The Depository Trust & Clearing Corporation's (DTCC) Insurance & Retirement Services (I&RS) today announced the release of its latest service, Producer Management Portal (PMP).
PMP is a comprehensive tool that enables insurance carriers and distributors to effectively share, track and verify state-mandated annuity training completions by their agents and brokers, known as producers.
"Given DTCC's role as a trusted provider of financial data processing, it was a natural fit for I&RS to provide this industry tool that centralizes producer training data originating from numerous sources," remarked Adam Bryan, Managing Director and General Manager of I&RS.
PMP was developed in response to regulations instituted by the National Association of Insurance Commissioners (NAIC) that require producers to complete two levels of training - one specific to the annuities class of insurance and the other for the carrier-specific product the producer sells. The tool supports insurance industry participants as they navigate this increasingly complex web of regulations and agent training requirements that differ across states and product lines.
PMP specifically helps carriers and distributors manage and comply with the producer training requirements by providing detailed producer training completion information and real-time point-of-sale training authorizations. "The technology enhancements afforded by PMP offer a one-stop hub for detailed carrier and producer training completions required by state insurance departments for sales transactions," said Lana Macumber, Director of Strategy for I&RS who championed the PMP initiative. "The service offers multiple methods of accessibility through a web interface, B2B messaging and batch download, providing distribution consumers a significant range of options to access the multi-carrier platform.
PMP maintains a robust database of centralized information through records from insurance carriers and several education vendor platforms. Having this information at their disposal affords users with multiple benefits. These include elimination of redundant manual processing and unauthorized sales, seamless compliance with state-mandated rules, access to secure and confidential data and, most importantly, increased processing efficiency allowing agents to begin selling more quickly and compliantly.
I&RS' Licensing & Appointments (LNA) service was leveraged in PMP's development, resulting in cost savings for its users. Establishment of this solution represents the first phase of an ongoing industry initiative to build a multi-functional producer management hub. I&RS will expand PMP's functionality to include license and appointment data management and authorization in its next phase of development.
LNA provides automation and standardization for the flow of producer management information between insurance carriers and distributors.