DTCC launches pilot programme for new IIEX platform
The Depository Trust & Clearing Corporation (DTCC) has launched a client pilot programme for its new Insurance Information Exchange (IIEX) service, a new platform that will help clients turn massive quantities of insurance data and information across 15.6 million policy records into actionable insights.
The pilot programme is backed by a consortium of industry-leading insurance carriers and distribution partners who are collaborating with DTCC on the development of the service.
DTCC’s IIEX platform, offered through the firm’s Insurance & Retirement Services business, will support the exchange of policy, producer, and product data, providing clients with an easy, flexible and secure data hub to support the sourcing and consumption of insurance data. Access to in-force policy data in IIEX is currently available in Release 1.0, on-demand through a user interface on the DTCC Portal as well as via an API-enabled platform. Full IIEX API specifications are available on the DTCC API Marketplace, a developer community where users can access turnkey applications and self-service tools to create custom software solutions.
“The new IIEX platform looks great, and we can think of many uses for us as a carrier. We see strong value in the offering, especially in the area of research, where we will be able to significantly reduce the amount of time it takes to review the individual data elements on the position file,” says Joe Procacini, Senior Business Systems Consultant, Retirement Solutions Division, Pacific Life Insurance Company.
“Currently, over 500 firms exchange large amounts of data through DTCC’s insurance products. While effective and efficient, the sheer volume of all this information can make it challenging for clients to pinpoint specific information needed for critical business decisions or for reporting requirements,” says Ann Bergin, Managing Director & General Manager, Wealth Management Services and Asset Services at DTCC. “IIEX is truly revolutionary because it allows clients to easily source and consume their policy, producer and product data – all in a secure, centralised hub. We look forward to working closely with our clients on this exciting pilot program.”
Using IIEX, I&RS clients will be able to generate on-demand analyses and intelligence to promote data-driven decision making and compliance while leveraging industry data standards.
"DTCC's Insurance Information Exchange is the future of the Insurance and Annuity industry data needs, and will revolutionise what we are able to accomplish,” stated Amy Scott, Department Leader, Annuity Services at Edward Jones.
“Clients participating in our pilot program have implemented IIEX into their organisations’ environments, and are actively sharing their experiences and ideas with us,” says Barb Smith, Executive Director, Insurance & Retirement Services at DTCC. “We are excited about the possibilities of the IIEX platform, and we greatly value the feedback and insight gained through the pilot program.”
With pilot clients now leveraging IIEX in the production environment, DTCC will make the service fully available to all members beginning in January 2021.