RegEd Revolutionizes Producer and Adjuster Licensing Maintenance with Fully Automated Credentialing Data Management Solution

RegEd Revolutionizes Producer and Adjuster Licensing Maintenance with Fully Automated Credentialing Data Management Solution

RegEd, the leading provider of Licensing and Registration technology solutions to the financial services industry, today announced that it has launched Alerts 2.0, a module of its Xchange Enterprise Licensing and Registration solution. Alerts 2.0, through integration with the NIPR Producer Database (“PDB”), will significantly expand the range of data for which firms can receive automated change notifications and systematized, timely reconciliation of changes with the firm’s back-end database.

“Maintaining accurate, up-to-date individual and agency information can quickly become overwhelming for insurers and distributors. With the sheer volume of daily updates, it’s impossible to maintain current records across the firm’s population using a manual process. At the same time, as regulator focus on this process intensifies, inaccurate information can lead to significant consequences,” commented Jacob Spitzley, Senior Product Manager at RegEd. He continued, “Automated monitoring and data reconciliation offer firms a significant reduction in the time and resources required to manually check the PDB for relevant changes, and instill confidence that the firm’s records are consistently synchronized with the official filing office record.”

Using Alerts 2.0 insurers and distributors can automatically identify changes, and then reconcile and synchronize those changes with the firm’s back-end database.

Dani Fields-Damato, Vice President, Marsh USA Inc., which beta tested the solution, commented, “RegEd Alerts 2.0 will increase efficiency and reduce our spending on PDB reports. The service notifies us of data changes as they occur on the PDB, and allows our licensing team to review and sync the data with the touch of a button. The saved PDB reports, audit history, and data comparison features make this functionality a must-have.”

For carriers, Alerts 2.0 will automatically update licensing data without the need to rely on individuals or distributors for updates. Distributors will benefit from automatic notifications on appointments. In the event that producers are appointed by carriers that are not approved or do not have sell agreements, Xchange will notify the distributors immediately, enabling them to take corrective action.

RegEd will host invitation-only webinars in June to demonstrate the unique, innovative capabilities of Alerts 2.0. For webinar information please contact sales@reged.com.

About RegEd

RegEd is a leading provider of compliance technology solutions with relationships with more than 400 enterprise clients, including 80% of the top 25 broker-dealers and top 25 insurance companies. Established in 1994 by former regulators, the company is a recognized industry authority and has created the standard of excellence for rule-based and content-driven compliance automation for insurance companies, investment advisors and broker-dealers.  RegEd solutions drive new levels of operational efficiency and enable firms to cost-effectively comply with regulations and mitigate risk. 

RegEd to Showcase Innovations in Insurance Licensing Appointment and Onboarding Technology at NIPR Insurance Summit 2016

RegEd to Showcase Innovations in Insurance Licensing, Appointment and Onboarding Technology at NIPR Insurance Summit 2016

RegEd, the leading provider of compliance and credentialing solutions to the financial services industry, will highlight recent additions to its licensing, appointment and registration solutions portfolio at the upcoming Insurance Summit 2016. The event, to be held May 16-20 in Kansas City, is presented jointly by the NAIC and NIPR.

“Events like the Insurance Summit give us the opportunity to engage with our customers and the industry, to understand and anticipate changes to their business needs,” commented Stephanie Buchanan, Chief Client Officer, RegEd. “That interaction is invaluable to the ongoing innovation that’s required to ensure that our solutions continue to meet the demands of our customers.”

The Insurance Summit combines NAIC and NIPR resources in a premier conference for insurance professionals, merging the E-Reg Conference, TechEx, Financial Summit, Market Regulation Summit, PIO Forum, CIPR Symposium and Continuing Legal Education Seminar into a single weeklong event. During the conference, RegEd representatives will highlight the firm’s innovative enterprise solutions for contracting/onboarding, appointment processing and credentialing management, including:

Contracting/Onboarding

RegEd Contracting/Onboarding automates the contracting/onboarding process for producers and reps.  The solution automatically triggers the background investigation and configurable workflows automate FINRA submissions and fulfillment of licensing, registration and compliance requirements.  RegEd Contracting/Onboarding enables firms to free internal resources from the burden of manual oversight of the contracting/onboarding process, reduce time-to-market for new producers and reps, and improve the accuracy of data entry.

