Aite-Novarica Group Cites ‘Strong Market Position and Momentum’ in Listing Leading Providers of DCM Solutions
Raleigh, NC, Feb. 09, 2022 (GLOBE NEWSWIRE) — Aite-Novarica Group has listed RegEd as a dominant solution provider in the advisory firm’s most recent report on distribution/compensation management systems. Dominant providers “have strong market position and momentum” and “their solutions within the segment are well-known,” Aite-Novarica Group states in its report.
RegEd’s Enterprise Xchange Contracting, Licensing and Registration solution is one of 12 DCM provider systems (encompassing onboarding, licensing and compensation systems) included in the Novarica Market Navigator™ report. “Decoupling DCM capabilities from core policy administration systems can be a strategic approach to separating legacy platforms and their underlying business rules as a risk mitigation mechanism for large modernization efforts,” Aite-Novarica Group explains in the report, noting that the DCM market is evolving as vendors develop new systems to meet carriers’ changing needs.
“Insurers are increasing their focus on distribution management solutions as they look to improve the producer experience, appeal to younger cohorts, and increase efficiency while maintaining regulatory compliance,” says Eric Weisburg, senior principal at Aite-Novarica Group.
Vendors fall under one of four groups in the report: Dominant Providers, Contenders, Established Players or New Entrants. Groupings are specific to a firm’s distribution/compensation management system. Within each of its 12 profiles of vendors of DCM solutions, Aite-Novarica Group summarizes the organization, technology used, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades/enhancements and key functionality.
“Our inclusion as a Dominant Provider in this report is continued validation of the work that we’ve done over more than 20 years,” RegEd CEO and Founder John M. Schobel says. “In collaboration with our clients, RegEd has created a best-in-class onboarding, licensing, registration and credentialing solution for insurers and their distributors that frees up valuable time to pursue new business growth and better serve their clients.”
In profiling RegEd’s Enterprise Xchange Contracting, Licensing and Registration solution, the report cites RegEd’s unified approach as a key differentiator, along with expansive business process automation, straight-through processing, automated data synchronization, management by exception and automated credentialing validations that enable a “clear to sell” signal.
“In order to effectively compete in an increasingly digital environment, insurers aspire to deliver a near/real-time quote-to-bind experience. Central to that is frictionless and rapid onboarding, which includes instant validation of the agent’s licensure, appointments and training credentials so that business can be placed immediately and compliantly,” RegEd Chief Strategy Officer Debra Freitag notes. “The timing of Aite-Novarica Group’s DCM report is especially relevant as digitization in the insurance industry continues to accelerate.”
Most of the 150+ insurer clients that use Enterprise Xchange Contracting, Licensing and Registration are large companies that use the solution to support multiple lines of business, including property/casualty, life/annuity and health, the report notes.
RegEd is a leading provider of RegTech enterprise solutions that address Advertising Review, Conflicts of Interest, Audit Management, Compliance Disclosures, Regulatory Change Management, Onboarding, Licensing and Registration and more. RegEd works with hundreds of enterprise clients, including 80% of the top 25 financial services firms.
Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with enterprise-grade solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation, and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables clients to cost-effectively comply with regulations and continuously mitigate risk.
Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and transforming the value proposition that compliance delivers. For more information, please visit https://www.reged.com.
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