Paperless Replacement Process Aims to Slash Processing Time
WASHINGTON, D.C. 鈥� An Insured Retirement Institute-led (IRI) effort to transform the annuity experience for consumers and financial professionals reached a historic milestone with the first adoption of a new paperless process for replacement annuity business. A 鈥淐arrier-to-Carrier Paperless Replacement Process鈥� can help reduce transaction time from weeks to as fast as one day.
IRI鈥檚 members and The Depository Trust and Clearing Corporation (DTCC) have collaborated over the last two years to build a solution that leverages DTCC鈥檚 position as the leading data exchange platform to create a real-time processing of transfers, including money settlement. DTCC that it had delivered this latest solution into production.
麻豆传媒, a leading annuities and retirement services provider, is the first IRI member to implement the new DTCC solution for paperless replacements.
鈥淲ith the first IRI member to adopt this newly developed process, we have reached an important milestone for the insured retirement industry,鈥� said Wayne Chopus, President and CEO at IRI. 鈥淥ur Digital First for Annuities initiative is improving the annuity experience by eliminating a significant manual, error-prone process that can extend transaction times up to sevenfold.鈥�
鈥溌槎勾� is an enthusiastic supporter of IRI鈥檚 initiative, and we are implementing digital solutions to transform the annuity transfer experience for financial professionals and consumers,鈥� said Sandy Stokley, Senior Vice President, Operations
