Supporting Replacement Processing business is not a new concept, 事实上, many firms have always manually supported replacement processing. 然而, firms managing these operational replacement processes manually tend to experience several inefficiencies, such as not in good order (NIGO) outcomes, 延误和错失机会. These firms are losing time and money, 但最终, they are providing a poor experience for their clients.
“在美国存, we’ve had firms approach us over the years – and now especially during the recent Covid-19 pandemic – about their frustration with inefficiencies in replacement processing,科里·斯塔克说, 存 Senior Product Management Director for Insurance & 退休服务(一)&RS). “With our clients’ continual guidance and industry leadership, 存’s I&RS has evolved the replacement process with an added level of automation.”
更换过程自动化
在过去的一年半里, the Covid-19 pandemic has caused a significant shift to virtual workplaces – making manual replacement processing more challenging than usual. 存的更换处理 自动化支持精确, timely electronic communication between receiving and ceding carrier partners to meet the distributor’s request for replacement new business.
在过去的一年半里, the Covid-19 pandemic has caused a significant shift to virtual workplaces – making manual replacement processing more challenging than usual.
Two services particularly support Replacement Processing automation: 结算 Processing for Insurance (STL) and Attachment Processing (ATT).
结算 Processing for Insurance℠ Supporting Replacements
结算 Processing for Insurance℠ (STL) replaces slow and costly settlement processes with a streamlined, automated tool that brings unmatched value to clients and the insurance industry. 客户端s gain an edge with faster settlement of funds, 更少的拒绝, and lower costs – directly contributing to an enhanced financial advisor and end-customer experience.
Using STL to support replacement business expedites the movement of monies between ceding and receiving carriers. STL supporting replacements is a stand-alone, credit only service (initiated by the ceding carrier) that utilizes standard record layouts through NSCC and is available to firms that are settlement eligible members of NSCC. STL helps reduce back-and-forth communication and NIGO rates for replacement settlement activity.
Attachment Processing Supporting Replacements
Attachments Processing and Attachment Access Supporting Replacements (ATT) service is the real-time transmission of replacement supporting documentation to facilitate the replacement request from receiving carriers to ceding carriers. Confidential documentation items in ATT are in industry-approved, standardized formats and are securely transferred to and from 存. Some of the items electronically exchanged in ATT are digital documents, 签名, 形式, and other types of unstructured data during pre-sale, new business and 帖子-issue processing of annuity and life insurance information. ATT is a stand-alone service that includes a comprehensive audit trail and is available to NSCC members.
Through real-time transmission in a standardized, 集中, 安全服务, firms using ATT eliminate the need for hard copy mail exchanges. ATT supports firms’ savings through reduced mailing and courier costs, 更快的交货时间, and the reduced potential for incorrect delivery locations. 另外, the ATT service not only enhances the client experience, but it also creates opportunities and efficiencies for carrier partners to expedite the exchange supported documentation.
“We are excited to have these replacement processing services available for our clients and we look forward to continuing to demonstrate all the efficiencies replacement processing has to offer,斯塔克说。.
STL & ATT services are available independently, but both processes support replacement processing automation and can be used together.
For more information on Replacement Processing, contact your Relationship Manager or fill out a 联络表格.