Now that we’ve wrapped up APEXA for launch, Dylan Friedmann, VP of Client & Partner Experience, has been attending industry events and meetings to show Advisors how to register when they receive their APEXA invitation. I’ve taken some time to join Dylan at these sessions so I can interact with Advisors first hand and listen to their views and questions about APEXA.
The most common phrase I hear from Advisors is ‘it’s about time’.
Advisors are keen to have a single location to maintain their information without having to update their MGA and Carriers directly. They view this as long overdue and a welcome change to reduce their administrative effort. They also look forward to having their contracts and selling codes in one location and to be able to see which party in the chain is working on a pending contract.
In addition to sharing what they look forward to about APEXA, Advisors have lots of questions for us so I thought I’d share the 5 Most Common Questions Advisors ask about APEXA in case you are wondering about these too:
Who owns APEXA?
APEXA is owned by LOGiQ3 Group, a privately held Canadian company, headquartered in Toronto, ON with international presence in US, UK, and Europe. LOGiQ3 Group founded its first business in 2006 with a primary focus on providing life insurance and reinsurance consulting and outsourcing services. Today, LOGiQ3 Group is comprised of APEXA; LOGiQ3 Corp.; TAI, a US reinsurance software company; and Cookhouse Lab, an insurance open innovation space that focuses on solving big insurance problems through co-creation and diversity.
How much does it cost for Advisors?
APEXA is free for Advisors. The cost is covered by their MGA’s and Carriers.
Will APEXA be Mandatory?
Yes, MGA’s and Carriers on APEXA will require their Advisors to use APEXA. Otherwise they don’t get the benefits of adopting a single, standardized approach for managing contracting and compliance.
Who can see My Profile Information?
Advisor’s profile information is restricted to companies with whom they have a contract or companies with whom they have requested a contract. If an Advisor cancels a contract with a company, that company will no longer have access to their current profile.
How do I know my Information is Secure?
The Carriers and MGA’s have imposed strict data security requirements on APEXA and we must prove that we meet or exceed these requirements through an annual audit process. Some important controls include encrypting the data both in transit and at rest, conducting weekly vulnerability scans to identify any new security risks and ensuring all data remains on secure servers within Canada.
Advisors also have an important role to play in data protection by not sharing their unique user ID and password or verbal password that’s used to access their information from APEXA.
As we expand APEXA across the industry we are currently prepping our next group of companies to onboard in August with monthly onboarding thereafter. If you want to learn more about APEXA or if you are ready to join our movement, contact us here for more details.
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