The IFW Service functionality routes messages between distributors and insurance carriers using XML technologies to request and receive real time requests to support multiple post issue transactions.
The IFW Services are comprised of the following key post-issue transactions:
- Arrangements (ACORD 107 message) is a one-time change to a service feature on an insurance contract. Arrangements can consist of the following programs such as Systematic Withdrawals, Dollar Cost Averaging, Automatic Payments, Asset Allocation, etc.
- Death Notification (ACORD 810 message) provides the insurance carrier with a notification that a death has occurred to one or more parties to the in force/active policy or contract.
- Financial Withdrawals (ACORD 105 message) is a one-time full or partial redemption of funds from an insurance contract.
- Fund Transfer (ACORD 102 message) is a direct exchange or on-time reallocation of the underlying funds within a variable insurance asset. This request includes modifications to the service features affected by the exchange.
- Policy Administration (ACORD 113 message) provides a defined set of changes to an in force/active policy or contract. This message supports both party and communication changes.
In addition, several of the above messages begin with one of the following inquiry messages:
- Values Inquiry (ACORD 212 message) is used to return various policy values for a specific in force/active policy or contract. The Values Inquiry transaction begins the Financial Withdrawals, Fund Transfers, and Arrangements transaction messages.
- Policy Administrative Inquiry (ACORD 115 message) is used to obtain the policy information needed specifically to perform basic policy administration activities. This message allows the distributor or vendor platform to gather necessary information about an in force/active policy to determine the administrative changes that are allowed. The Policy Administrative Inquiry transaction begins a Policy Administration transaction message.