: The Securities and Insurance Licensing Association (SILA) has collaborated with ACORD (a non-profit insurance industry-funded standards development organization) to create a uniform Producer Information Form that is now ready for use by producers, agencies and carriers nationally. The form's background questions include reprinted elements from the NAIC's Uniform Licensing Application, provided with permission by the National Association of Insurance Commissioners (NAIC) www.naic.org
Debbie Gregory, Vice President of Producer Licensing & Contracting at Lockton Companies, leads the SILA task force that created ACORD 821 as an alternative to the hundreds of different producer application forms in use today.
"Every carrier has their own form requesting the same information," Gregory said. "By creating a standard form, we expect to streamline the appointment process, which is a win-win for everyone. It saves time by making us more efficient, and as we move toward our ultimate goal of having an electronic format, the standard form reduces paper and saves trees." Sustainability is a priority for many companies today.
WHAT: The new ACORD 821 Producer Information Form replaces the countless variations of forms 758, 817, 818 and 819 used today by carriers. As a result, the industry now has one standard form for licensing and one for appointments. A few key points about ACORD 821:
- Multi-purpose form captures all information relevant to producer appointments, changes, terminations, etc.
- Background questions are the same as those on NAIC's licensing application.
- "Supporting Documents Checklist" on page 4 provides important reminders that help prevent processing delays.
"Regulators worked together to create uniform application forms that can be used to apply for licenses, appointment and renewals across all states. The industry needs to come together and extend that same uniformity throughout the entire on-boarding process," said Diana Capes, Executive Vice President of SILA. "Carriers want new producers out there selling and servicing as quickly as possible, and having a standard form is efficient and makes the process move faster."
HOW: ACORD 821 is a comprehensive, multi-purpose form that can be used to appoint a producer, change demographic information, terminate a producer and more. The form is available in multiple formats (PDF, fillable and eForm), which offer many benefits for both end users and developers. The PDF version of the form is available at no cost.
WHY: In a 2012 SILA survey, agencies and carriers revealed their "pain points," and the appointment application overwhelmingly topped the list. A uniform application delivers clarity and simplicity for producers, agencies and carriers. Everyone will work with the same user-friendly form that reflects the recommendations of SILA and ACORD.
: ACORD is making the PDF version of the 821 form available at no cost to ACORD non-members. To obtain a copy of the form, please contact ACORD Member Services at 1-800-444-3341 Option 2. ACORD members can download the PDF and other versions of the form here: http://www.acord.org/standards/forms/Pages/default.aspx
. Questions and feedback about the new form can be sent to Yolanda Austin, ACORD Life & Annuity Program Manager, at email@example.com
"The 821 form is a great benefit for producers and carriers," said Austin. "This multi-purpose form will allow a producer to be able to submit a standard form to multiple carriers whenever they’re doing any type of changes, terminations or appointments."
ABOUT ACORD: ACORD (Association for Cooperative Operations Research and Development) is a global nonprofit association founded in 1970 that facilitates the development and implementation of data standards and standardized forms for the insurance industry and related industries. ACORD also presents events, videos, research papers and analysis that offer insights into current industry technology and business topics. ACORD members include hundreds of insurance and reinsurance companies, agents and brokers, software providers, and associations worldwide.
ABOUT SILA: The Securities & Insurance Licensing Association (SILA) is a non-profit, member supported organization dedicated to bringing together licensing experts whose occupations encompass all aspects of insurance licensing and securities registration for the purpose of providing an educational forum through which all members of the insurance licensing and securities registration industries can exchange information, best practices and ideas to resolve issues common to the industry.