Producer Authorization (PAR)

DTCC's Producer Authorization (PAR) provides real-time validation of a producer's credentials for selling insurance products in different jurisdictions.

• Overview

  Many insurance vendors and distributors use their own proprietary, "can sell" inquiries and processes, which can vary widely, depending on the distributor’s workflow and the individual carrier, and in many cases lacks business efficiency.

  DTCC’s Insurance & Retirement Services (I&RS) worked with the industry to develop Producer Authorization (PAR), a standardized “can sell” message, to allow distributors and their order entry vendors to call carriers in real-time to validate the producer’s proper credentials to sell a specific product in a specific jurisdiction.

• Benefits

  • Creates efficiencies by eliminating the need to learn multiple proprietary processes
  • Standardized validation process reduces Not in Good Order (NIGO) application submissions
  • Real-time results allow for precise sales decisions
  • Gives producers ability to proactively make corrective actions
  • Improves client experience and advisors submit applications confidently

• Capabilities

  • Validates producer licensing, appointments, registrations, and training
  • Validations are determined by product and jurisdiction
  • Produces standardized, real-time results
  • Can be utilized at any point during the sales process
  • Provides status of messages on the IIEX dashboard
  • Access via API

• How The Service Works

  Producer Authorization leverages the ACORD NGDS UC-251 Verify Producer Can Sell and was built in a REST/ JSON synchronous request/response process.

  

• Who Can Use The Service

  Producer Authorization (PAR) is available to firms that are members of DTCC’s National Securities Clearing Corporation (NSCC). Visit dtcc.com/client-center for information on how to become a member of NSCC.

• For More Information

  Please fill out a contact us form.

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