The Depository Trust & Clearing Corporation (DTCC) has launched "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. According to a DTCC press release, 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. The solution also helps to meet increasing regulatory and compliance requirements by introducing an automated process that produces a transparent audit trail, according to the DTCC press release.
"The introduction of Attachments will help the insurance industry meet the challenges of a more demanding regulatory environment where mitigating risk and increasing transparency is imperative for growth," asserts Adam Bryan, DTCC managing director, Insurance & Retirement Services.' "This new solution is also an important step in increasing efficiency, reducing costs and supporting straight-through processing for transactions throughout the lifecycle of an insurance product."
Attachments works by providing a secure, Web-based paperless environment that reduces processing costs by eliminating the need for manual copies, post mail and faxes. DTCC claims that companies using the solution will benefit from reduced mailing and handling costs, immediate "touchless" transactions, heightened security and the production of more in-good-order contracts.
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