The New York-based Depository Trust & Clearing Corp., (DTCC) launched IFT Access, a product designed to provide the insurance industry with online access to existing transaction processing services.
IFT Access is designed to simplify the way insurance products are sold and serviced. It also is designed to offer a low-cost customer interface that provides a faster, easier method of submitting information changes on insurance contracts executed by the firms that market these products.
Developed by DTCC’s Insurance & Retirement Services (I&RS), IFT Access is part of the Company’s overall strategy to roll out online, cost efficient “access” to more I&RS solutions. IFT Access allows the insurance sales force to manage “inforce transactions” through a password-protected interface.
The vendor offers the following example of IFT Access in action: Current IFT transactions include updates within an insurance contract that reflect a change in a broker identification number (BIN) or the representative assigned to the contract (REP). Distributors and carriers of insurance products can now make these administrative changes via an Internet connection by using IFT Access.
IFT Access users can upload entire files of BIN or REP changes at once, a capability that is useful during mergers and other scalable events that impact insurance contracts. Daily reporting will soon be added to the IFT Access platform, says the vendor.
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