Update on Business Strategy
At DTCC, we’re always looking beyond the challenges of today to the issues of tomorrow.
How is the insurance industry changing for both carriers and distributors and what can we be doing now to help tackle future hurdles? And more than just addressing potential challenges, what can we be doing with our clients to help position them strategically to seize new opportunities on the horizon?
As part of this effort, we have recently refreshed and detailed the long-term strategy for DTCC and its business units to identify opportunities where we can help new areas of the market benefit from the efficiency we can provide. The three main areas we are looking to develop are: 1) opportunities for annuities in the domestic marketplace, 2) opportunities for other insurance products, such as life insurance, and 3) expansion of our core business internationally. Amongst these three, our top priority is the domestic annuity industry.
We continue to see increasing volumes as the baby boomer generation enters retirement, and so much of what we are doing is to help position our clients for these changes. For example, we’re looking into supporting transactions that occur after the point of issue for annuities and life insurance products. These transactions will focus on both financial and non-financial maintenance events, including management of systemic and one-time withdrawals from contracts owned by baby boomers who need access to their accumulated retirement income over the next five or more years.
Additionally, I&RS is focused on increasing data transparency – repositioning the data that comes through DTCC, storing that data, and making it available for customer- and industry-level statistical analysis. We are in a core position to be able to provide significant real-time data to our clients, which will enable them to improve their product and marketing strategies. Because of our role in the insurance industry, tremendous amounts of data pass through DTCC. We are focused on sanitizing, storing, and repositioning that data for the benefit of our clients.
We are working on several exciting new initiatives as we look to develop groundbreaking – and what we believe are important – services for the insurance industry over the next five years. Much of what we do will be focused on passing through benefits to our clients and continuing to help bring much-needed automation, efficiency and cost savings to both carriers and distributors. I&RS strives to ensure that the services we provide remain relevant, and we welcome the opportunity to continue collaborating with our clients and industry partners.