它的保险 & 退休服务(一)&RS) rolled out new functionality for 结算 Processing for Insurance (STL), a service that automates and centralizes the settlement of pre- and 帖子-issue money settlement activities between I&RS运营商和分销商客户. STL, which streamlines insurance withdrawals, 全部或部分投降, mandatory (systematic) required distributions and life insurance premium submissions, has been expanded to now support the liquidation of insurance policies or contracts originating from account transfers.
“The new STL features were requested by the account transfers community to advance documentation and settlement automation in the industry,科里·斯塔克说, 据导演, I&RSvnsr威尼斯城官网登入管理. “While this focuses on ease of money settlement, 通过利用STL, it is a step in the overall goal to drive full automation.”
解决痛点
以前, when brokers requested annuity assets originating from account transfers to be liquidated, they relied on physical check mailings and/or wire transfers to receive cash. This manual process was identified by Automated Customer Account Transfer Service (ACATS) clients as a pain point during industry discussions, and 存’s 股票的清算 服务 (ECS) team realized that there was a great opportunity to partner with I&RS to leverage the STL service to meet ACATS clients’ needs.
A consortium of ACATS brokers and insurance carriers was formed to review this opportunity. As a result of this group’s analysis, STL was enhanced to support fulfilling requests for liquidating annuity assets as soon as the next day’s settlement. 结算 of liquidated funds is now instructed into the brokerage account and made available for future investment opportunities.
“As soon as these enhancements were identified, our team fast-tracked the process to get them up-and-running,克雷格·古里安解释道, 据导演, 股票的清算. “We value client input and want to support their needs as soon as possible to quickly bring efficiency to the industry.”
A pilot program with Jackson National Life Insurance Company® (Jackson®) and Fidelity Investments was created to gain insights into the new STL features and adjust the user experience as needed. These firms quickly began utilizing the functionality and seeing a positive impact on process efficiency.
“The new STL features further enhance the customer experience through increased settlement options, in addition to moving the industry one step closer towards modernization,希拉里·克兰莫尔说, 副总统, Customer Contract 服务 at Jackson®. “We appreciate the partnership with 存 and Fidelity to help modernize the industry and make it easier to transact with annuity products.”
行动合作
The new functionality lessens the liquidation settlement of annuities barrier and automates the settlement of the liquidated asset (i.e., 年金合同, 共同基金合约, 爱尔兰共和军的, 403B, retirement plan accounts) to the requesting broker. The liquidation of these assets is comparable to a ceding carrier’s full surrender in the 1035 exchange/transfer space.
“与存密切合作, our team at Fidelity identified an opportunity to help the broader industry fund TOAs by leveraging existing 存 functionality,埃文·奥利弗解释道, 副总统 of Operations and 服务 Group at Fidelity Investments. “By modifying an existing 存 process – carrier-to-carrier transfers – to work for carrier-to-broker dealer transfers, Fidelity will be the first brokerage firm in the industry to move from TOA check deposits to cash settlement via 存 for transfers from Insurance firms. Moving to cash settlement is a great operational efficiency and cost savings, which we believe will result in a better client experience.”
NSCC clients adopting STL save time and resources leveraging NSCC’s money settlement, while mitigating risk and creating standardization. “We are excited to assist other 存 businesses’ needs by adding efficiencies that are cost-effective and also benefit our client’s usage of the STL service,斯塔克说。.
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