Did you know: Nine of the leading MGAs and carrier have come together to collaborate on a new technology platform called APEXA.
This critical compliance and contracting tool will be used by all carriers, Advisors, and MGAs in the industry—in fact, Canada Life, iA and Manulife will no longer process paper-based contracts for Advisors effective January 1, 2020. Empire Life and Sun Financial are taking the same position effective April 1, 2020.
APEXA Costs Advisors Nothing To Use. However, You Must Maintain Your Profile Information In APEXA.
If you are ready to start the onboarding process for APEXA and just need help getting started reach out to your regional IDC WIN contracting team or login/register to IDC WIN BIG for Step-by-step instructions for APEXA registration.
If you are unfamiliar with APEXA and want to learn more, read on.
What is APEXA?
APEXA was founded in 2014 with industry support from five insurance carriers and four MGAs, including IDC Worldsource. Collectively, this group called the G9 provides both financial support and significant administrative assistance to APEXA.
In July of 2017, APEXA began signing up Advisors and there are now over 4,000 Advisors on the system.
Advisors are not charged by APEXA. MGAs and Carriers pay an annual fee based on the number of Advisors on APEXA.
What Does APEXA Do?
APEXA is an online solution for Advisor contracting and compliance. This tool makes it easier for you to connect with IDC WIN, and with the insurance carriers. With APEXA, you can do all of your contracting online (including signing and updating) and all information is shared in real-time with your MGA and the carriers with whom you have a relationship.
In this brief video Dylan Friedmann, VP of Client and Partner experience at APEXA, explains what APEXA is and what it does.
Why is APEXA Mandatory for Advisors?
APEXA is transforming our industry in two important ways:
APEXA Improves Our Advisor Oversight
This is necessary to ensure that we maintain our regulatory commitments while best serving the financial needs of Canadian consumers.
APEXA Replaces Labour-Intensive Contracting Methods And Keeps You Compliant
This dramatically improves the efficiency of the process for carriers, distribution organizations, and Advisors. Our experience in contracting new Advisors using the APEXA system is that the process is considerably faster than the old paper-based method. APEXA helps you stay organized and look great in front of regulators and auditors, as well as helping you to maintain your licensing, E&O, CE credits, compliance and contracting profile online, all in one place.
