DTCC to Build Reporting Solution for Insurance Retirement Products

The Depository Trust & Clearing Corporation (DTCC), through its Insurance & Retirement Services (I&RS) group, is building a solution to automate and streamline the exchange of group insurance information for insurance retirement products.

The service is expected to go live in mid-2015, building on the current offering of a centralized, automated infrastructure that allows insurance carriers and their distributors to exchange information throughout the individual annuity and life insurance processing cycle, and now this will be available for retirement plans.

“Insurance carriers currently use multiple proprietary feeds for their retirement plan businesses that are inefficient, labor intensive and expensive to maintain,” says 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.”

“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,” says 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.”