DTCC Leverages Carrier, Vendor Data in Producer Training Tracker

The Producer Management Portal allows carriers and distributors to effectively share, track and verify state-mandated annuity training completions by producers.

Big data initiatives don't have to be about just customer interaction. The Insurance & Retirement Services unit of the Depository Trust & Clearing Corporation’s (DTCC) has released the Producer Management Portal, a comprehensive tool that enables insurance carriers and distributors to effectively share, track and verify state-mandated annuity training completions by producers, using data from a variety of sources.

The PMP was developed after the National Association of Insurance Commissioners (NAIC) issued regulations requiring to complete two levels of training: one specific to the annuities class of insurance and the other for the carrier-specific product the producer sells. It provides training completion information and real-time point-of-sale training authorizations from a database populated by input from insurers and education vendors.

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“The technology enhancements afforded by PMP offer a one-stop hub for detailed carrier and producer training completions required by state insurance departments for sales transactions,” said Lana Macumber, Director of Strategy for Insurance & Retirement Services (I&RS) at the DTCC. “The service offers multiple methods of accessibility through a web interface, B2B messaging and batch download, providing distribution consumers a significant range of options to access the multi-carrier platform.

Next steps from this technologyinclude an ongoing industry initiative to build a multi-functional producer management hub. I&RS will expand PMP’s functionality to include license and appointment data management and authorization in its next phase of development, the company says.

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio