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Insurance licensing must expand digital capabilities

Although technology is making real-time a reality, licensing is an area that sometimes lags. Maryellen Waggoner, executive director of the National Insurance Producer Registry, discusses how NIPR is streamlining the process.

By Maryellen Waggoner | Updated on June 01, 2010

For the first time in the history of the insurance industry, the vision of real-time processing is becoming a reality for producers, who now can reach new customers more quickly and better service existing ones. This technology also benefits state regulators, who are more equipped to keep the industry in check and consumers protected.

While this type of transaction timing has become common in the consumer world, the insurance licensing industry, with unique regulatory requirements, previously involved a longer transaction approval period. However, with this technological advancement, both producers and regulators can spend more time taking care of consumers than doing paperwork while saving money on back-end administrative costs.

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