Today’s complex regulatory environment continues to stretch agencies and brokers, and they find themselves in a reactive mode dealing with multiple state rules and regulations. Agencies and brokers have to find a new business model that works in our ever-changing environment. Addressing these challenges will ensure company integrity, sustainability and profitability with the ability to manage, track and automate compliance initiatives. Understanding and adhering to regulatory processes is paramount in optimizing decision support. Increasingly agencies and brokers are turning to technology to drive regulatory compliance that enables them to maximize operational efficiencies and financial investments. Technology can greatly reduce errors, improve productivity and relieves procedural bottlenecks by providing transparency, visibility and consistency.
PCRM Agency/Broker Solution
Rhoads’ PCRM (Professional Compliance Requirements Management) is a highly configurable regulatory compliance management system that provides tracking, filing, along with requirement reminders and a variety of reporting tools related to the compliance management process. As a cloud-based repository, PCRM stores all producer license compliance information for insurance brokers and agencies available anywhere and anytime.
Through insurance compliance tracking, operational risk is greatly reduced by managing the insurance on-boarding and appointment request processes for agencies and brokers. PCRM helps you ensure that producers are properly licensed avoiding troublesome audits, damaging conduct investigations, and significant fines for the carrier. As an automated compliance system for insurance, PCRM reduces risk and costs and increases agency and broker productivity.
- Cloud-based portal for security and accessibility
- Workflow management for added productivity
- Just-in-time Appointment and Termination processing reduces risk and cost
- Real-time interfaces enhances performance
- Non-compliant agent analysis with states avoids audits and penalties and fines