2023 Annual Report
Key Achievements
RECORD SETTING YEAR
- $72.5 million in revenue, up 7.5% from 2022
- 103 million transactions, a 16% year-over-year increase*
- 8.7 million producer records in NIPR’s database, an increase of 7.1% over 2022
- $1.29 billion processed on behalf of states and US territories, up 17.5% from 2021
ENGAGED AND EMPOWERED TEAM
Creating and supporting a strong employee culture focused on growth, innovation, diversity, and accountability is a central theme reflected in the first pillar of our strategic plan. In the final year of Our Bridge to the Future strategic plan, we achieved multiple objectives that position us well to deliver on our mission:
- Maintained a 91.3% employee retention
- Fielded 305,000 customer inquiries managed by our customer service team via phone, chat and email representing a 14.5% increase over 2022 and more than $1.3 million in savings to state insurance departments
- Onboarded 37 new employees to support existing and future growth
- Welcomed our first Chief People Officer (CPO) to lead our engagement strategy
CUSTOMER-FOCUSED EXCELLENCE
Providing best-in-class customer service for the insurance industry and our stakeholders drives our decisions and shapes our culture. We are committed to providing cost-effective, streamlined, and uniform licensing and compliance services by creating and sustaining strong state and industry relationships and investing in tools and resources that enhance our customer experience. Our 2023 customer-focused achievements include:
- Added two remaining states –New York and Washington–to major NIPR products representing 100% of states now fully utilizing NIPR for major lines
- Implemented Appointment Renewals for Kansas resulting in more than $7.7 million in state fees
- Launched CE transcript data feature for 26 states on NIPR.com making it easier to monitor CE compliance status and completed course details when submitting license renewals
- Expanded name change feature for Missouri, Vermont, North Dakota, and New Hampshire
- Expanded State Regulatory Affairs team adding new account manager and technical implementation manager roles to proactively partner with regulators to build and maintain strong relationships and facilitate deeper understanding and responsiveness to changing regulatory needs
- Completed more than 30 customer visits and onboarded 235 new industry customers
- Added 31 new customers to NIPR Alerts product
HIGH-QUALITY AND RELIABLE TECHNOLOGY
Delivering an exceptional user experience and leveraging industry-leading technology creates the foundation that supports all our strategic pillars. From attracting and retaining top talent to developing unique product and service solutions to empower insurance industry professionals – our commitment to continuous improvement and investment in technology is critical to achieving our mission. In 2023 we completed three remaining objectives in the strategic plan:
- Created a new product vision for reporting and credentialing products serving resellers and direct customers
- Operationalized our data warehouse to integrate more customer data, enabling faster service for our customers and innovation opportunities for our products
- Launched new customer relationship management and service platforms built on Salesforce.com, centralizing customer and account information in one place to streamline processes and enhance service to our customers
As we reflect on the completion of Our Bridge to the Future strategic plan, we are proud of the progress and milestones we achieved over the past three years. Our people, technology, and customer-focused culture are strong and together we have supported our mission of serving the insurance industry with high levels of innovation and service.
* Year-over-year increase is calculated on a revised 2022 total transaction volume that reflects updated Alerts volumes.
Statements of Financial Position
A copy of NIPR’s financial audit as of December 31, 2023 can be found in our Annual Report.
Shaping Our Future
Shaping Our Future, NIPR Strategic Plan 2024–2026 identifies four areas that NIPR has carefully cultivated to support its exceptional work and provide a solid structure for the future. The pillars of people and culture, customer experience, technology, and product drive our strategic plan within their own areas of excellence and function together with a unified vision for propelling NIPR’s mission into the future.
NIPR Leadership
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.