The Depository Trust and Clearing Corp. is setting up the InsurExpress system, an electronic communication system that could help with the processing of life insurance policy applications.[@@]
DTCC, New York, says it began working with several insurance technology firms and at least one big insurer, Genworth Financial Inc., Richmond, Va., to test the system in June.
The InsurExpress system, based in part on electronic communications systems already offered by DTCC, includes a price quotation system, an electronic policy submission system, a call center that will help applicants supply the necessary underwriting information, a service that will guide the policy through the underwriting process, and a status reporting service.
DTCC hopes to add licensing validation services as well as premiums and commissions settlement services, the company says.