DTCC’s Insurance Information Exchange is a new platform that transforms raw data into actionable insights using an API-enabled environment to consume insurance information.
OVERVIEW
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.
BENEFITS
Using the API-enabled platform, IIEX allows clients to centralize
and exchange their data. Benefits include:
- Centralized data hub provides a standardized alternative to the
need for sending large, redundant batch files
- Users can access easily consumable, purpose-driven and in
force policy data files
- Additional phases will expand on the data offering across policy,
producer and product details and will expand the data sourcing
and delivery capabilities using new technologies
- Offers a solution for all insurance product types - annuities, life
insurance and insurance-based retirement plans
- Stay compliant, meeting industry data standards through
reactive regulatory changes
- Flexible, secure platform with API capabilities
HOW THE SERVICE WORKS
Accessible from a user interface, the DTCC Portal, with API search
capabilities, IIEX will give users the flexibility to view and access
in force policy data and achieve insights into data quality completeness scores that leverage business defined critical attributes,
by product types.
*IIEX’s User Interface will be accessible via the DTCC Web Portal and the IIEX APIs in the DTCC API Marketplace.
WHO CAN USE THE SERVICE
IIEX is available to all I&RS clients who are members of DTCC’s
National Securities Clearing Corporation (NSCC).
For More Information
To request additional information, please click here.