The leading advisory firm cites breadth of functionality, robust feature set and large client base as criteria for the designation
Raleigh, NC, Nov. 06, 2024 (GLOBE NEWSWIRE) — Celent has named RegEd, and its Enterprise Xchange Producer Management solution, as a “Functional Standout” in the research and advisory firm’s report, Insurance Distribution Management Systems: North American Edition. Functional Standouts “excel in functionality and are likely to have a large installed base. Often more established, these solutions have built out a robust set of features over many years,” the report states.
The report highlights a growing trend in the adoption of distribution management systems in response to various market shifts. Factors such as the rise in insurance agency mergers and acquisitions, the expansion of distribution channels, and an increasing need for data insights are prompting insurers to seek more advanced tools for managing agents. The report offers a comprehensive overview of distribution management systems available to insurance carriers in North America, serving as a valuable resource for insurers looking to create a shortlist of vendors for their technology initiatives in the distribution channel management space.
“The variety of distribution channels have been exploding in the insurance market. At the same time, mergers and acquisitions in the agent channel also continues at a high pace. This dramatically increases the complexity of managing those channels strategically”, said Karlyn Carnahan, Head of Celent’s North American Insurance practice. “Insurers are looking to manage this complexity with solutions that have robust functionality to deliver a streamlined producer experience, drive efficiency and speed to market, and at the same time ensure compliance. We were delighted to name RegEd as a Functional Standout as they have built out a robust set of features over many years. Their extensive experience in the industry and large client base are testament to that.”
Xchange was developed in collaboration with top insurance carriers and their distributors and has been selected and implemented in more than 200 insurance companies. Xchange fully automates agent onboarding, real-time clear-to-sell validations and licensing and related transactions and delivers a seamless user experience and self-service capabilities to ensure the highest level of agent satisfaction. RegEd offers a unified approach to producer management, along with expansive business process automation, straight-through processing, automated data synchronization and management by exception.
“Our inclusion as a Functional Standout in this report is continued validation of the work that we’ve done over more than 20 years,” RegEd CEO Frank Brienzi says. “In collaboration with our clients, RegEd has created a best-in-class onboarding, licensing, registration and producer data management solution for insurers and their distributors that frees up valuable time to pursue new business growth and better serve their clients.”
About RegEd
RegEd is a leading provider of RegTech enterprise solutions that address Advertising Review, Conflicts of Interest, Audit Management, Compliance Disclosures, Regulatory Change Management, Onboarding, Licensing and Registration and more. RegEd works with hundreds of enterprise clients, including 80% of the top 25 financial services firms.
Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with enterprise-grade solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation, and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables clients to cost-effectively comply with regulations and continuously mitigate risk.
Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and transforming the value proposition that compliance delivers. For more information, please visit https://www.reged.com.
About Celent
For over 20 years, Celent has helped senior executives make confident decisions around their technology strategies to execute at scale.
As the financial services industry rapidly evolves, there is more complexity, with new regulations, startups, technologies, and applications to stay on top of and prioritize. Celent helps you connect this ever-changing puzzle. We offer objective advice and clarity, backed by a database of thousands of solutions and award-winning global best practice use cases. With real-life domain expertise, we also guide you through the maze of emerging tech in the pursuit of value.
Our people, data, insights, and relationships form the foundation for you to use Celent to make confident technology decisions in financial services.
CONTACT: Madelyn Matthews madelyn.matthews@reged.com
