Raleigh, NC, Oct. 2, 2015 (GLOBE NEWSWIRE) -- RegEd, the leading provider of Licensing and Registration technology solutions to the financial services industry, has announced the addition of Smart Appointments to Xchange, its Enterprise Licensing and Registration solution. The new capability will significantly streamline and automate the management of producer appointments for insurers.  

Today many firms employ a manual process for identifying needed producer appointment transactions. When new or changed license information is entered into carrier databases, the typical process relies on a manual check against the firm's internal business rules, often captured in a spreadsheet, to identify the required appointment transactions. Transactions are manually initiated and submitted for state approval. To complete the appointment cycle, submitted transactions must then be manually updated in the firm's database to indicate the new appointment upon notification of state acceptance.

Using a manual process firms are challenged to keep appointment business rules up to date, often resulting in inaccurate information and processing inefficiencies, and increasing the rejection rate by state filing offices. Delays in appointment processing can negatively impact producer time to market, resulting in lost revenue and producer dissatisfaction. 

Kristy Locklear, SVP and Xchange Product Manager, stated, "Failure to manage the appointment cycle effectively can lead to inefficient use of time and resources. With Xchange Smart Appointment automation, firms can focus on managing exceptions, lower their rejection rate, eliminate processing redundancies and avoid costly and unnecessary appointment fees."

Smart Appointments enables straight-through appointment processing based on the firm's unique business rules. When license information is added or updated in the Xchange database, Smart Appointments automatically compares the producer's data against the firm's business rules and generates and submits the required appointment transactions to the state filing office. Upon state acceptance of the transaction, the Xchange database is automatically updated to indicate the new appointments.

End-to-end automation of the appointment lifecycle supports high acceptance rates, reduces time to market and enables valuable licensing operations to focus on exception transactions and spend less time overseeing and managing the process.

About RegEd

RegEd is a leading provider of compliance technology solutions with relationships with more than 400 enterprise clients, including 80% of the top 25 broker-dealers and top 25 insurance companies. Established in 1994 by former regulators, the company is a recognized industry authority and has created the standard of excellence for rule-based and content-driven compliance automation for insurance companies, investment advisors and broker-dealers.  RegEd solutions drive new levels of operational efficiency and enable firms to cost-effectively comply with regulations and mitigate risk.  For more information, visit www.reged.com

Eric Clements, RegEd, 412-335-2281