Electronic Attachments Capability: Another Compliance-Ready Tool

Attachments, a new standalone capability currently under development by Insurance Services, can eliminate the need for a paper exchange of information when signatures and/or original documentation are required for otherwise automated processes. This capability can mean less paper, less manual processing, lower processing costs and more in-good-order contracts.

The new service will allow the electronic exchange of digital (imaged) documents, signatures and forms during the pre-sale, new business and post-issue processing of annuity and life insurance information. These various forms of unstructured data that are now manually copied and shared will be handled as electronic attachments to the core messaging process provided through IS.

Attachments arrives on the scene as the insurance industry faces a more demanding regulatory environment where the electronic exchange of imaged documentation and signatures is rapidly becoming a necessity for doing business. Automation of the manual processing and sharing of paper documentation will create an audit trail, eliminate lost paperwork and enhance other compliance-ready solutions from Insurance Service, while helping to reduce the costs associated with compliance procedures.

The Attachments process will support several business categories: New business Applications (APP), Licensing and Appointments (LNA), In Force Transactions (IFT) as well as supporting documentation such as confirmations, statements, prospectus and welcome packages. While Attachments focuses initially on new business Applications, the new capability will be added to Replacements (RPL), the next solution under development by IS, as a separate project. Replacements is scheduled for pilot in early 2009 – a service that will automate and standardize 1035 exchanges and qualified transfers from one carrier to another for annuity and life insurance products.

The development of the Attachments process represents a critical path component of the NAVA STP initiative for new business. It is also the second solution that will utilize XML data messaging based on the ACORD Life and Annuity Standard.

If you are interested in joining the pilot, please contact your Relationship Manager or Randi Gordon at 212.855.5654 or rbgordon@dtcc.com.