Data Cleanup 2015 - Sircon Webinar

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Data Cleanup 2015 Accurate Producer Information When You Need ItA Sircon Webinar


Housekeeping

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Before We Begin

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Dalen FeighnerSircon Sales Executive

Patrick MasiSenior Sircon Product Manager

Today’s Speakers


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


What happens when you have inaccurate data1


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


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


Common (but costly) approaches2


Two common, costly approaches

• Manual verification– Okay for onboarding– Resource intensive– Almost impossible over time

• Do nothing


Three short-term tactics3


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• Does not identify data discrepancies • Quickly out-of-date• Contains EVERYTHING available on the PDB, including a lot of data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


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– Cons: • Quickly out of date• Only compares appointment data – licenses not included• Two files per company per state


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


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


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)


Long-term strategic solutions4


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


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


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

http://insure.vertafore.com/rs-2015-wr



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Data Cleanup 2015 - Sircon Webinar

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