Traditionally, the life insurance Advisor compliance oversight and contracting process has been complex, labor intensive, and paper heavy for all parties involved. APEXA entered the industry with the aim of making that process easier for Advisors, MGAs, and Carriers.
What is APEXA, and How Does APEXA Serve the Industry?
APEXA, an industry-governed centralized, standardized digital contracting and compliance platform, was created as a solution that simplifies that process by connecting Canadian Advisors, MGAs, and Carriers. APEXA brought together teams of subject matter experts from leading MGAs and Carriers, and industry compliance professionals to form Canada’s first industry-governed solution for Advisor contracting and compliance. Let’s look at how APEXA benefits the key players in the life insurance industry.
I’m an Advisor. Why Do I Need APEXA?
APEXA facilitates life insurance operations for Advisors in these ways:
- Simplifies Advisor contracting by
- Speeding up new contract requests with pre-filled information from the Advisor profile
- Eliminating paper applications, delays, and misplaced forms
- Accessing MGA and Carrier contracts through the Advisor profile
- Completing contract applications with electronic signatures
- Offers consolidated Advisor information
- Advisors can easily update their profiles – changes are automatically shared with their MGA and Carrier partners.
- It provides real-time system alerts and notifications.
- Advisors can access MGA and Carrier contracts and their selling codes in a single location.
- Manages Advisor compliance risk by
- Sending automated notifications so that Advisor avoids lapses in licence and E&O coverage
- Alerting Advisor partners of renewals and updates without delay
I’m an MGA/Carrier. Why Do I Need APEXA?
APEXA streamlines and speeds up your Advisor compliance oversight and contracting process.
- APEXA manages Advisor compliance:
- Assists you in meeting industry standards for Advisor suitability guidelines
- Monitors ongoing Advisor compliance, such as licences, E&O renewals, and financial health, through automated notifications and alerts
- Stays updated on changes to the Advisor’s risk profile through the Advisor attestation process.
- Identifies new disciplinary actions registered and alerts to monitoring (supervision) or unrecoverable debt with an MGA or Carrier.
- APEXA offers a view into your Advisor’s profile:
- In addition to personal information, the full CLHIA Advisor Screening Questionnaire, licences, and E&O coverage, the Advisor profile contains a current credit profile and criminal background check for new contract requests.
- APEXA can automatically update your back-office systems when an Advisor changes personal or business information through our standard CITS format.
- APEXA offers a simplified Advisor contracting process:
- With APEXA, you reduce the contract cycle time by eliminating “not in good order” contract requests. APEXA prevents contracting from being submitted unless all requirements are met.
- APEXA validates the Advisor’s licence and E&O coverage. It also consolidates background information, which allows you to process the contract immediately.
- Contracts are electronically signed, submitted, and stored through APEXA. Say goodbye to chasing paper!
- APEXA is a single source of information that offers a complete view of Advisor suitability.
- APEXA contributes to the reduction of reputational risk.
- Finally, APEXA provides an efficient, reliable solution to help meet the expectations of regulatory authorities and internal compliance processes.
An industry expert was quoted as saying, “In my too many years to mention in this industry, this is the first time I have seen MGA’s and Carriers work in a partnership like this. This is great progress for the industry and a testament to what we are capable of when we work together.”