In this final part of our series on compliance in the insurance industry, we look at how the best companies are employing technology — in particular, process management — to deal with the ever more complicated business of keeping up with compliance.
It's always an interesting exercise to discuss the structure and management of agents with an insurance executive. For most insurance companies, how they manage agents is usually by employing a shared services model, with several departments responsible for various aspects of agent management. Typically, accounting manages agent compensation, a field organization is responsible for contracting and managing agents, and an administrative group might make agent reports to administrators or to compliance personnel. When asked why they don't have a single department focused on agents, the usual answer is, "We've always done it this way."
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