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DTCC Simplifies Insurance Transaction Processing Through New Online Access

Roll Out of New Online Service Brings Ease and Efficiency to Managing Insurance Products

New York, December 9, 2009 — The Depository Trust & Clearing Corporation (DTCC) announced today the launch of IFT Access^SM, which provides the insurance industry with online access to existing transaction processing services, simplifying the way insurance products are sold and serviced. IFT Access offers a low cost customer interface that provides a faster, easier method of submitting information changes on insurance contracts executed by the firms who market these products.

Developed by DTCC's Insurance & Retirement Services (I&RS), IFT Access is part of the Company's overall strategy to roll out online, cost efficient "access" to more I&RS solutions. IFT Access allows the insurance sales force to manage "inforce transactions" through a password protected interface.

"IFT Access reflects our commitment to bringing greater efficiency, cost reduction and risk mitigation to insurance transactions, and we continue to add new tools that address industry demands," said Adam Bryan, DTCC Managing Director, Insurance & Retirement Services. "In a time of limited resources, this capability enables our customers, particularly smaller firms that sell insurance products, to access the benefits of automation and straight-through-processing offered by DTCC with little or no upfront development cost."

How IFT Access Works

Current IFT transactions include updates within an insurance contract that reflect a change in a broker identification number (BIN) or the representative assigned to the contract (REP). Distributors and carriers of insurance products can now make these administrative changes via an Internet connection by using IFT Access.

An additional component of IFT Access is the ability to upload entire files of BIN or REP changes at once, a capability that is useful during mergers and other scalable events that impact insurance contracts. Daily reporting will soon be added to the IFT Access platform.

"PrimeVest is the first firm to go live with this new service and we've found it to be yet another way that we can make it easier for our clients to do business," said Kim Holweger, vice president and director of operations at PrimeVest Financial Services. "IFT Access provides us with a direct online connection through DTCC for BIN and REP changes, which greatly accelerates the re-assigning of our clients' annuity policies. It has cut the process to 48 hours or less for confirmation of completed requests."

IFT Access joins LNA Access^SM, NSCC's "Licensing & Appointments (LNA)" solution in providing the industry with online access to I&RS transaction systems. LNA Access allows distributors to enter information for appointment requests and terminations, producer terminations, address changes, representative ID number changes and license confirmations. Introduced in 2008, LNA Access has had consistent increases in usage volume.

I&RS distributors and firms that have full or Data-Services-Only (DSO) memberships can sign up for both IFT Access and LNA Access. Member firms currently using I&RS systems can request access to DTCC's online services at no charge.

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with financial firms and third parties that market these products. DTCC's depository provides custody and asset servicing for more than 3.5 million securities issues from the United States and 117 other countries and territories, valued at $27.6 trillion. Last year, DTCC settled more than $1.88 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas.

DTCC Insurance & Retirement Services connects the insurance industry through the world's largest post-trade infrastructure with processing solutions that support money settlement and information exchange between product manufacturers and distributors in the main areas of a product life-cycle including transactions that are pre-issue and post-issue of a contract, monitoring and reporting of contract activity as well as agent support services. DTCC is a partner and leader with the insurance industry in the effort to automate, standardize and centralize transaction and information processing for insurance products. Insurance & Retirement Services are provided by DTCC's National Securities Clearing Corporation (NSCC) subsidiary.