IFT Access Expands Desktop Connectivity to Core Automated Solutions
The lack of resources that are limiting development options for insurance distributors has created an opportunity for the newly expanded "Access Platform" — a direct desktop connection to core solutions from DTCC Insurance & Retirement Services. The online application now provides easy access to representative-related information at no start-up cost to current and new clients of DTCC.
The second "Access" web portal, IFT AccessSM (In-force Transactions), which supports changes in BIN (Broker Identification Number) and REP (Representative of Record) for distributors, joins LNA AccessSM for Licensing & Appointments (LNA) as part of an expanding desktop capability. Both web applications are provided to customers at no charge and with little or no development commitment. Customers only pay for the individual transactions.
And even those transaction fees benefit from the DTCC "at-cost" business model, which utilizes economies of scale to lower fees as volumes increase. NSCC reduced fees in 2008 and 2009, and the organization is introducing bundled pricing for I&RS, beginning with discounts for BIN and REP usage (see IQ Update). Other pricing advantages are in the pipeline for 2010.
"In these challenging times, IFT Access will provide distributers front-end access via existing networks, allowing BIN and REP transaction submission directly from their desktops," said Cory Stark, DTCC Director, Product Management. "By expanding our low-cost, easy access capabilities, we can make the savings and efficiencies of our services more readily available to the broader distribution community."
Thirteen firms signed on to pilot IFT Access (six distributors and seven carriers). The pilot was set up in two phases to reduce demand on resources. Phase I has three carriers. Phase II involves all 13 firms. Pricing has been finalized for stand-alone BIN and REP transactions, and the new online application now joins LNA Access in what is becoming a single "Access" portal to a number of core services.
LNA Access, the first of the access tools introduced in 2008, has seen a steady increase in the volume of usage over recent months. Users that are new to Insurance & Retirement Services have also signed on for the service as customers look for ways to gain more value from the DTCC connection.
IFT Access Expanding Platform Capabilities
Along with the single entry BIN and REP change capability, IFT Access brings more functionality to the Access desktop application by providing a file upload facility for BIN and REP transactions. This facility was added to the original project so that firms can upload entire files of changes at once – a capability that would be particularly useful in a merger or other large administrative event.
The functionality of the application makes it easier to access the underlying service. Potentially, it will improve overall product adoption and add value for carriers who have already built service. Along with direct fee reductions, increased usage also generates operational efficiencies and potential savings within each firm.
Down the Road
In addition to the upload function, the IFT Access tool will eventually provide a daily reports capability (IFT Import). DTCC is also assessing the next likely "Access" candidates in anticipation of the single "Access" portal. Attachments (IAT) is the service under discussion. If you want more information about signing up for the Access Platform or a demo of the service, contact Briana Moskovic at bmoskovic@dtcc.com