KANSAS CITY, Mo., Dec. 22 /PRNewswire/ -- During this turbulent year for the financial services industry, insurance businesses have not been immune to public scrutiny and fiscal pressures. The news of struggling holding companies leaked into the business side of insurance, creating skepticism and frustration for many policyholders who are worried about being able to plan and protect themselves and their families.
As the new year approaches, the National Insurance Producer Registry (NIPR) - a non-profit organization that works with agents, companies and regulators to facilitate the exchange of insurance licensing and reporting information - believes the key to restoring consumer trust in the insurance industry lies with increased transparency through technological developments and more uniformity in industry standards.
"Reputation and customer security is at stake, so it's especially important for insurance agencies to be organized and efficient in 2010," said Maryellen Waggoner, Executive Director of NIPR. "Being vigilant about regulatory and licensing responsibilities internally ultimately affects the quality of customer experiences and protection policyholders receive from their agents. It will also help agents retain and build their customer base after a tough year."
Digital Tools Will Make Transparency Easier
Policyholders might not consider whether their insurance agents are meeting regulatory requirements, but fulfilling these requirements helps ensure insurance businesses are operating and reporting lawfully - and, therefore, keeping customers protected.
Licensing and regulatory tasks tend to be time-consuming and often confusing. However, advanced digital tools are cutting down on the red tape associated with these processes and making it more efficient and cost-effective for agents to file required paperwork. Keeping costs low helps agents run lean, and reducing the
|SOURCE National Insurance Producer Registry|
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