DTCC's Insurance & Retirement Services (I&RS) offers a suite of streamlined processing and compliance-driven solutions for carriers and their distribution partners -- broker/dealers, banks, brokerage general agencies, independent broker/dealers and other firms -- through a secure, centralized and automated infrastructure. This infrastructure enables insurance carriers and distributors to exchange information at various points throughout the annuity and life insurance processing cycle.
DTCC Insurance Profile (IPF): DTCC Insurance Profile is a repository of expense, fee, and commission schedule data provided by carriers for annuities distributors to access from a centralized location.
Licensing & Appointments (LNA): Automates and standardizes the two-way flow of information needed to manage producer information between carriers and distributors, eliminating paper and simplifying data exchange.
LNA Access: Gives distributors and carriers access capabilities in the full LNA Service and works as an online data entry request and confirmation reporting tool.
Commissions (COM): Transmits commission information from carriers to distributors for insurance products, providing same-day money settlement.
Producer Management Portal (PMP): Provides a comprehensive source for centralizing, sharing, tracking & verifying producer training completions. State & product training & source for authorizations for annuity sales.
Applications & Premium (APP): Transmits annuity application and initial premium information from distributors to carriers. The service provides an efficient, straight-through process for annuity applications and initial premium payments, incorporating same-day money settlement.
Attachments (ATT): Enables insurance distributors and carriers to electronically exchange digital (imaged) documents, signatures, forms and other types of unstructured data during the pre-sale, new business and post-issue processing of annuity and life insurance information.
Attachments Access: Is a non-integrated/standalone online data-entry tool that allow senders to electronically send digital (imaged) documents, signatures, forms and other types of unstructured data during the pre-sale, new business and post-issue processing of annuity and life insurance information.
Monitoring & Reporting
Positions & Valuations (POV): Enables carriers to send annuity and life insurance contract details to their distributors on a daily, weekly, monthly or other periodic basis, giving them a current snapshot of their entire book business. We offer four versions:
- PVF – Full View
- PFF – Focused View
- PNF – New Business
- PRP – Retirement Plans
Asset Pricing (AAP): Enables carriers to transmit the net values for underlying funds within variable annuity and life insurance products to distributors on a daily basis. The AAP file provides fund-level pricing information, similar to the net asset value for mutual funds, which may be applicable to multiple insurance products within a carrier’s product line.
Financial Activity Reporting (FAR): Enables carriers to provide distributors with daily annuity and life insurance financial transition information, giving them a comprehensive and accurate picture of client accounts and helping them supervise and manage those accounts.
ACATS/IPS (Automated Customer Acct. Transfers-Insurance Processing Svs.) automates changes in annuities’ broker/dealer of record when clients transfer accounts between brokerage firms.
Subsequent Premium (SUB): transmits subsequent annuity premium information from distributors to carriers along with same-day money settlement of subsequent premium payments.
Fund Transfers (FTR): enables distributors and carriers to perform fund transfers in real-time. It consists of two functions: a Values Inquiry where distributors request & receive from carriers the most current contract information prior to a transfer request and Fund Transfer which automates a direct exchange or one-time allocation of the underlying funds within a variable insurance asset.
IFT Access: A standalone application that gives distributors and carriers direct access to capabilities in the full IFT (REP/BIN) service and works as an online data entry request & confirmation reporting tool.
Registered Representative (REP): Facilitates changes of the registered representative within the managing firm requested by the distributor when the representative leaves the firm, retires or when a customer account is transitioned to another agent.
Broker Identification (BIN): Facilitates brokerage identification number/brokerage account number changes requested by a distributor.
Settlement Processing for Insurance (STL): Automates settlement of post-issue money & funding activities between carrier & distributor including withdrawals, partial surrenders & mandatory distributions back to a client’s brokerage account. Settlement for Replacements automates the money settlement of 1035 exchanges between carriers.