DTCC’s sophisticated I&RS processing environment has evolved
from more than 20 years of development, with an interconnected
and layered suite of products and services. Over 500 firms
exchange large amounts of data throughout the lifecycle of
insurance products, making it difficult to determine critical
business decisions or respond to today’s rapidly changing regulatory and reporting requirements. While effective and efficient, the
sheer volume of over 14.5 million insurance policy records
processed daily can be challenging for clients to pinpoint the
information needed.
DTCC’s Insurance Information Exchange (IIEX), a platform for
the exchange of policy, producer, and product data, provides clients with an easy, flexible and
secure data hub to support the sourcing and consumption of data.
Access to in-force policy data in IIEX is readily available, on-demand,
through a user interface, via DTCC Portal, as well as an API-enabled
platform.
In future iterations, it is envisioned to eventually allow the exchange
of information throughout any stage of the insurance processing
cycle. Designed with active input from DTCC clients, IIEX allows
clients to create analysis and intelligence around data quality.
IIEX is enhancing data quality, completeness, delivery and access –
all while reducing redundancy and risk, transforming a traditionally
chaotic process into an orderly one.