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Consulting Services

Reconciliation Services

Reduce your market conduct risk using automated data reconciliation

States are coordinating and intensifying their market conduct examination efforts due to increasing regulatory concerns. To make sure your organization complies with the constantly changing state rules and regulations, Sircon has created several innovative data reconciliation services. Whether you are focused on the quality of appointment data, licensing data, or demographic data, or all three, Sircon's reconciliation services provide easy to use services to identify discrepancies between your data and the more than 50 regulatory jurisdictions. Our industry leading mass appointment and termination service can then help you resolve the discrepancies fast.

Lower your appointment renewal fees

One of the most costly aspects of regulatory compliance is the annual appointment renewal fees charged by state regulators. Several of our customers have saved tens of thousands of dollars simply by finding and resolving appointment discrepancies. Sircon's Appointment Reconciliation Process (ARP) is designed to find the three most common appointment discrepancies quickly and cost effectively. Just send us a simple spreadsheet with the last name and social security number or national producer number (NPN) and we'll sort out the discrepancies by state. Plus you'll know which producers are on both yours and the state's records with no differences.

Minimize the cost of compliance transaction failures

An underestimated cost of compliance is the ongoing transaction costs associated with transaction failures related to inaccurate or out of sync data with the state regulators. Not only do failures cost money in transaction and state regulatory fees, they create market conduct red flags that could lead to fines. Since Sircon has direct access to 18 state regulatory databases as well as access to the national producer database (PDB), our reconciliation services use the most accurate, complete, and up-to-date data in the industry so you can be confident that your data is as clean as possible.

Consolidate producer data to eliminate data redundancy

Consolidating disparate systems is a difficult and time consuming task, and it makes little sense to merge inaccurate data sources. Several carriers and distributors in this situation have turned to Sircon for help reconciling their data prior to consolidating databases. In the process they saved thousands of dollars by terminating producers that have long since stopped producing business. In some cases, the carriers realized that their existing databases did not store required compliance data and used Sircon to reload their database with accurate data pulled directly from state databases.

Keep your records synchronized with changing state license and appointment data

Over the last two years, there have been over 25 independent state changes to license types, license lines of authority, and appointment lines of authority. In addition, a few states have issued new license numbers as they adopted their implementation of the Producer Licensing Model Act (PLMA). The consequential impact on producer licensing system data has been substantial, and most carriers may not be aware of cost-effective solutions to staying current with regulatory changes. Sircon's Reconciliation Express has helped carriers uncover and resolve inaccurate license and appointment data for nearly one million individual producers and growing.

Leverage your time and IT resources by letting Sircon handle the heavy lifting

Accurate producer data is essential to efficient and effective business operations, so ensuring that your data is clean and up to date is crucial. Sircon is singularly focused on helping the insurance industry comply with the producer licensing and appointment regulations.

Keep your data clean using Sircon's Producer Manager™ and our Data Change Management Service (DCMS)

Many companies have aging producer licensing systems that just have not kept pace with the fast changing regulatory environment. The changes are accelerating. If you have as few as 50 or as many as 500,000 producers to track and manage, Producer Manager™ can reduce your effort while improving your compliance. Once you've reconciled your data through our reconciliation services, Producer Manager can help ensure it will stay in sync going forward. Our cost effective Data Change Management Service is specifically designed to ensure your Producer Manager maintained data stays current with regulatory changes too.

Product Options List

Producer Data Reconciliation (PDR):
Supported Data Formats: XML, MS Access, Oracle
Discrepancy Reports: Excel, HTML, MS Access
Data Elements (Individual Producers Only), reconcile only the sections you are interested in, not all sections are required:

Demographic:
Social Security Number (used for matching purposes)
National Producer Number
Producer Name (First, Middle, Last and Suffix)
Birth Date
Producer Address (Type, Status, Street, City, State, Zip)

License:
Number
Type
Status
Status Date
Resident Indicator
Original Issue Date
Expiration Date
Termination Reason

Qualification (Lines of Authority):
Type
Status
Status Date
Associated License Number
Original Issue Date
Expiration Date
Termination Reason

Appointment:
NAIC Number
Type
Status Code (Active, Inactive)
Status Date
Active Date if Inactive (Sircon States only)
Termination Reason

Telephone (Sircon States only):
Type
Number
Extension

Mass Appointment/Termination Process:

  • Appoint or terminate large groups of producers with as little as four pieces of information
  • Lead time can be as little as one week
  • Request and result data can be provided in Excel, XML, or flat file format
  • Results are provided in as little as one day, and up to 10 days depending on the state
  • Florida eAppoint and states requiring paper form filing support are available on an outsourcing basis
  • Appoint using as little as a SSN and last name. The remaining information is pulled from the PDB.

Appointment Reconciliation Process (ARP):
Supported Data Format: Excel or comma separated value (CSV) file
Discrepancy Reports: Excel
Data Elements (Individual Producers Only)

Demographic (used for matching purposes):
Social Security Number
National Producer Number
Producer Name (First, Middle, Last and Suffix)

Appointment:
NAIC Number
Type
Active or Termination Date
Status
Termination Reason

Data Extract Service (DES):

  • Producer Data Extract - Individual and Firm Producers:
    Supported Formats: XML, MS Access, Oracle
  • Producer Appointment Extract - Individual and Firm Producers:
    Supported Formats: XML, Excel, MS Access, Oracle