NU Online News Service, May 9, 2003, 12:36 p.m. EDT – The Depository Trust & Clearing Corp., New York, says it is working with BISYS Group Inc., New York, to develop a system for “seamless, end-to-end communication” between insurers and distributors.
The system, which will be unveiled May 19, will help automate the process of selling annuities and life insurance through broker-dealers, banks and wirehouses, DTCC says.
DTCC hopes to begin testing a version of the system by Sept. 30 and put it into full production by Dec. 31.
DTCC, a major securities clearinghouse, has been moving into the business of clearing transactions involving life insurance policies and annuities.
The company says it will speed up its entry into the field by using BISYS to track insurer application requirements and application status. BISYS will also help distributors obtain distribution licenses and keep up with licensing continuing education requirements, DTCC says.
DTCC will handle system integration, money settlement, administration of the communications network, and maintenance services for in-force contracts.
DTCC and BISYS will work together to provide a product profile repository, DTCC says.