Insurance Business Advisor compliance tool to launch next month

Advisor compliance tool to launch next month An insurance contract and compliance platform is finally launching this May after a series of minor setbacks had pushed its release date back a couple of times.

The APEXA platform is expected to launch sometime during the first half of May, for advisors, carriers, and distributors.

Learn more about technology insurance here.

“We’re going to be connecting the industry,” APEXA CEO Tonya Blackmore told all those present during the Canadian Life Insurance EDI Standards annual seminar in April.

Five insurance companies (Canada Life, Empire Life, Industrial Alliance, Manulife, and Sun Life Financial) and four MGAs (HUB Financial, Financial Horizons, IDC Worldsource, and PPI Solutions) provided advice and resources to the developers of the platform.

Want the latest insurance industry news first? Sign up for our completely free newsletter service now.

APEXA was originally meant to launch early last year, but stakeholders wanted to make the system more appealing to advisors, moving the launch date to the middle of 2016. That launch date was also moved when the developers announced that they needed more time to fine-tune the system.

The Insurance and Investment Journal reported that once launched, the platform will see about 85,000 financial advisors and their corporations using the system.

Blackmore confirmed that other carriers and MGAs will be joining the platform’s network through to 2018.

Related stories:
Applied Systems rolls out latest version of rating service
Digital life insurance licensing and compliance solution launches