Insurance Data Exchange
Data Exchange for Life Insurance and Annuities uses several key message/transaction types. The two data standards (ACORD & DTCC) have been widely adopted over the last 18 years. In the future, several of the messages and data exchanges as we know them today for financial transactions will be retooled using Blockchain with Smart Contracts. This transformation will not happen until consortiums are established. The participation is the biggest challenge not the technology. This information is covered in the “Innovation” section of InsurTech Express. – Ken Leibow
There are multiple pricing models for each message and also platform licensing dependencies. This can be somewhat complex. To learn more about the pricing models, please click the PRICING button below.
- 111 – Quote / Illustration Request
- 103 – eSubmit a New Life Insurance Application
- 121 – Service Requirement Order to Paramed Provider
- 128 – Licensing & Contracting Submission
- 1125 – Pending Case Status
- 1122 – Service Requirement Order Status
- 1128 – Licensing & Appointment Status, Renewal, and Termination
- 1206 – Commissions
- 1203 – Inforce Transaction
DTCC’s Insurance and Retirement Services (IR&S) 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.
Money Settlement for premium paid out of a client’s brokerage account and netting commissions is part of the DTCC Money Settlement process. The carrier’s fixed and annuity products need to be on an Annuity Order Entry platform (AOE). Ebix’s AnnuityNet and iPipeline’s Affirm for Annuities are the 2 most commonly used Annuity eApp platforms in the Wirehouse / Broker Dealer space. Agent licensing & appointment services as well as the producer management portal is another DTCC data exchange process.