The Depository Trust & Clearing Corporation (DTCC), New York, announced the launch of “Attachments,” an electronic solution designed to streamline the processing of required paperwork and signatures for pre-sale and post-issuance transactions in the insurance industry. Attachments allows insurance carriers and distributors to electronically exchange unstructured information, such as digital or imaged documents, signatures, and forms that are required in the processing of annuity and life insurance contracts.
Developed by Insurance & Retirement Services (a unit of DTCC’s National Securities Clearing Corporation (NSCC) subsidiary), Attachments mitigates operational risk by reducing the number of “not-in-good-order (NIGO)” transactions, and preventing delays associated with faxing or mailing paper documents. It also helps to meet increasing regulatory and compliance requirements by introducing an automated process that produces a transparent audit trail, says the vendor.
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