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Market Leading Solution

Xchange, RegEd’s Enterprise Registration and Licensing solution, developed in collaboration with top industry firms, has been implemented in over 200 financial services firms across the nation. Xchange is unique in its ability to drive unparalleled operational efficiency and optimize all processes across producer / rep on-boarding, registration and licensing activities. Producers and reps self-service licensing and registration transactions via a private-labeled web front-end; data is captured once and then reused and updated automatically through integration with regulatory databases and relevant internal systems. Xchange’s rich and comprehensive capabilities dramatically reduce transaction processing time — often by 50% or more. Xchange improves speed to market, increases producer / rep satisfaction and maximizes the opportunity for revenue generation.

Xchange for Life, Health, and Variable Annuities Carriers is the only solution to fully integrate producer data, business process automation and transactional processing for insurance carrier appointments and appointment renewal processing in a single system.

Xchange for Life, Health and Variable Annuities Carriers Solution Suite Diagram

Xchange seamlessly enables the contracting process for carriers with multiple distribution channels including broker-dealers, banks, MGAs, wholesalers, aggregators, career agents and independent agents.

Xchange’s robust workflow capabilities can be tailored to the firm’s hierarchy to enable precise routing, in a specified sequence, ensuring that required approvals are received from supervisors prior to submission to NIPR and state filing offices.

For companies with captive distribution, Xchange is powered by an extensive compliance rule base that precisely calculates the licensing and CE requirements for single and multi-jurisdiction licensing and renewal transactions. This significantly reduces non-compliance exposure due to miscalculated CE requirements.

Xchange drives efficiency throughout the contracting, appointment and appointment renewal process. Using Xchange, data is entered once and then automatically reused for required appointments, renewals and terminations. All filings are completed and submitted with ease and captured data is updated automatically through integration with regulatory and industry databases including NIPR, as well as relevant internal systems.

Integration with the NIPR database triggers critical alerts and notifications upon changes to producer / agency profile information or when profile or appointment data is not fully in sync with the official filing office record.

Built-in validations and an extensive regulatory rule base ensure that submitted transactions are in good order, reducing the instance of filing rejections.

Xchange integrates sophisticated business process automation that enables the auto-generation of appointment requests based on designated events; filings in good order are processed straight-through and new filings are automatically generated when relevant producer / agency information is updated.

For insurance companies with captive distribution, Xchange fully automates CE tracking. Completed courses are tracked against the specific requirements they satisfy and outstanding credit reminders are automatically sent via email at regular intervals.

Unique Capabilities for Life, Health and Variable Annuities Carriers

Just-In-Time (JIT) Contracting and Appointments

Contracting workflows can be configured to generate and hold appointment requests until the producer submits their first business. Xchange applies company appointment rules to all relevant appointment transactions. For example, once Xchange receives notification of business placement, and all validations pass, a producer production number is generated. And, because the majority U.S. filing jurisdictions support real-time appointments, producers can be instantly appointed upon placing business.

Using Xchange for Life, Health and Variable Annuities Carriers, requested transactions can be automatically validated against RegEd’s industry-leading Annuities Training Platform, offered in partnership with the Insured Retirement Institute (IRI), ensuring that the producer has met all required annuities training requirements prior to submitting an appointment request.

Eliminate Non-Productive Appointment Renewals

Prior to confirming appointment renewals, Xchange automatically validates producer production levels against active, renewing appointments enabling the carrier to isolate and eliminate non-productive appointments. Carriers that have implemented Xchange report that this capability has resulted in saving hundreds of thousands of dollars in appointment fees for non-productive producers.

Flexible Hierarchy Maintenance

Xchange’s sophisticated hierarchy management capabilities greatly simplify the process of maintaining the ever-changing relationships within and among distribution partners. A full audit trail of all changes is automatically captured, enabling the carrier to readily respond to inquiries from regulators, market conduct examiners and internal stakeholders.

On-Demand Reporting

Xchange’s robust ad hoc reporting capabilities enable licensing center operations to efficiently manage and track the compliance status of producers across each of the carrier’s distribution channels.

Maintain Current and Accurate Producer Credentialing Data

Xchange integrates multiple utilities that automate, validate and synchronize critical compliance data to eliminate manual, redundant processes and the need for human intervention, ensuring distribution channel data is current and accurate. Core capabilities include:

  • Data reconciliation with the NIPR database ensures critical compliance data is in sync with the official filing office record.
  • Automatic data updates with the NIPR database and NIPR Alerts enable compliance data to be continuously updated to match the official filing office record.
  • Real-time validations upon order entry ensure that proper credentials are held prior to placing business.

Other Distinguishing Capabilities

  • Xchange for Life, Health and Variable Annuities Carriers provides a single, integrated solution that fully automates contracting, appointment and appointment renewal processes.
  • Automatic notification of upcoming exams, insurance CE and annuities product training requirements for carriers with captive distribution.
  • Robust hierarchy and workflow management and automated validations reduce the need for manual oversight, ensuring transactions are in good order for acceptance by the state filing offices.
  • Business process automation triggers transaction creation for appointments and appointment renewals, based on defined events, eliminating the need for licensing staff intervention.
  • Robust exception handling alerts licensing operations to any credentialing issues including disparities between producer role and licenses held or between licenses held and products being sold.
  • Comprehensive dashboards provide unified views of contracting, appointment and appointment renewal status and exceptions.
  • Enterprise reporting capabilities generate templated and ad-hoc reports across the carrier’s appointed population, at any level of the company’s hierarchy.
  • Continuous data synchronization ensures that producer / agency records are reconciled with the NIPR database.

Key Benefits

  • Efficient transaction processing and management by exception enables dramatic efficiencies and speeds producer time to market.
  • Automated data synchronization of producer data with the NIPR database ensures accurate data populates transactions, reducing non-compliance risk.
  • Business process automation drives efficiency in transaction preparation, transaction processing and data maintenance, and eliminates non-productive appointments, enabling firms to realize a material return on investment.
  • Comprehensive reporting enables the firm to readily produce documentation to satisfy requests from internal stakeholders and regulator examiners, reinforcing “culture of compliance” perceptions.
  • Real-time validations trigger appointments only upon the placement of business, reducing appointment fees and ensuring that producers are properly credentialed for the business being placed.