Finding the Advantage of Just-in-Time Shipping Options

This is part of the list supported by AgentSync.

While we have a number of ways we use data to innovate, one way we’ve seen that brings technological advancements along with changes in government regulations is using NIPR integration to take advantage of Just-In-Time (JIT) selection. If that sounds like a bunch of crap to you, let me break it down.

Time Responsibilities

In 2000, the NAIC opened up model regulations to states to implement Just-In-Time systems. In the past, if an agent wanted to sell, quote, or provide information about a policy in a certain area, they had to be licensed in that area and appointed by the agent. The insurance agent can raise his hand to request to be selected, the carriers have to register and pay the corresponding amount in each state individually. And in many cases, some of the people who are nominated may not write just one business.

Countries that allow JIT appointments instead allow carriers to wait to appoint agents until the agent has booked business immediately. Carriers can go with them, check their background, and wait to pay the government fine until they have a financial incentive to do so. Travel varies from country to country, but most countries currently have JIT guidelines.

From what our team has seen from industry partners, this can be very expensive, but many carriers and agencies are still working the same way all the time. They join insurance companies in many states, and send people to all states, thinking “we’re wasting our time verifying licenses, so we can send people.” Unfortunately, this means that they are risking and paying to select possibly thousands of agents who will never register for business in all of the selected states.

If you think about it, using the industry standard where 80 percent of your business is written by 20 percent of your agents, you could be spending thousands or even millions of dollars on federally appointed agents for those agents. do not list one business in that region.

Using APIs to make JIT control work

An application programming interface (API) is techspeak for a gateway between different applications. AgentSync Manage is powered by our industry-first real-time interface with NIPR, bringing data challenges to a more user-friendly and accessible environment.

We strive to organize and create this data portal, now others can do the same and get the information they need without having to hire a team of engineers to build and maintain it. Our hard work is bearing fruit beyond our own team to increase the use of others in the industry.

Using integration with NIPR, we can help people with limited technical knowledge use identifiers such as Social Security numbers or national production numbers for insurance agents to access our API for information. They don’t have to guess to interpret government regulations or know how to write code – our open API has made it easy to do things like increase the number of insurers in insurance negotiations, verify certificates in real time, send appointment times, etc. This is actually a low bar of automation that has not been there because of usability and access to data.

This makes it easier for the brokers on board to hold off on selecting them until they book business quickly. With manual processes, it is more likely that the JIT deadline will be missed, or that the state certification may expire. Instead, we’ve used real-time data acquisition and automation to take a process that used to take days or weeks and make it longer.

Now, shippers using technology built on our API can take advantage of the JIT option by not paying government fees until they know they’ll see a return on their investment.

So far, we haven’t seen many carriers or MGA agents support the 20-year change, although it’s something that, especially with the help of modern equipment and platforms, can save thousands or even millions of dollars. bank of these institutions.

The impact of this technological decline is driving new trends. A large amount of interest in all insurance companies comes from commissions paid to unlicensed agents, especially from expired or missed licenses.

Our use API, We can say what authorizations and responsibilities the agent has in the governments, and, with a slight upgrade, we can now stop the commissions that are difficult to be paid and / or stop the agents from acting without proper information before – and completely. made by software.

Only that integration can help insurers, MGAs, and organizations avoid the next risk while also limiting their growth. This short video will show you how AgentSync can help you run your business efficiently JIT documentation. Make sure that book demo it’s us.

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