Kaplan Compliance Solutions provides tools for cost-benefit analysis, identifies $ 1 million in savings for large insurance companies

Kaplan Compliance Solutions a leading provider of services and technology solutions for the insurance and securities industries, introduced a new Cost/Benefit Analysis Tool designed to identify areas of compliance risk and unnecessary costs for insurance and securities organizations.

Kaplan Compliance Solutions recently completed a cost/benefit analysis for a large insurance company and found that the company paid $1 million in unnecessary nonresident renewal fees that could have been avoided had the proper terminations been processed for those producers. In addition, the analysis showed a potential compliance risk with nearly 50 percent of the company’s producers missing licenses or appointments in their resident state.

The Cost/Benefit Analysis Tool looks at the health of both the registration and compliance functions of organizations. When reviewing registrations, the tool analyzes the currency of appointment data, identifies producers that should be terminated with carriers, and evaluates appointment processes, appointment fees collected from producers (if any), and appointment fees paid to states. The tool also identifies potential compliance risks by discovering agencies and individuals in the database who are missing licenses or appointments in their resident state.

“Many companies have a hard time quantifying the costs of out of date or poor data,” said Zach McCoy, Senior Vice President, Operations & Finance, Kaplan Compliance Solutions. “Kaplan’s Cost/Benefit Analysis Tool is able to identify these risks and we use our extensive Best Practices industry knowledge to work with companies to create a plan to mitigate them.”

Kaplan Compliance Solutions provides services and technology solutions for the insurance and securities industries to help manage the producer/representative onboarding process and career cycle. Kaplan Compliance Solutions is a trusted partner of the nation’s largest insurance companies and securities firms. Kaplan Compliance Solutions is a part of Kaplan Professional, a leading provider of education and compliance solutions to businesses and individuals in the accounting, insurance, securities, real estate, financial planning and information technology industries. Kaplan Professional is a division of Kaplan, Inc., a global education services provider and a subsidiary of The Washington Post Company.