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 firstname.lastname@example.org.
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.