Xchange Smart Appointments

Smart Appointments enables straight-through appointment processing based on the firm’s unique business rules. End-to-end automation of the appointment lifecycle supports high acceptance rates, reduces time-to-market and enables valuable licensing operations to focus on exception transactions and spend less time overseeing and managing the process.

Xchange Alerts 2.0

Alerts 2.0 enables insurers and distributors to automatically identify changes to individual and agency information, and then reconcile and synchronize changes with the firm’s individual / agency database. Firms benefit from a significant reduction in time and resources required to manually check the PDB for relevant changes, while instilling confidence that the firm’s producer records match the official filing office record.

About RegEd

RegEd is a leading provider of compliance technology solutions with relationships with more than 400 enterprise clients, including 80% of the top 25 broker-dealers and top 25 insurance companies. Established in 1994 by former regulators, the company is a recognized industry authority and has created the standard of excellence for rule-based and content-driven compliance automation for insurance companies, investment advisors and broker-dealers.  RegEd solutions drive new levels of operational efficiency and enable firms to cost-effectively comply with regulations and mitigate risk.

Regulators and Industry Experts Address Key Trends and Challenges at Fifth Annual RegEd Compliance Alliance Conference

Regulators and Industry Experts Address Key Trends and Challenges at Fifth Annual RegEd Compliance Alliance Conference

Financial services compliance, licensing and registration, and operations professionals assembled at the fifth annual RegEd Compliance Alliance (RCA) conference to share best practices, build critical knowledge across a range of topics, and engage with regulators and industry experts. The event was held April 18-20 in Charleston, SC and was attended by more than 150 representatives from financial services firms, regulatory agencies, consultancies, and law firms. The conference focused on issues and topics of critical concern for the attendees, including:

  • The DOL Fiduciary Rule and its potential impact on the industry: The recently issued rulemaking expands the definition of “fiduciary” to include individuals who provide retirement investment advice to investors in Individual Retirement Accounts (IRAs) and other investment accounts not covered by the Employee Retirement Income Security Act (“ERISA”), requiring that investment advice be offered solely based on the best interest of the client. The rule will impact the retirement advice industry and change the manner in which advisors provide retirement recommendations to their clients and get paid for such advice. Significant compliance implications are expected in, among other areas, conflicts of interest disclosures, fee- vs. commission-based models, variable annuities and IRA sales, as well as potential customer account repapering requirements based on business decisions made by the firm.
  • Managing Conflicts of Interest: FINRA’s 2016 Regulatory and Examination Priorities Letter cited firm culture and effective conflicts of interest management as key areas of focus for 2016, and was followed by a February targeted exam letter that confirmed the attention of the regulator on the issue of “cultural values” and conflicts management. Efficiently managing conflicts of interest requires compliance professionals to understand and implement best practices for tracking, monitoring, and disclosing conflicts of interest, including outside business activities, gifts and entertainment, and political contributions. Firms must also establish rigorous internal controls for effective resolution of conflicts and risk mitigation.
  • Cybersecurity: Identified as a top criminal priority by the FBI, preventing cyber intrusions is at the forefront of consumer protection and security concerns in the financial services industry. Compliance and IT professionals must have the latest information related to issues of cybersecurity resources, compliance, risk analysis, policies and procedures, pitfalls, response plans, and best practices to help protect the organization and consumers from cyber threats.

Commenting on RCA 2016, John Schobel, RegEd Chief Executive Officer said, “It was wonderful to have our clients gather in beautiful historic Charleston to spend time with the RegEd team and hear from industry experts and regulators, who shared their insights and practical guidance.”  Schobel continued, “Equipped with new knowledge and best practices, conference participants are better prepared to tackle their most pressing challenges in today’s demanding business and regulatory environment.”

During the conference RegEd announced the expansion of RegEd SCORE® to include SCORE Rep Dashboard, which enables firms to provide registered representatives with a clear, consolidated view of individual compliance requirements. With SCORE Rep Dashboard firms can streamline compliance for the firm’s registered population, improve frontline defense against non-compliance exposure, and demonstrate a culture of compliance and commitment to consumer protection.

About RegEd

RegEd is a leading provider of compliance technology solutions with relationships with more than 400 enterprise clients, including 80% of the top 25 broker-dealers and top 25 insurance companies. Established in 1994 by former regulators, the company is a recognized industry authority and has created the standard of excellence for rule-based and content-driven compliance automation for insurance companies, investment advisors and broker-dealers.  RegEd solutions drive new levels of operational efficiency and enable firms to cost-effectively comply with regulations and mitigate risk.

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