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Market Leading Solution

Xchange, RegEd’s Enterprise Registration and Licensing solution, developed in collaboration with top industry firms, has been implemented in more than 200 financial services firms across the nation. Xchange is unique in its ability to drive unparalleled operational efficiency and optimize all processes across producer / rep on-boarding, registration and licensing activities. Producers and reps self-service licensing and registration transactions via a private-labeled web front-end; data is captured once and then reused and updated automatically through integration with regulatory databases and relevant internal systems. Xchange’s rich and comprehensive capabilities dramatically reduce transaction processing time — often by 50% or more. Xchange improves speed to market, increases producer / rep satisfaction, and maximizes the opportunity for revenue generation.

Distinguishing Capabilities

Xchange Enterprise Overview Solution Suite DiagramXchange uniquely provides a single, unified solution that is powered by an extensive compliance rules engine. The solution enables firms to seamlessly execute the complex processing requirements associated with managing and tracking representatives’ licensing, registration and compliance and product education credentials.

Xchange enables a paperless workflow with embedded filters to eliminate partially complete applications, mailing, faxing, phone calls, and redundant data entry. Built-in validations and an extensive regulatory rule base ensure that submitted transaction requests are in good order, reducing the instance of filing rejections.

Comprehensive, powerful platform and functional capabilities distinguish Xchange in the industry. They include:

  • Robust hierarchy and workflow management and automated validations reduce the need for manual oversight, ensuring transactions are in good order for acceptance by the state filing offices.
  • Business process automation triggers transaction-creation, including new address updates, names changes, U5 terminations and renewals, based on defined events, eliminating the need for licensing staff intervention.
  • Robust exception handling alerts licensing operations to any credentialing issues, including disparities between producer role and licenses held or between licenses held and products being sold.
  • Comprehensive dashboards provide critical, unified views of status and exceptions; enterprise reporting generates templated and ad-hoc reports across the producer population, at any level of the firm’s hierarchy.
  • Continuous data synchronization ensures that producer records are reconciled with FINRA and the NIPR.

Xchange’s rich capabilities, including data-reuse, automatic validations, and flexible hierarchy management, simplify the onboarding process for distribution channels, including broker-dealers, banks, wholesalers, aggregators, career agents and independent agents. By fully automating new hire on-boarding, state licensing and FINRA registration, Xchange streamlines end-to-end operational processes and optimizes licensing and registration compliance across the enterprise. Firms that have implemented Xchange benefit from lower operational costs, reduced non-compliance risk and increased producer / rep satisfaction.

Xchange Solution Set

Xchange Registration and Licensing Icon
Xchange Registration and Licensing

  • Robust database, hierarchical management and workflow capabilities enable seamless management of both insurance and securities processing in one system.
  • Integration of FINRA and NIPR PDB data simplifies contracting, licensing and registration processes, minimizing data collection to ensure accuracy and drive new levels of efficiency.
  • Automated notifications for upcoming exams, regulatory CE, insurance CE and product training requirements alert reps to critical dates and fulfillment obligations.
  • Event-driven business process automation triggers compliance transactions and directs processing straight-through to FINRA and NIPR.

Xchange for Carriers Icon
Xchange for Carriers

  • Built-in authentication and business validations ensure that submitted transactions are valid and complete, dramatically reducing NIGO filings.
  • Robust data reconciliation eliminates non-productive renewals by synchronizing production levels with active renewing appointments.
  • Efficiently maintain relationships and hierarchy among agents, agencies and brokerages to reduce risk of non-compliance resulting from suboptimal affiliation tracking.
  • Integration with the firm’s policy administration system ensures that producers are appointed on a just-in-time basis, reducing costs while maintaining compliance with state rules.

Xchange for Call Centers Icon
Xchange for Call Centers

  • Fully automated license renewals and appointment processing based on business rules.
  • PDB integration with Alerts 2.0 ensures that licensing data is in sync with the state record, streamlining data maintenance.
  • Capture, reuse of data from producer BI responses enables straight-through processing of licenses, renewals.
  • Mass-update utilities enable highly efficient maintenance of producer data.

Xchange for Adjuster Licensing Icon
Xchange for Adjuster Licensing

  • Automatically captures and maintains full demographic, licensure and CE requirements for each adjuster.
  • Precisely calculates licensing, CE requirements for single and multi-state licensure and renewal transactions.
  • Calculates reciprocity requirements for designated home states, reducing non-compliance exposure.
  • Submit multi-state filings in a single transaction and seamlessly generates paper and electronic filings based on resident state or designated home state rules.

Registered Rep Onboarding
Registered Rep Onboarding

  • Single, integrated solution that fully automates the onboarding and licensing and registration lifecycle.
  • Notification of status changes are sent to designated recipients as the onboarding process progresses.
  • Robust hierarchy and workflow management capabilities can be configured to mirror the firm’s operations.
  • RegEd’s Xchange Licensing and Registration system provides integration with FINRA WebEFT, NIPR, DTCC, BI providers and annuity order entry application providers.

Kristy Locklear, SVP Product Management, Licensing and Registration Solutions

Kristy Locklear, SVP Product Management, Licensing and Registration Solutions

Kristy leads Product Management for RegEd’s Enterprise Xchange solution portfolio. With 18 years in the industry, Kristy possesses deep expertise in Licensing and Registration operations, compliance and L&R compliance and insurance technology. In her capacity as Senior Vice President, Licensing and Registration Product Management, Kristy oversees the product management team and is responsible for the product life-cycle and product roadmap for RegEd’s Enterprise Xchange Contracting, Licensing and Registration Solutions portfolio. Kristy also leads the Xchange Client Advisory Board, comprised of dozens of financial services firms that help to identify, define and prioritize new capabilities for the system.

Kristy joined RegEd in 2006 upon the acquisition of CT Insurance Services, a division of Wolters Kluwer. Prior to RegEd, Kristy led technical Product Management at CT Insurance Services, and had a key role in the development of Xchange Enterprise, working closely with client firms to develop business requirements based on their needs, As an NIPR Authorized Business Partner representative, Kristy was an active participant in various Working Groups to support the advancement of NIPR’s goal of one-stop shopping for the industry.

Kristy began her career as a developer in the Information Technology Group at CIGNA Insurance. In her role Kristy was responsible for underwriting technology projects and also had a key role in the development of CIGNA’s internal web portal.

Kristy holds a Bachelor of Science (BS), MIS and Marketing from Drexel University, College of Business and Administration. She is an active member of the Securities & Licensing Association (SILA). Kristy is a champion of the Make-a-Wish foundation and, over the years, has been a wish-granter for the foundation.