McCormick made those comments in a recent webcast – "The Future of Carrier Compliance Management" – which looked at the challenges in compliance, including how carriers can stay ahead of the current web of state-by-state compliance regulations, as well as balancing the growing pressure between compliance and pricing.

Managing compliance complexity state by state

Managing the complexity of state-by-state compliance is a large task. Standards differ from Florida to California to Virginia, and manual processes often leave carriers open to potential risks and errors.

"Manual processes waste many hours of employee time and resources without certainty of total compliance," said McCormick. "Spreadsheets, outdated systems, and patched together systems often aren't fully doing what they should and leave organizations vulnerable to risk."

Migrating to more advanced systems and workflows helps to manage compliance at scale across all states.

"We are constantly updating our systems, often multiple times in a week, to account for regulatory changes and ensure that customers are always compliant," said McCormick.

Using more advanced technology can also provide carriers with a competitive edge, especially when it comes to tackling a tough issue in recent years: price competition.

Navigating price pressures while staying on the right side of compliance

As carriers work to keep up with compliance changes, the challenges associated with rising price competition persist.

"When you find yourself in a situation of price competition, and where the level of service being offered is opaque, it can be hard to evaluate what you're getting in return," said McCormick. "And that incentivizes some carriers to get up on that compliance edge."

However, staying on the right side of compliance is critical. According to McCormick, part of doing that successfully is making sure the system supporting your compliance is as efficient as possible. With more efficient systems and workflows in place, you can deliver great service at a lower cost than competitors offer—while staying compliant.

"You want to build more flexibility into your systems," said McCormick. "That way, you can flex with the change by investing in your ability to pivot."