The Depository Trust & Clearing Corporation (DTCC) has released IFT Access, which will provide the insurance industry with online access to existing transaction processing services, simplifying the way insurance products are sold and serviced, according to a DTCC press release. The source claims that IFT Access offers a low cost customer interface that provides a faster, easier method of submitting information changes on insurance contracts executed by the firms who market the products.
"IFT Access reflects our commitment to bringing greater efficiency, cost reduction and risk mitigation to insurance transactions, and we continue to add new tools that address industry demands," said Adam Bryan, DTCC managing director, Insurance & Retirement Services. "In a time of limited resources, this capability enables our customers, particularly smaller firms that sell insurance products, to access the benefits of automation and straight-through-processing offered by DTCC with little or no upfront development cost."
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, according to the DTCC source. IFT Access allows the insurance sales force to manage "inforce transactions" through a password protected interface.
The DTCC source gives the following account of how IFT Access works:
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.
An additional component of IFT Access is the ability to 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.
"PrimeVest is the first firm to go live with this new service and we've found it to be yet another way that we can make it easier for our clients to do business," says Kim Holweger, vice president and director of operations at PrimeVest Financial Services. "IFT Access provides us with a direct online connection through DTCC for BIN and REP changes, which greatly accelerates the re-assigning of our clients' annuity policies. It has cut the process to 48 hours or less for confirmation of completed requests."
IFT Access joins LNA Access, NSCC's "Licensing & Appointments (LNA)" solution in providing the industry with online access to I&RS transaction systems. LNA Access allows distributors to enter information for appointment requests and terminations, producer terminations, address changes, representative ID number changes and license confirmations. Introduced in 2008, LNA Access has had consistent increases in usage volume.
I&RS distributors and firms that have full or Data-Services-Only (DSO) memberships can sign up for both IFT Access and LNA Access. Member firms currently using I&RS systems can request access to DTCC's online services at no charge.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio