To Our Customers and Friends:
In our industry, the only constant is change. In order to keep up with the pace of change, insurance firms need timely business information so that they know that their decisions are made with the best intelligence available to them. At DTCC, we recognize that in order for firms to develop helpful and innovative new products and services, they need to be able to properly analyze market and product dynamics. Firms also need to quickly and efficiently conduct business on a day-to-day basis because ultimately, time and money is a top concern.
I attended and spoke at the Retirement Income Industry Association’s Spring Conference recently, and one theme I picked up was that there is a huge need right now for firms to make better decisions around product development, sales and marketing – however, firms are still struggling with gathering good intelligence about the insurance landscape: What are competitors doing? How are my products performing? The insurance industry clearly needs timely and relevant business information in order to understand the industry, their business and market and product dynamics. Tower Group suggests that insurance carriers need to adopt five leading technologies in order to succeed: electronic signature, business processing outsourcing, business process management, and most importantly, predictive analytics and knowledge management.
New Initiatives from DTCC
With these challenges in mind, DTCC is excited to be rolling out several new initiatives which we believe will enable our clients get access to much-needed data and analyses and speed up their business processes. Because we remain at the heart of the industry, connecting insurance carriers with broker/dealers and other product distributors, we are in a uniquely central position to be able to make our data transparent to our clients. We process approximately 150 million annuity transactions each month, which means we have a tremendous amount of information that we’re able to provide to our clients.
Data Analytics Service
The Data Analytics service we are rolling out is a reflection of these efforts. We believe Data Analytics will enable carriers to make better decisions in how they market themselves and how to enhance their products. Insurance firms will be able to save money by getting benchmarking analysis from one resource rather than attempting to conduct this research on their own. They’ll also benefit from having a central tool to analyze common transactions. We believe that the Data
Analytics service will position firms for growth, by enabling them to develop and provide better products for their clients.
We’re also pleased to report that we’ve seen enthusiastic adoption of the products we made available to clients recently. At DTCC I&RS, we believe that we can revolutionize the way the insurance industry is analyzing their business and improve market transparency as a whole. We are working hard to ensure that our clients are in a position to reach new levels in product innovation and growth and we look forward to their continued success.
It’s only through the contribution and participation of our partners, clients and peers that we remain the leading provider in the insurance industry. As always, we welcome your feedback.
Adam Bryan
Managing Director
DTCC Insurance & Retirement Services