The Depository Trust & Clearing has launched IFT Access, which provides the insurance industry with online access to existing transaction processing services, simplifying the way insurance products are sold and serviced.
The online access offers a customer interface that provides a faster method of submitting information changes on insurance contracts executed by the firms who market these products.
The company said that IFT Access allows the insurance sales force to manage inforce transactions through a password protected interface. The IFT transactions include updates within an insurance contract that reflect a change in a broker identification number (BIN) or the representative assigned to the contract (REP).
Adam Bryan, managing director of Insurance & Retirement Services at DTCC, said: “IFT Access reflects our commitment to bringing greater efficiency, cost reduction and risk mitigation to insurance transactions, and we continue to add new tools that address industry demands.
