The Insurance Information Exchange (IIEX) is a transformative new platform that is helping I&RS clients turn data into actionable information and insights. With I&RS serving as the centralized data source and transactional platform, DTCC’s goal is to support the sourcing and consumption of data – on demand – using client-facing APIs.
DTCC Connection sat down with Barb Smith, DTCC Executive Director and Head of Insurance & Retirement Services (I&RS), to learn more about this initiative from DTCC’s insurance division.
DC: What is the Insurance Information Exchange?
BS: For the past 20 plus years, our I&RS business has been focused on efficient and secure data capture and delivery. Traditionally, we exchange very large files of data daily between our clients in numerous ways. What we have found as this business has grown and matured over time is that the file size has grown so dramatically that it is making it difficult for our clients to analyze the data. With more than 14.5 million insurance policy records processed daily, it can be a challenge for clients to quickly pinpoint the information they need. Many firms become overloaded with large amounts of data, making it difficult to make meaningful business decisions.
To address this matter, we have built a new service to simplify the exchange of data, a new on-demand platform that we are calling the Insurance Information Exchange or IIEX.
DC: How does this IIEX service work?
BS: IIEX is a centralized collection of data, which clients can access and query to gather actionable information. It’s an exciting new option that allows our clients the flexibility and immediacy to exchange information during any stage of the processing cycle. That functionality is a big processing advantage for our entire client base.
IIEX is designed to be extremely easy, flexible and secure to keep clients’ data centralized and consumable.
DC: What will DTCC’s I&RS clients gain from using IIEX?
BS: Clients using IIEX can reduce redundancy and risk by having one centralized, secure place for their data – and have access to it on-demand. The flexible API environment of IIEX gives our clients an even greater ability to assess data within their own technology environments.
IIEX’s ultimate advantage is allowing clients to create analysis and intelligence from data.
DS: When can clients start using IIEX?
BS: IIEX will be a multi-phased effort. Release 1 is now available and delivers a user interface which will not require any user build. There will also be an initial library of purpose-driven client-facing APIs.
Additional releases will expand on things like data offering across policy, producer and product details, and will expand data sourcing and delivery capabilities.
We look forward to collaborating with our clients and industry groups on future releases.