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Blog

Rita Moreno and the NAIC

On June 1, 2016 the National Association of Insurance Commissioners (NAIC) announced a partnership with award-winning actress Rita Moreno. The purpose of this partnership is to reach out to seniors and educate them to “get smart about insurance policies and financial plans.” In general, insurance is not easy to understand, no matter if it is… Read more »

by Karen MachamerNovember 30th, 2016

Producer Licensing (EX) task force update

At the NAIC Summer, 2016 meeting I had the opportunity to present information to the Producing Licensing Task Force (PLTF) about compliance issues that I have been unable to find on the state websites.  My point was how insurance companies, and business entities can comply when they can’t find the information anywhere?  I provided Commissioner… Read more »

by Karen MachamerNovember 23rd, 2016

Increase Insurance Agent Satisfaction with VUE’s Producer Portal

In his article in the Boston Globe, “Instant gratification is making us perpetually impatient,” Christopher Muther speaks of the impact this culture has on businesses. “The demand for instant results is seeping into every corner of our lives, and not just virtually. Retailers are jumping into same-day delivery services. Smartphone apps eliminate the wait for... Read more » by Margaret LivermoreNovember 15th, 2016

VUE Analytics and Reporting for Book of Business and Sales Performance.

To survive in a fast-paced business environment, management-level employees must be aware of available tools and integrate them into their daily business processes. Analytic tools are no longer optional; they are a necessity. In Gartner’s “Top 10 Strategic Technology Trends for 2017,” artificial intelligence (analytics) takes the top 3 spots. Being able to spot trends… Read more »

by Margaret LivermoreNovember 7th, 2016

The Role of Revenue Reconciliation in the Insurance Industry

Accounting can be a very daunting task and insurance-commission accounting, with its multiple hierarchies, bonus plans, gamification payouts, etc., can be very challenging when depending on manual systems due to the complicated nature of the processes, human error, and also time constraints. A bone of contention between Insurance carriers and distributors for many years has... Read more » by Margaret LivermoreOctober 25th, 2016

Creating Policies and Procedures from Statutes and Regulations

If you haven’t read my blog on “Statutes and Regulations/I’m not an attorney so what do they mean”, I encourage you to do so before reading this blog entry. It gives a brief explanation of what statutes and regulations are and the differences between them. Once you understand what they are, then it’s time to… Read more »

by Karen MachamerOctober 24th, 2016

Producer Lifecycle Management: The Long and Winding Road

A common term in insurance management is Producer Lifecycle Management (PLM). It means pretty much what you would expect: anything and everything to do with managing insurance agents, brokers, and advisors who are engaged in the sales and service of insurance products. PLM addresses all facets of producers: recruiting, onboarding, compliance/credentialing, compensation, portal technology that… Read more »

by John SarichOctober 20th, 2016

Statutes and Regulations? I’m not an attorney so what do they mean?

When I first started working in insurance compliance and had no prior legal experience (how did I get the job then; a story for another time), people would talk about “statutes.” Then the next sentence would be about “regulations.” I asked myself, what is a statute anyway? And how do they differ from regulations. Statutes… Read more »

by Karen MachamerOctober 19th, 2016

Complying with the Affiliated Agent Process in Insurance Licensing

I could start off this blog by saying we care because affiliated agents have to do with complying with state statutes and regulations, but then that would start things off on a negative note. Let me give you some history. Affiliated agents, or more correctly stated, affiliated “individuals,” are those who represent the agency. Twenty-eight… Read more »

by Karen MachamerOctober 4th, 2016

How Insurer Saved over Half Million Dollars in just over 6 months with VUE

Many insurers, face challenges with their compensation and commission systems. With the marketplace becoming more and more competitive, increasing sales month over month is critical. The onus is on the insurer to drive the sales behaviour to focus on the right products that give maximum push to the bottom-line. It comes down to creating appropriate... Read more » by Arjun SomanchiAugust 19th, 2016