The Depository Trust & Clearing Corporation’s (DTCC) Insurance & Retirement Services’ (I&RS) Senior Advisory Board (SAB) recently met to share updates, discuss industry challenges and set strategies for insurance marketplace initiatives in 2015. The SAB is comprised of delegates representing a broad segment of the insurance industry.
Ann Bergin, DTCC Managing Director of Wealth Management Services (WMS), and Kevin Lewis, DTCC Vice President and Head of Insurance & Retirement Services, briefed the SAB on the latest business initiatives, as well as on plans to advance adoption of I&RS’ services. They also explained the recent decision to unify I&RS with DTCC’s Mutual Funds Services and Alternative Investment Products businesses under the WMS umbrella.
“As part of a strategic review, we concluded that bringing I&RS into the WMS realm would greatly enhance our ability to serve the industry and our clients,” Bergin said. We believe this move will allow us to gain a deeper understanding of the dynamics in this market, which will enhance our ability to deliver uniform solutions that build upon best-in-class ideas, approaches and technology.”
The I&RS team shared with the SAB an update on progress over the past year helping clients simplify processes and gain deeper insights into insurance data and trends. In 2015, Bergin and Lewis said the group intends to focus on a series of projects that will enhance existing products and services as well as create new ones to support the evolving needs of firms.
A Focus on Adoption
As part of the development process, the I&RS team pledged to continue collaborating with groups comprised of SAB members and other industry representatives to gain their insights and feedback. Although there are multiple opportunities for I&RS to further extend its support of the industry, Bergin noted that prioritizing initiatives based on their potential for adoption is essential. For example, one SAB member noted during the meeting that it can take 3 to 5 years for a new I&RS service to provide a return on investment to his company due to low initial adoption rates across the industry. Bergin said that if the industry prioritized integration and adoption of a given service, it would demonstrate a stronger and quicker return on investment. The I&RS team will continue soliciting input from the SAB to prioritize initiatives and guide product development.
Notes from the Board
During the meeting, the I&RS team sought feedback from the SAB about its experience with I&RS’ products and services, including the need for:
- I&RS and the SAB to develop business cases to increase product adoption;
- Real-time data to help reinforce regulatory reporting requirements and conformity;
- I&RS to provide more transparency around product adoptions;
- I&RS to align priorities with industry groups, such as the Insured Retirement Institute and Operation Managers Roundtable; and
- I&RS to expand its life insurance capabilities.
The SAB will continue bi-annual meetings with quarterly development updates to support accountability and momentum. Feedback from members of the SAB is encouraged and will be carefully considered to optimize future SAB and I&RS performance.