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Insurance Services: A Tool for Easier Access
Insurance Services at DTCC is poised to pilot a new online tool that will simplify access to one of its fastest growing services, making agent licensing and appointment information widely available to the industry’s rapidly expanding network of carriers and distributors. The desktop application, LNA AccessSM, represents the next level in Insurance Services’ drive to work with the industry to automate insurance processing.
“This new user interface is part of our ongoing effort to expand access to and usage of our services by more distribution channels,” said Lana Macumber, DTCC director, Strategy and Business Development, Insurance Services. Pilot testing for the new front-end application begins at the end of April, with the service scheduled to go live in early June.
The LNA family
The new standalone tool will allow users to manage appointments from start to finish in one format and application via direct online access to the capabilities residing in the full Licensing & Appointments (LNA) service, removing the need for manual intervention by the carrier in most cases.
LNA automates the two-way flow of information needed to manage producer information between insurance carriers and distributors to fulfill licensing and appointment requirements as mandated by state insurance departments.
“Real-time access to updated and accurate producer information is critical for all parties involved in the sales and service process,” said Lenny Schmitt, DTCC director, Relationship Management, Insurance Services. “With LNA automating the information exchange for more carriers and distributors, LNA Access will provide an easy, direct connection to that information, even for those who do not need the full service. This can be particularly useful to the mid-size or smaller distributors.”
Schmitt noted that the industry, which is eager to improve the producer experience, views the application as a key step toward fully electronic insurance processing and information exchange for annuities.
Strong demand
Firms lined up quickly to participate in the LNA Access pilot and, thus far, nine distributors and 15 carriers have signed on for the testing.
“The number of firms that are taking part in the pilot is an indication of the industry’s interest in the product,” said Cory Stark, DTCC product manager, Insurance Services. “Access to our automation services is a driver in bringing greater efficiency to the insurance industry, and the success of LNA Access could lead to the development of additional front-end applications for some of our other products.”
For its first venture into direct access applications, Insurance Services contracted with Bridgeline, the company that worked with DTCC on the architecture and design of its new corporate website. “We are committed to give customers cost-efficient, quick-to-market processing solutions, whether we build them, buy them or partner to develop them,” said Macumber.
To subscribe to the service
All insurance services distributors may sign up for this service. Firms that already use the full LNA service only need to request connection to DTCC’s WebDirect Access and they will be granted free use of the application. This could be helpful for firms that currently only use some of the functions available, but would like to take advantage of LNA Access to request additional transaction types.
Firms that have Data-Services-Only (DSO) membership (meaning they don’t utilize the NSCC clearance and settlement services) can sign on to use LNA Access, giving them the ability to view and download the LNA data. Distributors must identify their trading partners (carriers) that are also users of LNA to access the service. @
[For more information, contact Insurance Services at 1-888-382-2721 or email esc@dtcc.com.]