Compliance has been a huge concern for insurers for many years. Automation of the onboarding process has eliminated that concern for those who use an automated onboarding platform. The National Insurance Producer Registry and its Producer Database have been instrumental in making this process easier.
Here is a brief overview of NIPR and the Producer Database:
- National Insurance Producer Registry (NIPR) is a non-profit affiliate of the National Association of Insurance Commissioners (NAIC).
- NIPR developed and implemented the Producer Database (PDB) and established a network to facilitate the electronic exchange of producer information.
- The PDB is an electronic database consisting of information relating to insurance agents and brokers (also referred to as producers). The PDB links participating state regulatory licensing systems into one common repository of producer licensing information.
The key benefits of the PDB are:
- Financial and time saving
- Reduction in paperwork
- Real-time information
- Verification of license and status in all participating states
- Ease of access via the internet
- Single source of data
VUE Software optimizes producer management with real-time integration to the PDB, providing timely and accurate access to new producer demographics, licenses, and appointment information that is always up to date and available through one-click access and synchronization. The VUE platform also receives PDB alerts and license information will be updated in VUE whenever there is a change in NIPR. Producer information is also updated by utilizing PDB reports.
VUE’s system calls the PDB Detail Report to pull available agent and agency data into VUE. This data includes: demographics (names, DOB, NPN), resident state addresses, contact information, license/appointment/affiliation information, and regulatory information. There are three report options: PDB Recon Wizard, PDB Match and PDB Match Process.
- PDB Recon Wizard displays agent and agency addresses along with appointment and license information and compares it to details in VUE in order to update records.
- PDB Match pulls details such as demographics, addresses, contacts, licenses, appointments, affiliations, and regulatory actions. These details will be automatically updated in VUE based on state license class and lines of authority available if the information has been updated in the PDB.
- PDB Match Process is a scheduled job (configurable for bi-weekly, monthly, quarterly, etc.) for a bulk of agents and agencies based on a future date and any updates since the last update will be pulled into the system.
VUE Software provides clients an automated process for additional appointments and terminations that are fully compliant with all state licensing and appointment rules.