CarriertoCarrier Automation Presented by Cynthia Price Prudential Annuities Cory Stark DTCC Jennifer Cogdell Lincoln Financial Group Cheri DeBoerStinson Cooperative ID: 235731
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Slide1
1035 ReplacementsCarrier-to-Carrier Automation
Presented by…
Cynthia
Price
-
Prudential Annuities
Cory Stark
- DTCC
Jennifer
Cogdell
-
Lincoln Financial Group
Cheri
DeBoer-Stinson
-
Cooperative
Technologies Slide2
The lack of Suitability Question Standardization. Gathering ceding carrier replacement requirements and policy data. No widespread adoption of ACORD 951 Form. Ceding carriers requiring their own surrender forms. No common definition of IGO/NIGO. Shadow Conservation.
Market Conduct / Legal Compliance buy-in. No standards for Non-data Carrier to Carrier Communications. Price of implementing full DTCC RPL solution. No carrier-to- carrier Money Settlement. Carriers with
Conservation. No carrier-to-carrier eSignature acceptance. Wet signature required. Fax not always accepted. No common definition of Conservation. Messaging across multiple parties is complicated. No initial analysis of carrier members replacement automation readiness. Officer stamped signature. Status
1035 Replacement Pain Points
Suitability Question Standardization
Conservation
Inconsistent Replacement Forms ACORD 951 Form Adoption
Carrier-to-Carrier eSignature Acceptance
Money Settlement
Inconsistent Replacement IGO /NIGO Definitions
Price of full DTCC RPL Solution
Carrier Automation Readiness Analysis
Non-Data Carrier-to-Carrier Communications
Wet Signature Required - Fax not Accepted
Unknown Ceding Carrier Requirements
Legal Compliance Buy-In
Gathering Ceding Policy Data
Ceding Surrender FormsSlide3
ACORD 951 Form Adoption IGO / NIGO Definition Standards
Non-data Carrier to Carrier Communications Best Practices
1035YellowPages Lite Quarterly Carrier Automation AnalysisProcess Mapping
1035
Replacements Building
Bl
ocks
2014Slide4
Quarterly
Carrier
Automation
Analysis
ESignature Acceptance
Carrier-to-Carrier
Automation 2013 - 2014
IRI 1035YellowPages Lite Wet Signature vs. FAX Acceptance
Ceding Carrier Requirements
IGO /NIGO Definitions
& Standards
Replacement Process Mapping
ACORD 951 Form Adoption
Non-Data Carrier-to-Carrier Communications Best Practices
Suitability Question
Standardization
1035 Replacements Building BlocksSlide5
1035 Replacements Building Blocks
Quarterly
Carrier
Automation
Analysis
ESignature Acceptance
IRI 1035YellowPages Lite
Wet Signature vs. FAX Acceptance
Ceding Carrier Requirements
IGO /NIGO Definitions
& Standards
Replacement Process Mapping
ACORD 951 Form Adoption
Non-Data Carrier-to-Carrier Communications Best Practices
Suitability Question
Standardization
DTCC Carrier-to- Carrier
Money Settlement
Carrier-to-Carrier
Automation 2015Slide6
Benefits to
Carrier-to-Carrier
Replacement Money Settlement (STL)
Reduce manual process & cost to generate check writing and wire transfers
Reduce check mailing to incorrect address
Same day settlement
Reduce call out to ceding carriers
Integrated settlement with NSCC settlement processingSlide7
Pilot Carriers
Transamerica
LincolnVoya
Forethought (Se2)
New York LifeSammons
(Se2)Additional Carriers for 2015/2016
Prudential, AXA, Allianz, Nationwide & Jefferson
STL for Replacement Settlement
DTCC Implemented March 2015 Carrier Implementation Q4 2015Slide8
1035 Replacement AutomationSlide9
1035 Replacements Building Blocks
Quarterly
Carrier
Automation
Analysis
ESignature Acceptance
IRI 1035YellowPages Lite
Wet Signature vs. FAX Acceptance
Ceding Carrier Requirements
IGO /NIGO Definitions
& Standards
Replacement Process Mapping
ACORD 951 Form Adoption
Replacement Status Communications
