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© 2015 Vertafore, Inc. and its subsidiaries.1
Data Cleanup 2015 Accurate Producer Information When You Need ItA Sircon Webinar
© 2015 Vertafore, Inc. and its subsidiaries.2
Housekeeping
Please enter your questions into the Q&A panel on the right. The speakers will respond to questions at the end.
Before We Begin
If you don’t see the Q&A panel, click the ‘?’ tab on the top-right of your WebEx window.
© 2015 Vertafore, Inc. and its subsidiaries.3
Dalen FeighnerSircon Sales Executive
Patrick MasiSenior Sircon Product Manager
Today’s Speakers
© 2015 Vertafore, Inc. and its subsidiaries.4
We’re going to talk about…
1. What happens when you have inaccurate data
2. Common (but costly) approaches
3. Three short-term tactics
4. Taking Action: Mass Terminations & Appointments
5. The long-term strategic solution
© 2015 Vertafore, Inc. and its subsidiaries.5
What happens when you have inaccurate data1
© 2015 Vertafore, Inc. and its subsidiaries.6
Verifying licensure takes way too long
• Bad for the agent– Delays business – Discourages sales– Not easy to do business with
• Bad for the operation– Creates more work for licensing staff – Other tasks being sacrificed for this one
• Bad for management– Cycle times much higher than necessary– Poor financial performance
© 2015 Vertafore, Inc. and its subsidiaries.7
You incur needless hard-dollar costs
• Hundreds of thousands spent on renewals
• Hundreds of thousands spent on data processors
• Millions spent on market conduct fines
© 2015 Vertafore, Inc. and its subsidiaries.8
Common (but costly) approaches2
© 2015 Vertafore, Inc. and its subsidiaries.9
Two common, costly approaches
• Manual verification– Okay for onboarding– Resource intensive– Almost impossible over time
• Do nothing
© 2015 Vertafore, Inc. and its subsidiaries.10
Three short-term tactics3
© 2015 Vertafore, Inc. and its subsidiaries.11
Better than doing nothing: Mass PDB Pull
• Pull all available PDB producer data into a single file
– Compliance impact: Point in time– Result set: Bulk XML file in 5–7 days– Pros: Contains EVERYTHING available on the PDB– Cons:
• Does not identify data discrepancies • Quickly out-of-date• Contains EVERYTHING available on the PDB, including a lot of data
that isn't relevant• Cumbersome to convert data to format for use in another system
© 2015 Vertafore, Inc. and its subsidiaries.12
Better still: ARP
• Reconcile carrier appointment records with state DOI records
– Compliance impact: Point in time– Result set: Excel/CSV with several tabs in 7–14 days– Pros:
• Identifies unrecorded appointments for termination (saves on renewals)• Identifies missing state appointments (avoids market conduct fines)• Only data of interest - no other carrier appointments• Output easy to use; good barometer for data integrity
– Cons: • Quickly out of date• Only compares appointment data – licenses not included• Two files per company per state
© 2015 Vertafore, Inc. and its subsidiaries.13
© 2015 Vertafore, Inc. and its subsidiaries.14
© 2015 Vertafore, Inc. and its subsidiaries.15
© 2015 Vertafore, Inc. and its subsidiaries.16
© 2015 Vertafore, Inc. and its subsidiaries.17
Even better: PDV
• Reconcile carrier license and appointment records with state DOI records
– Compliance impact: Point in time– Result set: Excel/CSV in 5-7 days– Pros:
• License and appointment validation• Identifies missing appointments and expired licenses• Saves on renewals and market conduct fines• Only data of interest - no other carrier appointments• Output of exceptions easy to use elsewhere
– Cons: • Quickly out of date
© 2015 Vertafore, Inc. and its subsidiaries.18
© 2015 Vertafore, Inc. and its subsidiaries.19
Taking Action: Mass Appointments & Terminations
– Sircon Managed Services project– Process large volumes of transactions – Appointments, terminations, or both– Saves lots of manual entry– Sircon helps resolve the errors– Response file for updating your systems
© 2015 Vertafore, Inc. and its subsidiaries.20
Poll
When was the last time you did a big data cleanup? A. Last monthB. Last year C.Over a year agoD.Continuous (my system does this for me)
© 2015 Vertafore, Inc. and its subsidiaries.21
Long-term strategic solutions4
© 2015 Vertafore, Inc. and its subsidiaries.22
Sircon Producer Manager
• Producer credential and relationship management system
– Compliance impact: on demand ongoing compliance in 60-120 days
– Integration points: XML files and web services– Pros:
• Only relevant data to your operation• Synchronized with PDB data; on demand and ongoing• Maintains audit/historical data for evidence, including all PDB data• Foundation for automated sales authorization, “paperless” contracting• And much, much more!
– Cons: • May require budget process• Implementation timeframe longer
© 2015 Vertafore, Inc. and its subsidiaries.23
How Sircon solutions can help• Support SILA best practices
– JIT appointments– Surplus Lines licensing– Adjuster licensing– CE management
• Keep compliant with regulatory changes– NARAB– NAIC model act adoption– State legislative changes
• Connecting industry stakeholders– Agents / Registered Reps / Adjusters – Retail agencies, broker dealers, BGAs– Carriers– Education Providers
© 2015 Vertafore, Inc. and its subsidiaries.24
Learn More About Sircon
Download a solutions brochure at: http://insure.vertafore.com/rs-2015-wr
Follow our blog: search “Sircon blog,” or visit http://www.sircon.com/blog
Contact a sales representative: 877.876.4430 Or visit www.sircon.com
© 2015 Vertafore, Inc. and its subsidiaries.25