The Depository Trust & Clearing Corporation (DTCC) has launched Attachments, a new electronic solution to streamline the processing of required paperwork and signatures for pre-sale and post-issuance transactions in the insurance industry.
The Attachments allows insurance carriers and distributors to electronically exchange unstructured information, such as digital or imaged documents, signatures, and forms that are required in the processing of annuity and life insurance contracts.
Developed by Insurance & Retirement Services (a unit of DTCC’s National Securities Clearing Corporation (NSCC) subsidiary), the Attachments mitigates operational risk by reducing the number of not-in-good-order (NIGO) transactions, and preventing delays associated with faxing or mailing paper documents. It also helps to meet increasing regulatory and compliance requirements by introducing an automated process that produces a transparent audit trail.
The Attachments provides a secure, web-based, paperless environment that reduces processing costs by eliminating the need for manual copies, post mail and faxes.
The multi-function support service enables insurance companies and distribution firms to exchange digital documents, signatures and forms during the pre-sale, new business and post-issue processing of annuity and life insurance information.
