Licensing & Appointments (L&A) automates and standardizes the two-way flow of information needed to manage agent information between insurance carriers and distributors, eliminating paper and simplifying data exchange. It also provides for money settlement between parties for licensing- and appointment-related fees.
Overview
Licensing & Appointments (L&A) automates and standardizes the two-way flow of information needed to manage agent information between insurance carriers and distributors, eliminating paper and simplifying data exchange. It also provides for money settlement between parties for licensing- and appointment-related fees.
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 L&A, customers can:
- Decrease operating costs by reducing redundant manual processes and eliminating paperwork, faxes, and overnight mail.
- Reduce the lead time for obtaining licensing and appointment authorizations, allowing agents to begin selling the same day, depending on state regulations.
- Eliminate unauthorized sales by reconciling distributors' and carriers' records, thereby reducing the potential for unauthorized sales.
- Support straight-through processing, giving participants the means to manage appointments from start to finish without manual intervention in many state jurisdictions.
- Facilitate cleaner renewals through daily synchronization of agent data, ensuring that carriers have accurate, up-to-date records for appointment renewals, which eliminates the substantial cost of renewing agents that are no longer employed with the distributor or licensed in the state of renewal.
- Execute mass appointments by allowing carriers to create thousands of agent records and appointment requests in a matter of days, versus weeks or months.
- Transfer appointments seamlessly from one distributor to another, without substantial cost or time commitment to the carrier or distributor - a key benefit for financial institutions acquiring or merging with other organizations.
- 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, insurance carriers and distributors can send information back and forth through NSCC, which provides an easier and more efficient method to communicate.
For More Information
For more information, please contact Insurance Services at 1-888-382-2721. E-mail us at Insurance@dtcc.com.