life insurance distribution

Building an Industry Standard

Collaborating with the Canadian Insurance and Deposit Industry to find innovative solutions

Advisor Screening, Contracting, and Compliance Monitoring Service

Find out what the key compliance deliverables are for the Advisor, MGA and Carrier. 

Download the full list now! 

Download our App for Advisors Now!

Get the LifeAdvisorGuide App now on your Apple device for $9.99 by visiting the Apple iTunes Store! 

Search for "LifeAdvisorGuide" or click button below! 

Stay Informed!

Get the latest on project updates and the launch of our new company for the ASCCS Project by signing up to our monthly project communication. 

STAY INFORMED >>

Screening, Contracting & Compliance

a canadian life insurance industry project

LOGiQ3 works with life insurance companies (carriers), distributors (MGA) and advisors on engagements to improve and ultimately optimize distribution strategies and processes. Where outsourcing or developing a supporting services business becomes an obvious solution to improve a common process within the distribution chain, we work with the key industry participants to pursue and build these businesses. 

LOGiQ3 and their technology partner BlueSun Inc. are collaborating on the Advisor Screening, Contracting and Compliance Service (ASCCS) project, in association with various leading Carrier and MGA organizations in the Canadian life insurance industry. ASCCS is an industry lead solution with the goal to bring standardization, clarity, timeliness, efficiency and confidence to contracting and compliance for all stakeholders. 

 

The solution is an initiative by leading Carriers and MGAs as a means to develop standardizations, to increase the overall health and public perception, and to reduce risk caused by bad Advisors in the Canadian insurance industry.

Objectives  

The business objectives of this industry standard initiative are: 

  • improve the annual and ongoing screening of advisors to go well beyond the current license and E&O renewal verification and in doing so, meet regulator, distributor, and carrier expectations, but in a way that does not inundate advisors with duplicate requests
  • improve the annual and ongoing compliance monitoring of advisors to meet an ever increasing regulatory compliance environment and the desire for risk mitigation to meet regulator, distributor, and carrier expectations but in a way that educates and engages advisors
  • reduce costs to distributors and carriers through scale, increased efficiency, reduced duplication and better processes 
  • improve service level to advisors and strengthen relationships with their distributor and their chosen carriers 
  • improve the contracting and transfer turnaround time for advisors, distributors, and carriers 
  • ensure we maintain our status as a well regulated, principles-based industry

For the Advisor 

Today, Life Insurance Advisors have no standardized means of notifying and maintaining updates with their contract partners of personal, business and compliance changes, or updates to their licensing or E&O coverage.

The solution will deliver powerful tools that will allow Advisors to:

  • Easily maintain a single industry profile, contract library, personal profile, and licenses and E&O coverage
  • Receive notifications and warnings to changes that could affect their commission rates and ability to contract new business; such as credit score swings, lapsing licenses and missing information
  • Automate the contracting process with Carriers and MGAs to ensure that the correct documentation is filled out in a matter of minutes, expediting the process from weeks to hours
  • Retrieve of historic contracts and licenses for audit purposes

Stay to date with project progress and latest news on developement. Sign up to our newsletter dedicated to the Advisor Screening, Contracting, and Compliance Service Project. 

STAY INFORMED >>


For Carriers and MGAs

Carriers and MGAs currently maintain their own records of Advisors. This is a man-hour intensive process prone to mistakes and data integrity issues, with no guarantees to being complete and up to date.

ASCCS will bring to Carriers and MGAs:

  • A single, standardized profile of Advisors, which is guaranteed to be maintained by an annual attestation process and regular notifications to Advisors
  • Automatic feeds into existing back office systems to reduce workload and data entry time
  • An industry defined tool that allows Carriers and MGAs to receive background checks, credit history reports, industry debt, and licensing checks during the contracting process of an Advisor
  • Guaranteed security of business data. No Carrier or MGA may see business or Advisors that they do not have a contracts with

Stay to date with project progress and latest news on developement. Sign up to our newsletter dedicated to the Advisor Screening, Contracting, and Compliance Service Project. 

STAY INFORMED >>


For Regulators and E&O Carriers

Like Carriers and MGAs, Regulators and E&O Carriers must currently maintain their own records of Advisors. These records have difficulties and associated costs with maintenance.

The solution will bring to Regulators and E&O Carriers:

  • A single, standardized profile of Advisors, which is guaranteed to be maintained by an annual attestation process and regular notifications to Advisors
  • A standard tool to alert the industry to new or changes in current regulations
  • A means of standardizing communications between Regulators, E&O Carriers, Carriers, and MGAs

Stay to date with project progress and latest news on developement. Sign up to our newsletter dedicated to the Advisor Screening, Contracting, and Compliance Service Project. 

STAY INFORMED >>

For more information or to participate in this industry standard initiative for advisor screening, contracting, and compliance please contact us.