NU Online News Service, Dec. 23, 12:10 p.m. EST
The National Insurance Producer Registry (NIPR), a non-profit affiliate of the National Association of Insurance Commissioners (NAIC), has called for improved accountability and consistent industry standards in 2010.
"During this turbulent year for the financial services industry, insurance businesses have not been immune to public scrutiny and fiscal pressures," NIPR said. "The news of struggling holding companies leaked into the business side of insurance, creating skepticism and frustration for many policyholders who are worried about being able to plan and protect themselves and their families."
Regarding transparency, NIPR said digital tools can cut down on the "red tape" associated with regulatory tasks.
Maryellen Waggoner, executive director of NIPR said, "We know more people are conducting business online; this past year we've seen a 114 percent increase in traffic on our own Web site. Not only is it apparent that technologically advanced tools are making a difference in the insurance industry, but we expect agents to demand additional digital capabilities in 2010 to cut down further on costs and complications."
NIPR said its Attachments Warehouse tool–a secure database that electronically receives, stores and shares application, renewal and background information requested by regulators from producers– makes it possible to handle a large volume of documents cost-effectively.
On uniformity, NIPR said centralizing databases and tools and making more uniform reporting systems will make it easier for agents to meet reporting requirements, and also help regulators keep "an accurate pulse on the industry and protect consumers."
NIPR said it has signed an agreement with the Association for Cooperative Operations Research and Development (ACORD) to "fuse specific NIPR processes with existing ACORD Messaging Library data and message definitions in a major move toward improving the producer licensing and appointment processes."
NIPR added that it has also worked with its Authorized Business Partners (ABP) to integrate its data with ABP's suite of products and services to give users more options to support the licensing and compliance processes needed for resident producer licensing and renewals.
"Centralized industry standards will be key in 2010 for keeping our industry healthy and efficient, ultimately restoring faith among our customers," said Ms. Waggoner.
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