LIMRA’s Platform With New NAIC Regulations Expedites Compliance
WINDSOR, Conn., Dec. 15, 2010 — LIMRA, known worldwide for its ability to provide innovative solutions to the industry’s increasingly dynamic challenges, now offers a fully-operational, turn-key solution to help annuity firms meet all of the requirements imposed by the latest NAIC Model Regulation.
Developed in collaboration with Pinpoint Global Communications, AnnuityXT is the only solution available in the marketplace that offers choice, flexibility and rapid implementation at an affordable price.
“The AnnuityXT platform allows carriers to use their preferred training vendor and incorporate records from various modes of training including online, conference or wholesaler delivered,” said Tom Caraher, vice president, LIMRA Compliance and Regulatory Services. “And in this regulatory driven and competitive market, we understand that control of your records is vital; so we developed our platform to give carriers complete control of their records at all times.”
The platform accommodates all continuing education (CE) programs available and has the flexibility to provide training online, through webinars or in a classroom setting. Features include “just in time” training, which verifies to carriers that producers are trained and validated to sell their products. It is a second generation system that has already solved similar training needs for the long term care insurance industry. AnnuityXT was designed around the experience that LIMRA gained by providing training to over 650,000 producers for U.S. Anti-Money Laundering (AML) training.
In addition, the platform is set up for on-demand reporting to meet any regulatory or distributor requests. These tools allow firms to compare their results against industry norms and help identify problem areas or producers, which support supervision of annuity sales.
“Since the product was launched two months ago, we have received overwhelmingly positive feedback from the industry,” said James Kerley, president, LIMRA Services. “More than 30 of the industry’s largest annuity carriers are in active discussion with LIMRA and several of the top 10 manufacturers have either launched or plan to launch the system within the next 30 days.”
LIMRA is a worldwide research, consulting and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness.
About Pinpoint Global Communications
Pinpoint Global is the leading provider of scalable systems for sales for productivity to the insurance and financial services and industries.