It was great to see so many new and familiar faces at the 2022 SILA National Education Conference, where every sector of the compliance industry gathered to learn, share knowledge, and connect. If you couldn’t make it, we’ve curated a few of the top highlights to keep you up to date on trends in the insurance industry. Even if you were able to attend, you’ll still find relevant insights and industry buzz our experts gleaned from the conference.
The rise of automation in insurance
It is no surprise that the digital landscape within the insurance industry is accelerating rapidly. Both carriers and agencies are interested in ways they can continue to modernize their operations. One rising trend is the use of automation solutions for licensing activities. The value is clear: when properly implemented, companies leveraging automation experience increased productivity, more cost-effective operations, and a reduction in overall processing time. There are multiple methods, strategies, and applications in which automation solutions can be applied. At SILA, there was a clear consensus that many carriers and agencies are eager to find ways to automate their licensing responsibilities.
NAIC Pet Insurance Model Act
The National Association of Insurance Commissioners (NAIC) has passed a Pet Insurance Model Act outlining regulatory best practices for the pet insurance industry. Thus far, only Rhode Island has adopted the model, but that is expected to change as states continue to look to the NAIC to set the industry standard. This will impact all producers looking to sell under the Property and Casualty line of authority, as their model recommends training be required regardless of intent to sell pet insurance.
WebEFT retirement
The Financial Industry Regulatory Authority (FINRA) plans to sunset the current WebEFT subscription service and reliance on nightly batch files as early as Q1 of 2024. It is imperative for securities firms currently subscribed to WebEFT to begin seeking alternative API platforms for automated data transfer as soon as possible to avoid disruptions in their operations. Firms can also migrate to Sircon, which is already preparing for this change, to ensure a seamless transition.
Vertafore takes pride in being a trusted source for happenings within the insurance space. To continue learning, you won’t want to miss the next major industry event: the 2023 Running Start webinar in January, hosted by Vertafore in partnership with SILA. During this live webinar, you will learn more about the latest industry trends, updates, and best practices for the distribution management space to enable you to confidently prepare for the future.