Insurance Data Exchange for Life Insurance & Annuities

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Insurance Data Exchange for Life Insurance & Annuities

Insurance Data Exchange for Life Insurance & Annuities

Data Exchange for Life Insurance and Annuities uses several key message/transaction types. The two data standards (ACORD & DTCC) have been widely adopted over the last 18 years. In the future, several of the messages and big data insurance exchanges as we know them today for financial transactions will be retooled using Blockchain with Smart Contracts. This transformation will not happen until consortiums are established. The participation is the biggest challenge not the technology. This information is covered in the “Innovation” section of InsurTech Express. – Ken Leibow

There are multiple pricing models for each message and also platform licensing dependencies. This can be somewhat complex. To learn more about the pricing models, please click the PRICING button below.

DTCC PRICING

ACORD What’s HOT in Life & Annuity Data Standards

Solvrays acts as a data integration layer, connecting systems like CRMs, underwriting platforms, and carrier portals. It facilitates seamless exchange of structured and unstructured data, reducing friction and enabling faster decision-making across the insurance value chain.

Solvrays product page

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The AgentVizion Suite is a powerful set of insurtech solutions designed by Magnifact to provide real-time, data-driven insights for insurance agents, agencies, and carriers. It enhances distribution intelligence, streamlines operations, and boosts sales performance.

AgentVizion Suite product page

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Based upon the extensive Samplemed medical underwriting experience, we believe samplemed360 is the only life and health underwriting platform you need. In addition to including all Samplemed solutions for risk analysis and controlling case flow elegantly and autonomously, the platform reveals deeper underwriting insights, because it was designed with a data-focused philosophy.

So, if you want to organize your flows, optimize cost in underwriting, or unleash your own data, be sure to use s360. The future of underwriting arrived.

samplemed 360 product page

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As an interactive single-inquiry solution, LexisNexis^® Life Data Prefill helps streamline the insurance process at the point of application, reducing the time and cost of capturing some of the data necessary to help properly evaluate your applicants.

LexisNexis® Life Data Prefill Product Info

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Common ACORD Data Transactions for Life Insurance

ACORD’s Next Generation Digital Standards (NGDS) are new JSON and YAML-based data exchange standards for the insurance industry, particularly in Life and Annuities. They enable “fine-grained” transactions through microservices and RESTful APIs, promoting increased resilience, scalability, and flexibility in insurance systems. This approach allows for faster development, reduced costs, and improved efficiency by facilitating modular, independently deployable software components that can communicate easily, supporting various insurance functions and integrating with existing ACORD standards.

ACORD What’s HOT in Life & Annuity Data Standards

DTCC Insurance and Retirement Products and Services

DTCC’s Insurance and Retirement Services (IR&S) provides a secure, automated platform for insurance carriers and distributors (broker-dealers, banks, etc.) to exchange data for annuity and life insurance processing. This includes handling premium money settlement and commissions. Key to this process are Annuity Order Entry (AOE) platforms like Ebix’s AnnuityNet and iPipeline’s Affirm for Annuities, which facilitate electronic applications. IR&S also manages agent licensing, appointments, and a producer management portal, ensuring compliance and streamlining operations for big data in insurance.

DTCC PRICING

Connecting Each Touchpoint on the Sales and Customer Success Journey.

Trusty.care’s end-to-end sales & customer support experience platform has all the software and integrations needed to connect all stakeholders in the health insurance ecosystem, from point of sale to commissions analytics to member engagement and retention. Our modular approach seamlessly connects data, teams, and members to optimize your sales processes. Each module is powerful alone, even better together.

Trusty.care helps your business Connect, Automate, and Grow

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Lavvi’s Sales Enablement platform is an API-driven solution designed to enhance insurance distribution by integrating seamlessly with existing systems and offering modular, plug-and-play apps. It supports multiple distribution channels, including direct-to-consumer, embedded insurance partnerships, and advisor-driven models, ensuring flexibility and scalability. The platform automates compliance, provides customizable storefronts, and delivers an intuitive user experience with high conversion rates. By enabling faster time to market and improved partner collaboration, Lavvi helps insurers increase revenue and meet modern consumer expectations efficiently.

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Insurance Data Exchange for Life Insurance & Annuities