New York-As the next step in its efforts to automate the sales and processing of life insurance policies, The Depository Trust and Clearing Corporation (DTCC) has launched its pilot program for InsurExpress, New York. Leveraging DTCC's infrastructure and established network of connectivity, InsurExpress integrates key insurance industry service providers to support communications between insurance companies and participating distributors of insurance products, providing necessary functionality for life insurance application processing.Firms participating in the initial pilot testing include Genworth Financial, Richmond, Va., and Piper Jaffray, Minneapolis. In the coming months, DTCC intends to expand the program to include multiple financial advisors in various geographical locations, together with an expanded product set and carrier list.
In providing a centralized point for the processing of insurance policies, DTCC Insurance Services is aiming to help insurance carriers expand their product sales potential in new market channels through the broad network of distributors using its platform. The service will enable distributors to reduce the operational costs related to managing an insurance policy and minimize risk by offering an automated solution in a safe, secure compliant environment.
Historically, managing an application for a life insurance policy has been a labor-intensive, cumbersome manual practice, taking several weeks to complete. InsurExpress aims to expedite and streamline this process by linking together all the necessary components to assist a financial advisor in initiating and completing a life insurance application and in managing the requirements to produce an issued policy while keeping the advisor informed at all times. These components include a quote engine, electronic submission, application completion and requirements ordering, case processing and status reporting.
Other services DTCC expects to add to InsurExpress in the future include licensing and appointment validation as well as all of DTCC's traditional post-transaction functionality such as premiums and commissions settlement.
Current strategic partners whose services have been integrated into InsurExpress include: Examination Management Systems Inc. (EMSI), Irving, Texas; Internet Pipeline, Exton, Pa.; Integrated Insurance Technologies (iiT), San Francisco; and AgencyWorks, Salt Lake City.
Beyond this initial group, DTTC plans to work with other leading third party service providers and individual insurance carriers to add their services to the system as appropriate.
Leveraging its years of experience in bringing better efficiencies to the operational processing for equities, fixed income and mutual funds, DTCC entered the insurance market in 1997 to provide similar benefits to carriers and distributors of annuity, life insurance and long-term care products. Its current roster of services include: Applications & Subsequent Premiums, Asset Pricing, Commissions, Financial Activity Reporting, Licensing & Appointments and Positions & Valuations.
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