Schedule a Consultation

Our solution and subject matter experts will provide an overview of how RegEd’s enterprise solutions enable our clients to improve efficiency, effectiveness and transparency across the enterprise.

Industry Challenge

Maintaining accurate, up-to-date individual and agency information can be overwhelming for insurance companies, broker-dealers and other financial services firms. Companies must maintain license and appointment data for individuals and agencies that is current with state filing office records and easily accessible to support fulfillment of regulatory or internal audit requests.

Existing processes typically rely on manual, point-in-time searches of the NIPR Producer Database (PDB) to identify changes to profile information. Data entry and reconciliation of changes is often managed via spreadsheet-based solutions, which can lead to out-of-date or inaccurate information as a result of human error. Such an approach can also be a drain on licensing staff, who must dedicate time to retrieving information, communicating with individual producers and manually entering data, rather than high value-added licensing operations.

In addition to the sheer volume of daily changes, regulator focus on data management has intensified. State Departments of Insurance audits continue to broaden in scope, bringing heightened scrutiny of the accuracy of license and appointment data. Consistently cited as a top market conduct criticism for insurers, failure to maintain accurate data exposes companies to potential fines and reputation risk.

RegEd Solution

Alerts 2.0, a module of RegEd’s Xchange Enterprise Licensing and Registration solution, enables companies to identify individuals and agencies for which they should receive notifications and automated PDB data updates. Through integration with the PDB, the solution significantly expands the range of data for which notifications can be generated and changes are automatically reconciled with internal databases.

When a change occurs in the PDB for an active individual or agency profile, RegEd Alerts 2.0 reconciles the change against the firm’s Xchange database and triggers the appropriate updates or notifications based on the firm’s Alerts 2.0 configuration.

Monitoring, updating and maintaining accurate credentialing data is especially burdensome for firms with a large number of producers. The solution’s ability to drive efficiency at an enterprise scale is demonstrated by the fact that dozens of firms currently use Alerts 2.0 to maintain more than 450,000 producers and adjuster records, and more than 14 million alerts have been received since launch in 2016.

Distinguishing Capabilities

  • Receive same-day, automated notification when a state record change occurs on the PDB, avoiding out-of-date information that can result from manual, point-in-time searches of the PDB.
  • Highly customizable to the firm’s business needs: Identify specific data points for notifications, automated updates, or queue items for efficient review and approval.
  • Receive automated notification of discrepancies between the PDB and the company’s database.
  • Identify carriers for appointment alerts including.
  • Alerts for associated appointing companies.
  • Automated updates and notifications for outside appointing companies.
  • Robust reporting provides insight into discrepancies between the PDB and the firm’s database, and an audit trail of exceptions and actions taken in response to each alert.

Key Benefits

  • Significantly reduce the time and resources required to manually check the PDB and identify and reconcile changes and enable licensing staff to focus on work that delivers higher value to the organization.
  • Improve the accuracy of the company’s data and instill confidence that the firm’s records are synched with official filing office records.
  • Reduce the risk of non-compliance and data inaccuracies during a regulatory audit, which can potentially result in fines, penalties or damage to the company’s reputation.
Scroll to top