Non-Data Carrier-to-Carrier Communications Best Practices
Suitability Question
Standardization
DTCC Carrier-to- Carrier
Money Settlement
Carrier-to-Carrier
Automation 2015Slide10
Carrier to Carrier Communications
Escalation Contact Directory
Batch UpdateBest Practices & Standards AdoptionNIGO/IGO RulesNon-Data Communications Standards
Surrender Form Best PracticesACORD 951
Ceding Replacement RequirementseSignature
New York Reg 60Carrier-to-Carrier Replacement Attachments
1035 Replacements Building Blocks
2015 / 2016Slide11
1035 Replacements Building Blocks
Quarterly
Carrier
Automation
Analysis
ESignature Acceptance
Carrier-to-Carrier Automation
IRI 1035YellowPages Lite
Wet Signature vs. FAX Acceptance
Ceding Carrier Requirements
DTCC Carrier-to- Carrier
Attachments
DTCC RPL Solution
IGO /NIGO Definitions
& Standards
Replacement Process Mapping
ACORD 951 Form Adoption
Replacement Status Communications
Non-Data Carrier-to-Carrier Communications Best Practices
Suitability Question
Standardization
DTCC Carrier-to- Carrier
Money Settlement
Conservation
Slide12
1035 Replacements Building Blocks
2015 / 2016Slide13
1035 Automation Breakout
Conference Attendee Mobile
APP QuestionsWhat
are your plans for implementing the DTCC STL carrier-to-carrier replacements money settlement processing program?
1. We are on schedule to implement in 2015 2. We plan to implement in 2016 3. We are reviewing this initiative for a valid business case 4. We have no plans to implement this service at this time
If not yet committed to STL, what do you think the barriers are for your company to adopt 1035 Replacement Money Settlement?
1. Cannot build a valid business case2. Cannot get funding 3. Competing projects and lack of prioritization
4. Cannot support process changes needed to implement Is your organization planning on participating in the DTCC carrier-to-carrier
Attachments (ATT) program in the future?
1. Planning
2016 Participation 2. Planning
Participation Beyond 2016 3.
Participation To Be Determined
4. Not planning on Participating
Do you think the 1035Automation WG is focusing on the right building blocks to obtain
the goal of end-to-end, carrier-to-carrier automation? 1. Yes 2. No
CarriersSlide14
http://irifocus.info
(User Name / Password Required)
1035 Replacements / Automation Work Group Page
Document Library
STL Enhancements for 1035Exchanges STL Cost Benefit Analysis IRI 1035YellowPages Lite Overview – Under Coop-Tech Overview Files
IRI 1035 Automation Readiness Matrix and Statistics ACORD 951 Form 2013 – Zip FileRegulation 60 – Proposed RulemakingIRI Focus Home Page
IRI 1035YellowPages Lite – Carrier & Distributor Sign-up DTCC Web-Site: STL Enhancements for 1035 Exchanges http://dtcc.com/~/media/Files/Downloads/Investment-Product-Services/Insurance-and-Retirement-Services/User%20Group%20Information/Replacement%20Money%20Settlement/STL_Enhancements_for_1035_Exchange_Requirements.ashx
1035 Automation
Web-ResourcesSlide15
1035 ReplacementsIRI, DTCC & ACORD Human Resources
User Name & Password
Requests: http://irifocus.info & www.myIRIonline.org Jim Young, Vice President of Operations and
Technology Money Settlement (STL) Cory Stark - DTCC: CStark@dtcc.com
Ellen Hoover –Lincoln Financial: Ellen.Hoover@lfg.com Cynthia Price - Prudential Annuities:
cynthia.price@prudential.comACORD 951 1035 / Replacement Form AdoptionSandra Hampel – ACORD: shampel@accord.org
Cynthia Price - Prudential Annuities: cynthia.price@prudential.comIRI 1035Automation Working Group
Cheri DeBoer-Stinson – Group Chair: CStinson@CooperativeTechnologies.com 1035YellowPages Lite – Ceding Carrier Database
Cheri DeBoer-Stinson – Cooperative Technologies: CStinson@CooperativeTechnologies.com Slide16Slide17
STL for Replacements - Roles