DTCC Insurance Profile

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DTCC Insurance Profile is the only data management solution in the retirement-savings market enabling annuities distributors to access expense, fee and commission schedule data from carriers in a centralized location – which increases transparency in this evolving marketplace.

OVERVIEW

DTCC created Insurance Profile to help the annuities marketplace move toward fiduciary best-interest standards that demand greater data transparency for investors. The service is uniquely designed to facilitate the collection and dissemination of fiduciary-related data -- capabilities that can differentiate firms from competitors and drive investor satisfaction. With Insurance Profile, carriers can submit and maintain standardized expense, fee and commission schedule data. The data is then validated and stored in the centralized Insurance Profile repository for easy retrieval by distributors via the DTCC Web Portal or batch file delivery. The service replaces cumbersome manual data-exchange methods – which can vary firm to firm – with a fully automated process that provides the transparency needed in today’s market.

DTCC’s Insurance & Retirement Services collaborated with over 60 firms from across the insurance industry to identify business and technical requirements for the development of Insurance Profile. The result is a solution that addresses the unique back-office challenges of the annuities marketplace.

Insurance Profile is a service offering of DTCC’s National Securities Clearing Corporation (NSCC) subsidiary.

BENEFITS

  • Automates carriers’ transmission of expense data, bringing transparency to the contract, feature/rider and fund (subaccount) levels.
  • Creates new efficiencies by enabling distributors to pull standardized, ACORD-formatted data from multiple carriers from a single platform – eliminating the need to support and maintain proprietary feeds or databases.
  • Eases compliance burdens and associated costs, allowing distributors to gain quick access to updated data, including direct and indirect expense reporting.
  • Reduces risk of errors associated with manual data exchange and processing.
  • Improves distributor/carrier relationships and advisor and customer satisfaction by speeding data delivery and creating standardized processes. Facilitates data access through batch delivery or the easily accessible DTCC Web Portal.

HOW INSURANCE PROFILE WORKS

How Insurance Profile Works

WHO CAN USE THE SERVICE

DTCC Insurance Profile is available to firms that are members of DTCC’s National Securities Clearing Corporation (NSCC). Click here for information on how to become a member of NSCC.

FOR MORE INFORMATION 

Please contact Insurance & Retirement Services at 1-888-382-2721. E-mail us at insurance@dtcc.com.

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