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December 29, 2010 at 07:00 PM
The National Securities Clearing Corp. wants to use insurance transaction processing information to start an insurance market data service.
The proposed NSCC Analytics Reporting System would use actual NSCC Insurance and Retirement Processing Service (IPS) transaction information, rather than surveys, to produce insurance product sales statistics and other insurance market statistics, according to the NSCC.
Today, the NSCC says, insurance sales data providers tend to rely heavily on publicly accessible financial information, voluntary insurer surveys, and proprietary analytical tools.
“Reliance on survey results and the aggregation and analysis of those results often makes the information several months old by the time it is distributed to subscribers,” the NSCC says.
Because the NSCC Analytics Reporting Service would use current IPS data, it should be able to provide market information faster and more efficiently, the NSCC says.
The service could help insurers make decisions about sales, marketing and product development efforts, the NSCC.
