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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.

LexisNexis® Life Data Prefill image

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.

ACORD Logo

Common ACORD Data Transactions for Life Insurance

Next Generation Digital Standards (NGDS)

ACORD has been working on a new standard for Life and Annuities called the “Next Generation Digital Standards (NGDS)”. Digital Standards are designed to enable “small” fine-grained business transactions between insurance systems. They will define the data structures necessary to support granular messages which can be used in microservices, or invoked by API methods.

Reasons for using Digital Standards

  • Increased Resilience: with microservices your entire application is decentralized and decoupled into service that act as separate entities.
  • Improved Scalability: with each service is a separate component, you can scale up a single function or service without having to scale the entire application.
  • Software/hardware flexibility: each service can use its own language and framework while still being able to communicate easily with the other services in your application.
  • Faster Time to Market: by developing in smaller increments that are independently testable and deployable you can get to market quicker
  • Improved ROI and Reduced Costs/Development: the increased efficiency of microservices reduces infrastructure costs and minimizes downtime. Development time is reduced and code will be more reusable.
Data Exchange

Common ACORD Data Transactions for Life Insurance

  • 111 – Quote / Illustration Request
  • 103 – eSubmit a New Life Insurance Application
  • 121 – Service Requirement Order to Paramed Provider
  • 128 – Licensing & Contracting Submission
  • 1125 – Pending Case Status
  • 1122 – Service Requirement Order Status
  • 1128 – Licensing & Appointment Status, Renewal, and Termination
  • 1206 – Commissions
  • 1203 – Inforce Transaction

DTCC Insurance and Retirement Products and Services

DTCC’s Insurance and Retirement Services (IR&S) offers a suite of streamlined processing and compliance-driven solutions of big data in insurance for carriers and their distribution partners — broker/dealers, banks, brokerage general agencies, independent broker/dealers and other firms — through a secure, centralized and automated infrastructure for data breach insurance. This infrastructure enables insurance carriers and distributors to exchange information at various points throughout the annuity and life insurance processing cycle.

 

Money Settlement for premium paid out of a client’s brokerage account and netting commissions is part of the DTCC Money Settlement process. The carrier’s fixed and annuity products need to be on an Annuity Order Entry platform (AOE). Ebix’s AnnuityNet and iPipeline’s Affirm for Annuities are the 2 most commonly used Annuity eApp platforms in the Wirehouse / Broker Dealer space. Agent licensing & appointment services as well as the producer management portal is another DTCC data exchange process.

DTCC products and services
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DTCC Money Settlement Process

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