Today’s complex regulatory environment continues to stretch insurance carriers, and they find themselves in a reactive mode. Carriers have to find a new business model that works in our ever-changing environment. Addressing these challenges will ensure corporate 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 insurers 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.
The PCRM for Carriers Solution
Rhoads’ PCRM (Professional Compliance Requirements Management) is a highly configurable regulatory compliance system that provides tracking, filing, along with requirement reminders and a variety of reporting tools related to the compliance management process. Carriers can download producer information from the PDB and store it and run customizable searches and reports. As a cloud-based repository, PCRM manages the appointment transaction and stores all producer license compliance information for insurance carriers available anywhere and anytime.
PCRM greatly reduces operational risk by managing the insurance contracting and appointment processes for carriers. PCRM ensures carriers maintain appointments with properly licensed producers avoiding troublesome audits, damaging conduct investigations, and significant fines.
Managing producers is made simple with mass appointment and termination services, automated registration and approval as well as control of the producer lifecycle. As an automated compliance system for insurance, PCRM reduces risk and costs and increases carrier productivity.
Key Features/Benefits
- 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