The question was: If my broker uses “straight through processing” for the policies I submit for life settlement offers, how does that impact the outcome for my clients?
The answer is: This is actually a two-fold as straight through processing (STP) addresses two of the longstanding and major issues/critiques facing the life settlement industry. These are consumer privacy and transaction timeframes.
STP allows information to be transferred between producers, brokers, providers and investors in the life settlement process without each manually re-entering the same information repeatedly over the entire transaction lifecycle. It is the result of systems effectively communicating with each other to eliminate manual processes. STP mitigates the biggest risk facing the life settlement marketplace today, privacy of data. By eliminating e-mail, fax and even ftp delivery of sensitive personal data, life settlement clients are now protected as never before.