The Depository Trust & Clearing Corporation (DTCC) and Finetre Corporation today announced the signing of a memorandum of understanding to integrate Finetre's AnnuityNet and LifeNet technologies as a key front-end platform for DTCC's InsurExpress solution.
InsurExpress is a new DTCC service that offers distributors and insurance carriers an automated, end-to-end process for streamlining the sale, servicing, and processing of life insurance and annuity products. By automating a variety of tasks associated with life insurance and annuity applications – including forms completion, securing of signatures, medical information, and issuance of policies – InsurExpress promises to speed the time it takes to process these products, especially life insurance, which typically can take 90 days or longer.
DTCC is currently piloting InsurExpress among carriers and distributors, including Genworth Financial and Piper Jaffray, and intends to expand the program to encompass multiple financial advisers in various geographical locations, together with an expanded group of services and list of insurance carriers.
"DTCC is recognized as the provider of choice in the insurance industry for data clearance and money settlement," said Steve Dunlap, senior vice president and chief marketing officer for Finetre. "They have an impressive track record when it comes to automating industry processes, so we are thrilled that they chose Finetre. We've enjoyed an important partnership with DTCC for years now, sending them around 10,000 annuity transactions each month. Expanding that partnership to include life insurance processing and the unique approach of the InsurExpress product is an exciting opportunity for us."
Finetre's AnnuityNet platform enables brokerage firms to fully automate processing of annuities by providing compliance workflow management and oversight, suitability, and reporting. The platform also increases back-office efficiency by providing and correctly filling out all forms, curtailing errors, and virtually eliminating "not in good order" applications.
The technology on which AnnuityNet is based also serves as the backbone of Finetre's newer LifeNet platform, which provides similar automated processing services but for life insurance products.
"As a well-established provider of front-end, order-entry technology, Finetre was a logical first choice for what DTCC envisions will be a group of strategic partners that will provide front-end connectivity to InsurExpress," said John Ziambras, vice president and manager, Insurance Services, DTCC. "Our relationship with Finetre significantly expands what we can offer insurance carriers and distributors as part of our vision to deliver a complete cost-efficient, straight-through processing solution through all stages of the insurance sales life cycle."
Following execution of a definitive agreement, DTCC and Finetre will begin immediate integration of each firm’s respective systems and start industry-wide joint marketing based on the two organizations' complementary strengths.