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Success Stories

Introduction

As the low-cost insurer, GEICO is keenly focused on creating efficiencies and managing expenses while providing high-quality products and services to its customers. GEICO specializes in personal automobile insurance. A direct writer, GEICO sales agents are salaried company employees and GEICO covers the costs for its agents' pre-licensing education, licensing exams and license, appointment and CE costs. The majority of GEICO's licensing transactions are handled by 12 offices located in nine states.


GEICO Gecko

 

Situation

Many GEICO agents operate in a non-resident environment in which the efficient management of multiple non-resident licenses per agent is critical. GEICO staff average over six licenses per agent and it is not unusual for one agent to have more than 20 licenses. In managing regulatory compliance, GEICO places a high priority on the accuracy of the information stored in the company database and that it match with the data maintained by the National Insurance Producer Registry (NIPR) in its Producer Database (PDB). GEICO processes about 25,000 new licenses and 100,000 appointments each year.

To expedite the licensing and appointment process and ensure data accuracy, GEICO sought a technology solutions provider to automate the labor-intensive, and often error-prone, process of data entry, data transmission and data reconciliation for licensing and appointing its agents. The criteria guiding the selection process was to find one provider to automate and supply technology for the entire licensing and appointment function that could bring speed and accuracy to processing information, the ability to manage the interface with the PDB, cost containment, and a high level of customer service.

Solution

Sircon's software platform presents an integrated solution for managing regulatory compliance with several competitive advantages, the main one being expediting all elements involved in processing licensing and appointments. GEICO's primary uses for Sircon technology are:

  • Sircon provides access to PDB data with little or no internal IT resource investment and provides immediate positive results
  • Electronic submission of appointments and appointment terminations to the state insurance departments eliminates manual paper processes and provide immediate (or quick) electronic confirmation of the transaction
  • Sircon acts as GEICO's billing agent in the payment of state fees for most of the licensing transactions, which results in a significant reduction in the number of checks written by GEICO at a considerable cost savings
  • Online license applications have allowed GEICO to significantly reduce the time needed to process multiple license applications with improved data quality
  • Online license renewal processes are having a greater impact on our productivity and provide an opportunity centralize the process sufficiently to significantly reduce support staff
  • Sircon's data extraction format allows a more efficient and effective matching of company and PDB data

GEICO's data is now 99 percent compatible with that of the PDB in part due to the availability of Sircon technology. Compatible data means fewer submission errors and fewer chances for a market conduct filing.

Results

Dan Corridon, Director of Licensing Administration at GEICO, finds Sircon to be professional, knowledgeable, and innovative. Dan believes that Sircon does a good job of anticipating state and industry trends and is continuously improving products to meet customers' needs. GEICO enjoys an open, honest relationship with Sircon and its representatives. Combining our industry knowledge, objectives, and experience make the business relationship between GEICO and Sircon work effectively for both organizations. Sircon's technology has helped GEICO meet its objective of expediting the producer license and appointment process with significantly increased accuracy and efficiency, and above all, within the standards of the state insurance departments.

 

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