The Illinois Department of Financial and Professional Regulation (IDFPR) said recently that the renewal and application process for agents and insurance companies will be changing to streamline the process.
“As we continue efforts to increase regulatory productivity, while reducing red tape for our licensees, proper utilization of existing technologies has been an integral part of the process,” IDFPR Secretary Bryan Schneider said. “By revising the title agent application and renewal processes, we are able to provide the same regulatory oversight, while reducing the work load for both underwriters and the department. To give an example, these revisions eliminate 50,000 pages of irrelevant documents that required submission by underwriters and review by the department. These upgrades afford a significant savings of time and a better allocation of resources for both the underwriter and IDFPR.”
Making the two processes more efficient will require less employee time spent on the applications and renewals, which is done by the IDFPR and underwriters. The state is expecting to save $275,000, while underwriters saving approximately $500,000 over the course of five years.
“IDFPR upgrades to the title agent application and registration process saves valuable time and resources, while minimizing processing times and reducing our backlog of applications,” Stewart Title Guaranty Company Illinois Agency Services Manager Sue Humphris said. “The real-time agent application reduces administrative functions for underwriters while allowing for a quick turnaround and reduction in required documents. Additionally, I look forward to the enhancements the state is in the processes of making to the agent renewal process. Once implemented, it promises to significantly reduce the very cumbersome, labor intensive and time consuming annual registration.”
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