2020 Annual Report
Despite the challenges related to the COVID-19 pandemic, NIPR saw another year of record growth in service to insurance producers, compliance professionals and state insurance regulators. NIPR processed the highest number of transactions and served the largest number of producers in its history.
- To support state efforts to respond to the pandemic, NIPR established the COVID-19 Resource Center, a communication hub on NIPR.com to share information about the state credentialing orders and bulletins issued by state regulators. NIPR worked with 48 states on implementing more than 100 separate bulletins and orders to extend license renewal deadlines, issue temporary licenses and allow online testing.
- In August, NIPR launched a major upgrade to its Attachment Warehouse application used to enable insurance producers and other licensees to upload licensing-related documents for review by State Regulators. This new capability for allowing additional documents to be submitted by the industry will streamline and improve the licensing application review process for the States in lieu of having the documents submitted separately.
- The end of 2020 marks the close of NIPR’s three-year strategic plan, NIPR 2020: Focused on the Future. Although some projects were slowed to accommodate the regulatory changes demanded by the pandemic, we are happy to report that 91% of the objectives contained in the plan have been completed or are well underway.
Growth in Service and Efficiency
The demand for NIPR’s regulator/industry partnership to provide cost-effective, streamlined, and uniform producer licensing is borne out by the numbers. Credentialing and report transactions processed through NIPR has increased from 20.7 million in 2014 to 38 million in 2020 an increase of over 83% in six years. Last year, our customer service team answered more than 325,000 calls and emails from producers and insurance compliance professionals.
Focus on 2020 Numbers
- 38 million credentialing and report transactions, a year-over-year increase of 5.2 percent
- 47.9 million in revenue representing a 5.7 percent increase from 2019
- $969 million in fees moved by NIPR to departments of insurance, which is a 14 percent increase
- Over 7.65 million records in the Producer Database representing a 4 percent increase from 2019
Statements of Financial Position
A copy of NIPR’s financial audit as of December 31, 2020 can be found in our Annual Report.
Our Bridge to the Future
NIPR’s planning focus narrowed and sharpened through months of strategic discussion and research to deliver what is most important and essential to the next three years of NIPR’s organizational growth.
NIPR is governed by a thirteen-member board of directors that includes six state Insurance Commissioners, six members representing producer and insurance industry trade associations and the NAIC's CEO or COO.