Protegent, Inc. has announced the first Web-based software suite that provides insurance companies a highly accurate and efficient way to supervise the activities of insurance brokers and reps with regard to regulatory compliance and quality sales practices.
The software, called AgentAudit™, specifically is designed to ensure compliance with current and pending regulations, and to minimize the risk of (and costs associated with) “failure to supervise” complaints and Rule 405 violations. AgentAudit is a Web-enabled, suitability-based exception reporting and analysis system. It offers:
comprehensive books and records capabilities
detailed analysis of account activity, based on each investor’s risk tolerance
full graphing capability
a comprehensive internal communications module
check and application business processing and review capabilities
Just as Protegent’s BrokerAudit™ software helps securities firms streamline and improve registered rep supervision, AgentAudit now delivers similar capabilities to insurance companies for supervising their agents.
AgentAudit will be commercially available from Protegent in Sept. 2002. The software can be licensed by a customer for deployment over its corporate intranet or Protegent can host the software and deliver it on an ASP basis.
The software is packaged as a core module and supplemental functional modules. Pricing of the core module and modules are designed to welcome participation from any size broker-dealer.