In-Force Web Services

DTCC’s IFW Services for Financial & Non-Financial Transactions extends support for the post-issue transaction set, allowing distributors to submit requests through mainframe, real-time service or a simple web interface. IFW Services are an offering of National Securities Clearing Corporation (NSCC), a DTCC subsidiary.


About

DTCC’s Insurance & Retirement Services (I&RS) developed the IFW Services to replace error-prone, manual and paper-based post-issue activities with straight-through, electronically signed paperwork, automated processes — from request through to transaction confirmation.

With I&RS providing a secure, centralized and standardized system, carriers and distributors both gain greater transparency into the myriad transactions that occur between carriers and producers. This access to data also supports regulatory demands for greater oversight of post-issue transaction activity. The range of financial and non-financial transactions include:

  • Arrangement Setup and Maintenance
  • Broker/Dealer of Record (BDoR) Changes
  • Death Notifications
  • Financial Withdrawals
  • Fund Transfers
  • Fund & Policy Inquiries
  • Party (Owner, Beneficiary, etc.) Changes
  • Party Address & Communication Changes

Who Can Use The Service

IFW Services are available to firms that are members of NSCC and clients of I&RS.

Benefits

  • IFW Services simplify the way insurance products are serviced.
  • Decreases operating costs by reducing manual processes and physical paperwork
  • Automated and standardized system provides transparency into transaction between carriers and producers
  • Easy-to-use, secure interface
  • Efficient: provides a faster method of submitting information changes on insurance contracts executed by the firms who market these products
  • Supports regulatory demands for oversight into market activity

How the Service Works

Using an internet connection, participating distributors can send and receive changes through NSCC. There are multiple ways a transaction can be submitted for processing to DTCC (web service, mainframe batch or via DTCC Web Portal).

The IFW Service functionality routes messages between distributors and insurance carriers using XML technologies to request and receive real time requests to support multiple post issue transactions.

The IFW Services are comprised of the following key post-issue transactions:

  • Arrangements (ACORD 107 message) is a one-time change to a service feature on an insurance contract. Arrangements can consist of the following programs such as Systematic Withdrawals, Dollar Cost Averaging, Automatic Payments, Asset Allocation, etc.
  • Death Notification (ACORD 810 message) provides the insurance carrier with a notification that a death has occurred to one or more parties to the in force/active policy or contract.
  • Financial Withdrawals (ACORD 105 message) is a one-time full or partial redemption of funds from an insurance contract.
  • Fund Transfer (ACORD 102 message) is a direct exchange or on-time reallocation of the underlying funds within a variable insurance asset. This request includes modifications to the service features affected by the exchange.
  • Policy Administration (ACORD 113 message) provides a defined set of changes to an in force/active policy or contract. This message supports both party and communication changes.

In addition, several of the above messages begin with one of the following inquiry messages:

  • Values Inquiry (ACORD 212 message) is used to return various policy values for a specific in force/active policy or contract. The Values Inquiry transaction begins the Financial Withdrawals, Fund Transfers, and Arrangements transaction messages.
  • Policy Administrative Inquiry (ACORD 115 message) is used to obtain the policy information needed specifically to perform basic policy administration activities. This message allows the distributor or vendor platform to gather necessary information about an in force/active policy to determine the administrative changes that are allowed. The Policy Administrative Inquiry transaction begins a Policy Administration transaction message.

For More Information

To request additional information, please click here.



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