Not All NAIC Suitability Training Solutions Are Created Equal
Released on: November 25, 2010, 3:23 am
Author:
Alex Krenke
Industry:
Financial
With the Iowa Suitability Requirement becoming active on
January 1, 2010 there is no doubt that insurance carriers are
scrambling to find the best solution. While most solutions are similar
in that they will offer State Specific Training and Carrier Specific
Training the means and methods in which they deliver the training will
differ from provider to provider. Quest is proud to offer the
industry’s most comprehensive, user friendly and cost effective
solution to the NAIC Suitability Regulation.
Using proprietary technology, Quest has the ability to meet each individual
carrier’s NAIC Suitability Training needs. While most carriers will opt for a Single
Suitability Platform, there are some carriers with captivate agents that would
prefer a private label solution. Quest has built their reputation on providing
innovative solutions and advanced custom technologies. This custom technology
addresses the needs of the carrier wishing to have an NAIC Training portal branded
specifically for their company and their producers. A private label solution will
match the carriers’ look and feel providing an effective marketing tool and sense of
good will with the carrier’s producers. Custom reporting, in addition to daily PGP
encrypted data feeds are standard with all of Quest’s learning platforms and will
serve as an integral function in both private label solutions and the Single Source
Solution.
While other NAIC Suitability Training Providers have turned to their old, outdated
technologies to address the growing demand of training required of producers, Quest
has specifically designed their NAIC Suitability Training Portals with the users in
mind. Quest’s simple three step process allows producers to either self-register for
their training or be loaded in on the front end by their carriers. The first step
requires the producer to select the State Specific Training required by the NAIC.
Currently the only state with a requirement in place is Iowa. The second step asks
the producer to select the insurance carriers that they sell for so they can select
their Carrier/Product Specific Training at step three. The process is intuitive and
seamless. The producer will easily be able to create their user profile loaded with
all of the training they need to continue to sell their carriers’ products.
Quest’s system puts control in the hands of the producers. The logic behind this
method is that the producer knows better than anyone else which carriers they sell
for and which state and product specific training they need to complete. Other
vendors trust complicated and incomplete databases which rely on each carriers list
of producers to be correct and constantly updated. Quest’s solution allows for
flexibility and intelligence so producers are able to use the training portal as a
way of updating their own records with the carriers they represent. On demand
reporting and daily data feeds will ensure that producers are compliant with their
requirements and able to place business with the carriers they represent as soon as
possible.
Quest’s Transparent Pricing Model Applies to NAIC Suitability Training
Earlier this year Quest shocked the industry with their Industry First Firm Element
Price Quote Generator (http://learn.questce.com/quote). This powerful online tool
provides Broker/Dealers with the ability to calculate the price of their Firm
Element program by plugging in their number of Registered Representatives that would
go through the program and the list of Quest services they would like to utilize.
Quest has applied the same principle of providing their pricing upfront to their
NAIC Suitability Training.
The cost of Quest’s NAIC Suitability Training is straightforward. For carriers
wishing to implement their program with Quest there are no upfront fees, no annual
maintenance fees, no student load fees, no course loading fees. The only charge to
carriers will be for the training their producers complete. Quest provides their
solution for $10/producer. This $10 will be divided among all the insurance carriers
an individual producer sells product for. For example, if a producer does business
with 5 insurance carriers, each carrier will only be charged $2 per producer
completion. As the number of carriers that join Quest increases the cost per
producer completion will decrease.
Quest is offering a special promotion to carriers that sign up with them to host
their NAIC Training. For carriers that sign up with Quest prior to December 15th,
2010, Quest will offer their training at a reduced price of $5/producer. This
pricing is valid throughout the life of the contract.
For carriers it is advantageous to sign up with Quest before December 15th for a
number of reasons. By 2013 all States will have an NAIC Annuity Requirement in place
and while this may cause other training providers to increase their prices, the
price of Quest’s training program will remain at $5/producer if the carrier’s
contract extends through 2013.
Training with Quest
When comparing NAIC Suitability Training Solutions between the different providers
the advantages weigh staggeringly in favor of Quest. Quest has built the system to
most easily meet the demand of producers, carriers and distributors. Their systems
are proprietary and able address the needs of each individual program and they have
the most transparent and cost effective solution on the market.
For more information on Quest CE or their NAIC Suitability Training Solution contact
them at 877.593.3366 or sales@questce.com.
Quest CE to Host another Series of NAIC System Demonstrations
Quest CE is proud to announce another series of their industry leading NAIC
Suitability Regulation Solution demonstrations. The demonstrations will begin the
week of the 29th of November and last through the 3rd of December. Quest will be
hosting two sessions a day to give participants multiple opportunities to view their
system and ask any questions they may have about Quest’s NAIC Suitability Solution
or about the 2010 NAIC Suitability in Annuity Transactions Model Regulation which
goes into effect on January 1, 2011. The Model Regulation affects producers who sell
annuity products in the State of Iowa. In addition to requiring that producers pass
a onetime Iowa State Specific Training course, they will also be tasked with
completing Carrier Specific Annuity Training.
If you would like to view Quest’s demonstration schedule simply visit
www.questce.webex.com and click on the Upcoming Events Tab. There you will find a
complete listing of the system demonstrations Quest has scheduled. Once you have
registered for the event you wish to attend you will receive an e-mail notification
and a reminder e-mail for the event.
Below you will find a listing of the date and times of the demonstrations:
• Monday, November 29, 2010 at 11:00 a.m., Central Standard Time
• Monday, November 29, 2010 at 3:00 p.m., Central Standard Time
• Tuesday, November 30, 2010 at 12:00 p.m., Central Standard Time
• Tuesday, November 30, 2010 at 3:00 p.m., Central Standard Time
• Wednesday, December 1, 2010 at 10:00 a.m., Central Standard Time
• Wednesday, December 1, 2010 at 3:00 p.m., Central Standard Time
• Thursday, December 2, 2010 at 11:00 a.m., Central Standard Time
• Thursday, December 2, 2010 at 3:00 p.m., Central Standard Time
• Friday, December 3, 2010 at 11:00 a.m., Central Standard Time
• Friday, December 3, 2010 at 1:00 p.m., Central Standard Time
About Quest
With a client retention rate of 95.17% and a growth rate of over 400% since January
1, 2005, more and more people are discovering why Quest CE (questce.com) is the Next
Generation of Compliance Training Solutions. Quest CE serves more than 200 leading
insurance carriers, broker/dealers, banks, and other financial institutions. Quest
is a privately held company which allows them to quickly meet the ever-changing
needs of their clients. Quest’s commitment is to provide advanced custom solutions
at cost effective rates while providing a level of service that greatly surpasses
that of our competitors. Quest provides a single source solution for organizations’
training and compliance needs, saving you both time and money.
Contact Details: 10850 W Park Place, Suite 1000
Milwaukee, WI 53224
877-593-3366
414-375-3449 (fax)
sales@questce.com
www.questce.com
Back to previous page
Home page
Submit your press release
2025
