After experiencing some delays, APEXA – a web-based platform for life insurance advisor onboarding, contracting and compliance – is now live, announced the company Aug. 8.
Part of LOGiQ3 Group, APEXA is being launched following “a monumental collaborative effort” by leading insurance carriers, managing general agencies, software solutions provider Bluesun and APEXA Corp. The solution “integrates into existing back office systems and processes, centralizes the storage and verification of licensing and compliance requirements and facilitates single or multiple contracting requests, transforming a paper and labour intensive environment into a streamlined digital solution,” said the company in an announcement.
MGA and insurer involvement
Four MGAs and five insurers are currently members of the APEXA governance board. The MGAs are: Financial Horizons Group, HUB Financial, IDC Worldsource, and PPI Solutions. The five insurance companies are: Canada Life, Empire Life, Industrial Alliance, Manulife, and Sun Life Financial. These organizations are “inviting life and health insurance advisors to onboard through this platform,” says APEXA’s announcement.
APEXA expects up to 85,000 life and health insurance advisors and corporations to receive invitations to register. The onboarding is expected to continue into 2018.
In the announcement, Tonya Blackmore, CEO of APEXA Corp., stated that APEXA has “transformed the Advisor onboarding and compliance processes by delivering a platform that provides a standardized approach and simplifies administration for Advisors, Carriers and MGA's. It's a significant achievement and we can't be more excited to be in this stage of rolling it out across the industry."
"As a group comprised of insurance carriers and MGAs, we've worked in close collaboration to provide knowledge and support to help APEXA Corp. in developing the APEXA service, a platform that is easy to use, will reduce administrative effort for all industry stakeholders and support them in meeting the growing number of regulatory obligations facing our industry," said Julie Martin, AVP, Customer Experience, Manulife.
APEXA was first scheduled to launch in January 2016 but has encountered delays. In an article published this May in The Insurance and Investment Journal, the delays were explained by the need to fine-tune the system, including addressing issues stemming from the complicated internal systems of the large insurers.