By Tim Owen, vice president, producer lifecycle management, Vertafore

Making sure producers can sell multiple lines of business through many carrier partners in one or more states is a complex web of back-and-forth communication. When performed manually, getting and keeping each of your producers properly credentialed to sell can take days or even weeks to complete. Although agencies are responsible for ensuring their producers are licensed and appropriately appointed with their carrier partners for the business they sell, carriers are responsible for staying informed of producer status changes. Not keeping all parties informed and up-to-date can come at great regulatory risk and cost.

Simultaneously, the state and federal regulatory climate continues to heat up, as we've seen most recently with healthcare and financial reform, and shows no signs of slowing. Recent annuity suitability and long-term care training and suitability education requirements, as well as new disclosure requirements for investment advisors, are just two more examples of accelerating regulation. Industry and regulatory analysts believe more regulatory changes are coming as healthcare and financial reforms are fully implemented.

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