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NIPR Says Technology, Uniformity Build Consumer Confidence

The National Insurance Producer Registry (NIPR) says technology and uniform standards could boost transparency and improve consumer confidence in the insurance industry. NIPR says regulatory...
January 8, 2010

The National Insurance Producer Registry (NIPR) says technology and uniform standards could boost transparency and improve consumer confidence in the insurance industry. NIPR says regulatory "red tape" can be reduced with the help of digital tools that increase transparency. "Reputation and customer security is at stake, so it's especially important for insurance agencies to be organized and efficient in 2010," said Maryellen Waggoner, executive director of NIPR. "Being vigilant about regulatory and licensing responsibilities internally ultimately affects the quality of customer experiences and protection policyholders receive from their agents." Agents and agencies that do this will retain customers and expand their bases, she said.

Digital services such as NIPR's Attachments Warehouse tool make it possible to handle a large volume of documents efficiently. The Warehouse is a secure database that receives, stores, and shares application, renewal, and background information requested by regulators from producers. When additional information or documentation is needed by a state insurance department, the tool allows producers to submit this data electronically to multiple states at one time, instead of by fax or by mail.

"As an industry, we have to work together and adopt more universal practices in order to improve our business," Waggoner said. "Insurance producers and companies need an infrastructure that allows for efficient and timely compliance with state licensing, renewal, and appointment requirements." Recently, NIPR 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.

Industry News & Trends (Cyber Insurance News 1/4/10)

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