I&RS's Insurance Profile service, a repository that helps annuities providers comply with the disclosure requirement of the 2016 Department of Labor (DOL) Fiduciary rule by streamlining the data submission and access process for carriers and distributors, is now part of the Insurance Information Exchange (IIEX) platform - a centralized data hub for the sourcing and consumption of insurance data.
Related: IIEX Case Study with Global Atlantic Financial Group
As part of the newly migrated service, Insurance Information Exchange (IIEX) Commissions Schedule Transmission (CST) & Fee Expense Transmission (FET) carriers can continue to submit and maintain their standardized expense, fee and commission data. The data is then stored in IIEX’s centralized data hub for consumption by distributors via the DTCC Web Portal, API or batch file delivery.
The IIEX CST & FET service replaces point-to-point data exchange methods - which can vary firm to firm - with a fully automated process, decreasing risk of error associated with manual data exchange and processing. Through IIEX CST & FET, carriers’ expense data transfers are automated and distributors can quickly access updated data for disclosures on-demand.
These automations bring transparency to the contract, feature/rider and fund (subaccount) levels while easing compliance burdens and lowering costs associated with the myriad of regulations that require disclosure. By speeding up data delivery via automation and creating standardized processes, the relationships between carriers and distributors are strengthened and compliance needs are met.
"We are very excited to take two of our most innovative services and combine them to create more value for our clients," explained Barb Smith, Executive Director of DTCC Insurance & Retirement Services (I&RS). "By accessing IIEX CST & FET, clients can automate their insurance data processes and gain transparency needed for compliance.”
The IIEX platform enhancement is one of many planned advancements for the upcoming years. I&RS will continue innovating and creating centralized, secure services to benefit clients by gaining transparency, reducing risk and saving money.
“We look forward to continuing to develop the IIEX platform to meet clients’ current and future needs in the insurance industry,” said Jeanann Smith, Director of Senior Product Management of DTCC Insurance & Retirement Services (I&RS).
For more information on IIEX CST & FET, contact your Relationship Manager or fill out our form to get in touch with a member of our team.