DTCC AND FINETRE INK DEAL TO STREAMLINE LIFE, ANNUITY SALESThe Depository Trust & Clearing Corporation (DTCC), New York, and Finetre Corp., Herndon, Va., have signed an agreement to integrate Finetre's AnnuityNet and LifeNet technologies as a front-end platform for DTCC's InsurExpress. InsurExpress is a new DTCC service that offers distributors and insurance carriers an automated, end-to-end process for streamlining the sale, servicing, and processing of life insurance and annuity products. By automating a variety of tasks associated with life insurance and annuity applications, including forms completion, securing of signatures, medical information, and issuance of policies, InsurExpress reduces the time it takes to process these products, especially life insurance, which typically can take 90 days or longer. DTCC is currently piloting InsurExpress among carriers and distributors, including Genworth Financial and Piper Jaffray, and intends to expand the program to encompass multiple financial advisers in various geographical locations, along with an expanded group of services and list of insurance carriers.
Finetre's AnnuityNet platform enables brokerage firms to automate processing of annuities by providing compliance workflow management and oversight, suitability, and reporting. The platform is also designed to increase back-office efficiency by correctly filling out all forms, curtailing errors, and virtually eliminating "not in good order" applications. The technology on which AnnuityNet is based also serves as the backbone of Finetre's newer LifeNet platform, which provides similar automated processing services but for life insurance products.
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