Applications (APP) & Subsequent Premiums (SUB) transmit annuity application and premium information from distributors to insurance carriers.

Overview

Applications (APP) & Subsequent Premiums (SUB) transmit annuity application and premium information from distributors to insurance carriers. The service provides an efficient, straight-through process for validating, formatting, and submitting annuity applications and subsequent premium payments while incorporating same-day money settlement.

Who Can Use This Service

Insurance carriers, broker/dealers, banks, and insurance agencies affiliated with broker/dealers or banks are eligible for the service.  Participants must meet NSCC membership requirements, and special data-services-only memberships are available.

Benefits

With APP and SUB you can:

• Settle money the same day for annuity applications and subsequent premium payments
• Automate reconciliation of receipts and payments and eliminate checks and wire transfers and their associated costs.
• Achieve a higher percentage of "in good order" business by reducing the number of data entry errors and minimizing paper applications and supporting documents that are incomplete or deficient.
• Simplify and streamline the sales process by reducing paper and manual processing so that distributors can focus on creating new business opportunities and servicing customers.
• Improve turnaround time for issuing annuity contracts, to one day in many cases.
• Secure confidential data through DTCC's Securely Managed And Reliable Technology (SMART) network, which provides centralized, end-to-end managed communications for all post-trade clearance and settlement processing.

How the Service Works

Using a mainframe or Internet connection, distributors electronically send application and subsequent premium information to NSCC, which then routes the applications and subsequent payments to insurance carriers and settles the premium.

For More Information

For more information, please contact Insurance Services at 1-888-382-2721.  E-mail us at Insurance@dtcc.com