare what you’ll be paying monthly and annually.
Compliance software can help your insurance agency overcome the challenges presented by a complex and ever-changing insurance regulatory landscape. However, not all compliance software solutions are the same. The tips outlined above should help you choose the right software for your organization.
Start by assessing your agency’s needs. Then look for a product from reputable companies with deep and expansive compliance expertise. Assess whether the solution is user-friendly, offers robust reporting capabilities, and fits within your budget. In selecting the best compliance software, you can be sure that you will be spending more time growing your business and less time worrying about regulatory compliance exposure.
Book a Free Demo of Creative Compliance Hub
Ready to start exploring your compliance software options? Our licensing and compliance software, Creative Compliance Hub, has an array of features that help you take control of your individual and entity licenses and see what’s happening across your entire portfolio in real-time.
Plus, it’s backed by a team with decades of experience in compliance law, so you can count on us for the ultimate support. Contact us to schedule a free demo.