Modernize producer and agent lifecycle events and credentialing processes
IBM® Producer Lifecycle and Credential Management (PLCM) enables insurers to automate and streamline processes associated with producer and agency administration, from onboarding new agents to validating credentials and relationship termination. IBM PLCM provides out-of-box integration with the primary regulators to help ensure agents are properly authorized to service a policy. With integration with IBM Incentive Compensation Management, IBM PLCM offers you the confidence of a complete, end-to-end solution for all your producer and compensation management needs.
IBM Producer Lifecycle and Credential Management provides:
- Out-of-box integration with primary regulators including NIPR, FINRA and DTCC.
- Streamlined producer lifecycle and credential management processes.
- Consolidation of producer administration and credential processes on a single platform.
- Operational efficiencies helping you reduce costs and optimize out-of-box ease of use.
- An end-to-end solution through seamless integration with IBM ICM for all your producer administration, credential validation and compensation needs.
Out-of-box integration with primary regulators
- Fully synchronize credential data and business process, with no configuration required, with regulators – including the National Insurance Producer Registry (NIPR), the Financial Regulatory Authority (FINRA), and the Depository Trust and Clearing Corporation (DTCC) – and key brokers.
- Help ensure that agents are properly authorized to service policies, and safeguard against duplicate validation checks for new business and agency transfers.
- Access audit features, with authorized users able to view audit trail of all changes to IBM PLCM records.
Streamlined producer lifecycle and credential management processes
- Streamline processes and enhance customer service across the producer lifecycle, from onboarding through to credential validation – including checks with Background Check Vendors – and relationship termination.
- Initiate background checks with background check vendors and swiftly upload summaries of results.
- Drive revenue growth and optimize operational efficiencies within your distribution channels with more efficient hierarchy management and incentive design.
- Realize the value of your data with a user interface that delivers a clear 360-degree view of the business, including all producer, agency and hierarchy information.
Consolidation of producer administration and credential processes
- Help reduce IT operating costs by consolidating multiple producer administration, credential and hierarchy management, and disparate databases onto a single platform.
- Enhance operational efficiency and help reduce unnecessary costs with an Insurance Information Warehouse industry standard data model, featuring producer self-service capabilities.
- Enable out-of-box ease of use for all your business processes, with dashboards for producer lifecycle events.
Operational efficiencies helping you reduce costs
- Help reduce business costs with out-of-box streamlined workflows, business rules and reports, and straight-through processing.
- Eliminate inefficient manual involvement and paper-driven processes with best-of-breed IBM technologies.
- Address limitations inherent in many current industry systems, including inaccurate payments, inconsistent producer data, unreliable hierarchy management, onboarding delays and restrictions on incentive design.
An end-to-end solution through seamless integration with IBM ICM
- Meet all your producer administration, compensation and credential requirement needs through seamless integration with IBM Incentive Compensation Management.
- Synchronize out-of-box with other advanced IBM solutions, enabling rapid and efficient sharing of data and tables for more accurate calculations