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Sircon for Carriers

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Overview

Vertafore is focused exclusively on the insurance industry and all products were developed from the ground up to meet the specific needs of insurance stakeholders they serve; therefore, all development dollars are focused on expanding capabilities that are important to our industry. The Sircon portfolio of products (Onboarding & Self-Service, Producer Central, and Compensation) is the only end-to-end solution that is solely insurance focused. Sircon regulatory expertise and knowledge is maintained in our solutions by our Regulatory Compliance Services team; other providers put the burden of managing regulatory rules and maintenance to their customers.

Key Features

Producer credential management: A single central vault for up-to-date producer credential and relationship data, along with the ability to submit regulatory transactions electronically, one at a time or in batch, with up-front validation and pre-population in all U.S. jurisdictions.

Producer sales authorization engine: A built-in compliance rules engine that verifies producers have the right credentials and relationships to sell, and automatically corrects failures. Sircon experts maintain the constant changes in rules and regulations so you don't have to.

Producer compensation tools: Centralized system that operationalizes producer compensation by managing unlimited commission schedules, transactions, and producers, including unlimited and complex hierarchies.

Onboarding automation: Onboarding process that helps automate much of the compliance and compensation processes, including organization of producer hierarchy relationships.

Agent self-service portal: A producer portal that provides self-service functionality for increased agent accessibility and transparency, including the ability to: (1) review their personal information, (2) check compliance status and licensing information, (3) complete onboarding interviews online, (4) view compensation statements and progress towards incentives, and so much more.

Key Benefits

Over the past 20 years, Vertafore’s Sircon Solutions has been the industry innovation leader and created the most complete, cloud-based suite of integrated, end-to-end insurance licensing and compliance products and services available anywhere.

Vertafore also was at the forefront with several "industry-first" architecture solutions, including:

  • The first online regulatory appointment and termination transaction processing engine (known then as "Sircon)• The first Authorized Business Partner of NIPR
  • The first SaaS producer management service
  • The first PDB data synchronization engine to not only pull fresh PDB data (the "overlay" method) but to integrate it into existing carrier data via synchronization
  • The first fully automated producer on-boarding solution
  • The first automated credential authorization verification system Points of differentiation for Vertafore. • Singular focus on producer lifecycle management for the insurance and securities industry
  • Deep domain knowledge, including proprietary connections to 21 state regulators that are also our customers • Unmatched technical expertise and experience • Exclusive technology that normalizes missing or ambiguous PDB data
  • Automated updating of state regulations to ensure uninterrupted customer recordkeeping and transaction processing • Only vendor that provides real-time appointment transactions in Sircon States
  • More than 70% of the nation's appointment processing goes through Vertafore, and Vertafore has processed more than 150 million insurance and securities licensing transactions
  • Only vendor that serves all five stakeholders that affect the producer lifecycle -- carriers, agencies/securities firms, independent agents, education providers, and state regulators -- putting us in the unique position of trying to solve the producer management challenges from all sides of the issue
  • Integration with any customer system that can consume XML batch export files and/or make and receive SOAP web service calls
  • Full business process outsourcing services to fill the gaps when regulatory requirements prevent automation

Product/Service details