Applications & Premium

Applications & Premium (APP) transmits annuity application and initial premium information from distributors to insurance carriers. The service provides an efficient, straight-through process for validating, formatting and submitting annuity applications and initial premium payments while incorporating same-day money settlement.

• WHO CAN USE THE SERVICE

  Applications & Premium (APP) 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.

• BENEFITS

  With APP, customers can:

  • Settle money the same day for annuity applications and initial premium payments.
  • Automate reconciliation of receipts and payments; eliminate checks and wire transfers and their associated costs.
  • Achieve a higher percentage of “in-good-order” business by reducing the number of data-entry errors and minimizing paper applications and supporting documents that are incomplete or deficient.
  • Simplify and streamline the sales process and lower costs by reducing paper and manual processing so that distributors can focus on creating new business opportunities and servicing customers.
  • Improve turnaround time for issuing annuity contracts, to one day in many cases.
  • 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, distributors electronically send application and premium information to NSCC, which then routes the applications and payments to insurance carriers and settles the premium.

• For More Information

  Please email us at WMSConnect@dtcc.com or fill out a contact us form.