The Governance of APEXA and Benefits of Industry Collaboration

November 6, 2015 at 3:16 PM / by Chris Murumets

When APEXA launches, it will have been a work in progress for almost three and a half years. Since the beginning, APEXA has been a collaborative exercise, starting with an idea shared amongst MGAs and then quickly supported by Carriers. It’s hard to believe that after three and a half years, we are so very close to go live.

The idea of APEXA was initiated by Doug Paul, aleader in Life Insurance Distribution, who witnessed first-hand the inefficiencies in advisor contracting and compliance. He had a vision of engaging the industry to adopt a standardized, electronic platform that would both strengthen controls and simplify processes.

Although APEXA began with a larger group of collaborators, we settled on nine initial companies to start. This number was manageable enough to facilitate the build of APEXA and the participants were large enough to represent the needs of the industry. 

From this vision APEXA evolved into a formal initiative with participation from five Carriers and four MGAs. Along the way a Governance Committee was formed with one senior representative from each of the companies. The purpose of the Committee was to be the voice of the industry by providing input into priorities, direction, requirements and scope.  This was collaboration at its best and the vision of the group was always ‘what is best for all’ not ‘what is best for me’. 

As we expand our footprint in 2016, the Governance Committee will continue to be a vital part of APEXA.  We’ve established a formal Charter outlining the roles & responsibilities of the Committee and they will grow to include seven MGAs, seven Carriers and one Advisor Representative.

Formalizing this relationship and having regular interaction with our clients not only brings key insights to APEXA, it’s also a critical step to ensuring that we continue to be responsive and current for many years to come. 

 What are life advisors talking about?

Topics: Life Insurance

Chris Murumets

Written by Chris Murumets

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