Versata’s distribution channel management (DCM) solution is an industry-specific distribution management and compensation product that enables large insurance and brokerage companies to manage complex distribution channels.
According to Versata, the updated version, DCM 3.0, provides support for electronic processing of appointment mass renewals and terminations, enabling companies to create producer records and file appointment requests automatically.
DCM 3.0 also includes integration tools that improve compliance by allowing any system in the enterprise to obtain a simple yes or no answer as to whether an individual is correctly credentialed for a sale, via an ACORD standard service call into DCM.
Leela Kaza, general manager of Versata’s financial services business unit, said: The newest release will have significant bottom line impact for our customers as we automate and streamline processes that have been largely manual in the past.
Pacific Life has been the first to confirm that its life insurance division is deploying Versata’s solution. Dan Kubica, director field financial at Pacific Life, said: Versata’s newest release will automate several of our internal processes, and it is expected to save us thousands of hours in manual labor and overtime spent processing renewals and communicating changes out to our brokers.
