With 2013 well underway, it’s a good time to look ahead and share the priorities and expectations for Insurance & Retirement Services’ (I&RS) support to the industry for the year.
Our overall, ultimate goal has not changed – it is to listen closely to our clients and industry collaborators to understand their processing and data needs, and to provide the highest level of service in meeting those needs. Given what we have gleaned as some of the best opportunities for I&RS to support the industry, three of our biggest priorities this year include:
Providing the “Golden Copy” of Producer Data
Producer Management Portal (PMP)
With the launch of PMP in the second quarter, insurance industry participants can dramatically reduce the amount of time and resources expended on storing and managing producer training data – PMP users will have access to the most comprehensive, centralized annuities industry source for sharing, tracking and verifying producer training completions as required by state regulators.
As the adoption of PMP increases over the course of the year, we will continue to engage with clients to learn how it can be continually enhanced so that PMP becomes the industry choice for accessing and managing licensing, appointment, demographic, hierarchical and additional pertinent data required for producer administration, becoming in essence, your golden copy of producer data.
Delivering the Leading Source of Annuities Industry Data
Analytic Reporting for Annuities (Analytic Reporting)
In 2012, enhancements to Analytic Reporting brought more beneficial business intelligence on the annuities market, and this year will prove to deliver ever expanding value. In fact, a new user interface along with improved download features is already affording more ease of use.
Of note, this year we are focusing on the tool’s ability to assist users in meeting regulatory requests for information by creating a “Compliance, Surveillance and Reporting System” which will considerably reduce costs related to compliance. Given DTCC’s hallmark as a hub for industry data, other future expansions include providing data down to the firm identification number level and opening Analytic Reporting to allow a firm to access their entire book of business.
Streamlining Key Processes for Life
Life Insurance Industry Initiatives
In 2013, I&RS will continue its leadership in bringing representatives of the Life Insurance industry together to collaborate on common solutions to help automate and standardize processes, based on the highly-rated Life Insurance Forum we hosted in December, 2012. A follow up forum in May promises robust discussion and ideas for solutions for three prioritized action items: commission data reporting, commission schedule/rate profile, and new business application management. We are confident DTCC’s services can be leveraged and/or enhanced to meet the most pressing needs in the Life industry.
DTCC’s, and I&RS’, main drivers have been to assist in securing the industry and shaping its future to drive down costs and risks, simplify and speed up processes, and to take on tasks that are best placed in a trusted entity. I am looking forward to yet another year of close cooperation with our clients and other industry participants, and hope to continue to engage in dialogues that serve to further advance the solutions needed in the insurance and retirement fields.
— Adam Bryan, Managing Director, DTCC Insurance & Retirement Services
An upcoming enhancement to LNA will help carriers track and confirm if agents have been trained and certified to sell their specific annuity products.Read More