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Not All NAIC Suitability Training Solutions Are Created Equal

11-25-2010 10:46 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Quest CE

Not All NAIC Suitability Training Solutions Are Created Equal

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While other NAIC Suitability Training Providers have turned to their old, outdated technologies to address the growing demand of training required of producers, Quest has specifically designed their NAIC Suitability Training Portals with the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.

Quest CE
10850 W Park Place
Suite 1000
Milwaukee, WI 53224

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