It started at session in 2011 … an idea to streamline agency-carrier licensing communication.
While the flow of data has improved in many areas of the insurance industry due to technological innovations and Standards, some areas have not been able to keep pace. One such area is the gathering of licensing data. Now, that's changing rapidly.
The Forms …
ACORD 817 - P&C Producer Appointment Form - Appointment Section
ACORD 818 - P&C Producer Appointment Form - Background Questions
ACORD 819 - P&C Producer Appointment Form - Additional Appointment or Termination
ACORD 758 - Life, Annuity and Health Producer Appointment Form
"At last year's meeting, I was sitting in the audience when the discussion turned to the use of ACORD's standardized licensing forms. The moderator, Daniel Corridon who is now President of SILA, pointed me out in the audience. Based on audience discussions, we knew that this was the ideal time to take on the issue and that the group was ready to get moving on standardization," said Brian Marable, Market Development Manager, ACORD.
The Securities & Insurance Licensing Association (SILA) seized the moment and excitement and, supported by its membership, created a new steering committee called the SILA Agency-Carrier Subgroup Steering Committee. The group is co-chaired by Debbie Gregory of Lockton Companies, LLC and Eric Ratliff of State Farm Insurance Companies. Their mission is to create a single workflow using standardized forms for licensing data.
This is the culmination of several years of effort by both organizations. ACORD has produced licensing forms for both the Life & Health and Property & Casualty markets. Now, this new SILA Steering Committee will work with ACORD to take standardization and communication to the next level.
One of the first goals is to update and combine the Property & Casualty and Life & Annuity Producer Appointment forms creating a single standard across the industry. This would entail combining the ACORD Property & Casualty 817, 818 and 819 with the ACORD Life & Annuity 758 form.
"ACORD's Life & Annuity Forms & Data Mapping Working Group received the request from the SILA Agency-Carrier Subgroup Steering Committee. ACORD's Working Group began to review the forms right away and they were able to create a first draft of the combined form. Now, the Working Group is doing an initial review of this new form and determining next steps," said Yolanda Austin, Program Manager, ACORD. "With this much enthusiasm on both sides, we believe that we'll be able to get the form completed and implemented so that we can solve this data gathering and sharing problem."
The Bottom Line
"What this means for the industry is a simpler, cleaner, and streamlined way of gathering and sharing this information. By combining the capabilities of SILA and ACORD, the industry will have a single, standardized way to gather licensing data and share it consistently. This will save carriers and agencies hours and dollars," Marable added.
"After speaking to attendees at the meeting, the time is right, the industry is ready, and by working together, we can make a difference in agency-carrier communication of licensing data," concluded Marable.