Insurance Automation: A day in the life of an Insurance Compliance Manager
Does the following sound familiar? Read on to see if this is not reminiscent of your world today. Rest assured; there is a better solution.
You come to work and immediately see a stack of paper on your desk. You haven’t even had your first cup of coffee. The paperwork has been faxed by prospective individual and agency producers that want to represent your insurance company. That’s great you say! But your next sentence is, “oh no.” Another day like every other day when I don’t have time to do anything else but enter data into multiple systems from producer paperwork that is often either illegible or incomplete. You ask yourself every day why your company can’t have one system that does everything; onboard producers electronically, contract, apply an eligibility call for licensure and appointments (also complete product training as required by states for annuity, long-term care, or flood) before business is submitted or know when new business is submitted in case you appoint Just in Time. Oh, and let’s not forget we need to pay commissions.
The producers are already licensed, but you have to run a PDB report every time you bring on a new producer to verify licensure, appointments, demographics, and RIRS actions. And then once the producer is contracted and ready to sell, s/he calls or emails a change address. Or they request a new appointment for a new non-resident license they just received; another phone call or email and another PDB report or going to the state DOI website to look up the producer to validate licensure.
The day ends and you leave work frustrated because you couldn’t get everything finished on your to-do list. Tomorrow is another day, you say to yourself, just like today was.
If any of the above sounds like your typical day, then help is on its way. You have come to the right place for a solution. Your world is about to change for the better. No more paper, no more data entry, no more phone calls or emails from producers for additional requests. You are about to enter the world of automation, where the system does the work for you, giving you time to complete those long lists of other things you have neglected that are important but you never had time to do.
VUE Software has several products to choose to manage your business processes.
Onboarding and Compliance. Producers onboard, submitting information electronically so you no longer have to enter the data. Mandatory fields prevent the producer from moving to the next screen if all of the required information is not entered. No more dealing with incomplete or illegible data. During onboarding, VUE Software makes a PDB call that pulls the license, appointment, demographic, and RIRS data and auto-populates the fields in the producer’s profile. While onboarding, appointments are automatically set up to send to the NIPR according to your business rules, either by immediately appointing or pended until the first piece of business is submitted. Need to reconcile appointments against production before renewing? This can be accomplished to meet your specifications; for example, non-renewing appointments with zero production in the last two years. Save appointment-renewal fees for those producers who aren’t actively selling.
Producer Portal is a dashboard that allows the producer, for example, to submit a change of address or request a new appointment by sending a task to the home office. You, the insurance company, can communicate to producers through this portal to send notifications such as requesting an updated training certification or a renewed copy of an E&O policy or a universal communication to all producers using a tool called Document Manager. The Portal can be configured to keep the producer updated on business submitted and other data needed to stay informed.
VUE Software also has a robust, flexible compensation solution, VUE Distribution Compensation, that was developed to administer complex commission and incentive programs. These programs may include grading of compensation, gamification, non-monetary compensation, and contingent commissions. Custom compensation workflows are configured to meet your specifications. The software also provides audit trails to comply with internal audits.
Just think … a software company comprised of experts in the insurance industry with over twenty-six years of distribution-management experience and expertise.
Compliant with state and federal statutes and regulations.
Offer solutions built exclusively for the insurance industry that can overcome any level of complexity.
A platform that supports multiple product types, distribution channels, and various hierarchy types with a team of over 400 members solely focused on distribution technology and innovation with your business rules, processes and configuration in mind.