2021 Annual Report
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.
In 2021, we launched our latest strategic plan, Our Bridge to the Future. The plan centers around NIPR’s critical infrastructure – engaged and empowered teams, customer focused excellence and high quality and reliable technology. With this plan, we can confidently bridge to a new level of responsiveness and service to improve access, save time and consistently deliver an exceptional experience to our customers.
In December 2021, NIPR achieved a critical objective of the strategic plan by successfully migrating all NIPR applications to a cloud-based platform. This large-scale technical project was the culmination of several years of work in collaboration with the NAIC to modernize our infrastructure laying the groundwork for implementing innovative services for our customers.
The following projects highlight the emphasis NIPR places on providing customers with self-service tools to make regulatory compliance easier and more convenient.
- Contact Change Request (CCR) for Business Entities expands the CCR product to give businesses the ability to change their contact information easily through nipr.com. Business Entities, including agencies and brokerages, can use NIPR’s online tool to satisfy their regulatory requirements for reporting contact change information to the states. This enhancement is now available in 30 states.
- NIPR’s Customer Experience team launched a new chat feature to help customers through an interactive tool that uses technology to respond to frequently requested information. This feature offers a more instant, personalized level of service for customers to access their information. Chat is also available with NIPR’s customer experience professionals for more complex questions.
- NIPR has made it easier for producers to get their Producer Database (PDB) Report through the addition of a self-service tool. This new product allows individual producers and business entities to access their own PDB reports through the NIPR website. The PDB report contains demographic, licensing, appointment and regulatory action information supplied by state Departments of Insurance.
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 42.5 million in 2021 an increase of over 105% in seven years. Last year, our customer service team handled more than 273,109 telephone, email and chat inquiries, which translates to an estimated cost savings of $1.4 million for state Departments of Insurance.
Focus on 2021 Numbers
- 42.5 million credentialing and report transactions, a year-over-year increase of 11.8 percent.
- $61.6 million in revenue, $13.6 million over 2020, representing a 29 percent increase.
- $1 billion in fees moved by NIPR to departments of insurance, an increase of 13.5 percent.
- Over 7.9 million records in the Producer Database representing a 3 percent increase from 2020.
Statements of Financial Position
A copy of NIPR’s financial audit as of December 31, 2021 can be found in our Annual Report.
Our Bridge to the Future
Our latest strategic plan is constructed to fully leverage NIPR’s strengths and accelerate business growth. The plan achieves this through an intensive, consistent focus on three critical dimensions of our work: our engaged and empowered team, customer-focused excellence, and high-quality and reliable technology.
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.