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Sep 17, 2014 • Press Releases

DTCC To Automate Retirement Plan Reporting For the Insurance Industry

New York, September 17, 2014 – The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, announced today that its Insurance & Retirement Services (I&RS) group is building an industry-wide solution to automate and streamline the exchange of group insurance information - including valuations, commissions and financial activity data - between carriers and distributors for retirement plans offered by the insurance industry. The service is expected to go live in mid-2015.

Retirement plans represent a significant and developing marketplace. According to Cerulli Associates, a leading source of data and analysis for the global financial services industry, defined contribution assets will grow to an estimated $7.2 trillion by 2017, while defined benefit assets will reach an estimated $8.0 trillion in the same time span. This growth will place increasing operational and cost burdens on providers nationwide, as most firms continue to leverage manual processes such as the exchange of data via spreadsheets sent via fax, email and overnight mail.

Today, DTCC’s I&RS offers a suite of streamlined processing and compliance-driven solutions for insurance carriers and their distributors – broker/dealers, banks, and other firms – through a secure, centralized and automated infrastructure, enabling them to exchange information throughout the individual annuity and life insurance processing cycle.

DTCC will extend this functionality to support a host of retirement plan products, including pension plans, IRAs, 401Ks and profit-sharing plans, among others. A pilot program for retirement plans processing is currently underway and testing will begin in the first quarter of 2015.

"Insurance carriers currently use multiple proprietary feeds for their retirement plan businesses that are inefficient, labor intensive and expensive to maintain," said Ann Bergin, Managing Director, DTCC Investment Product Services. "In addition, they increase the time to market for carriers who are trying to support distributors with new products and product information. With this offering, our clients will be able to automate the processing and reporting of retirement plan data, utilizing standardized language, definitions and reporting requirements that speed up the time to market."

In addition to new efficiencies and cost reduction, the solution offers the industry additional benefits. "By automating and standardizing retirement plans data, we will be able to grow this segment of our business faster and more efficiently, while better meeting the needs of our diverse product distribution and business partners," said JP Murphy, Director, Nationwide Electronic Business to Business. "These expanded data standards align our retirement plan business with the automation and standardization already in place for both our individual annuity and life insurance businesses, thus further enhancing our data feed capabilities." Nationwide is one of the largest insurance and financial services companies in the United States.

About DTCC

With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 15 countries, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. User owned and industry governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2013, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 139 countries and territories valued at US$43 trillion. DTCC’s global trade repository processes tens of millions of submissions per week. To learn more, please visit or follow us on Twitter @The_DTCC.

About DTCC’s I&RS Group
DTCC's Insurance & Retirement Services (I&RS) offers a suite of streamlined processing and compliance-driven solutions for carriers and their distribution partners -- broker/dealers, banks, brokerage general agencies, independent broker/dealers and other firms -- through a secure, centralized and automated infrastructure. This infrastructure enables insurance carriers and distributors to exchange information at various points throughout the annuity and life insurance processing cycle. For more information, click here. Please follow us on twitter at @DTCCInsurance and LinkedIn at Insurance & Retirement Services.             

Craig Donner



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