The Depository Trust and Clearing Corp. said it has adopted insurance processing technology from Finetre Corp. as part of a service to automate sales, servicing, and processing of life insurance and annuity products.
The service, called InsurExpress, is to be offered to distributors and insurance carriers, Depository Trust said on Monday. By automating tasks associated with applications for life insurance and annuities - including completion of forms, securing of signatures, medical information, and policy issuance - InsurExpress aims to trim processing time, especially for life insurance, which typically takes 90 days or longer, the company said.
InsurExpress will use Finetre's AnnuityNet platform, which lets brokerages fully automate annuities processing by providing compliance oversight and reporting. The platform also increases back-office efficiency by providing and correctly filling out all required forms, the company said.
Depository Trust is pilot testing InsurExpress among carriers and distributors, including Genworth Financial Inc. and Piper Jaffray Cos., and it said it intends to expand the program to multiple financial advisers.
