Expedite Exchanges with Integrated Delivery Carrier Data

Transcription

1 Expedite Exchanges with Integrated Delivery Carrier Data Quickly identify the correct ceding carrier and the replacement processing location. Ensure that replacement packages arrive at the correct location the first time with accurate processing location addresses, phone and fax numbers. Know ceding carriers delivery options, including fax, hardcopy or electronic. Seamlessly pull surrendering carrier details into electronic replacement forms, reports and correspondence. Instantly determine company name changes, acquisitions and mergers, cutting out needless phone calls trying to track down an elusive company. Know the ceding carrier s replacement requirements before you start the exchange process. Ceding Carrier Contact and Replacement Requirements Database 1035Contact Web Service provides electronic access to the CT Ceding Carrier Contact and Replacement Requirements Database from Cooperative Technologies hosted site or from your locally hosted site. Since 1996, CT 1035 Solutions have helped insurers streamline their replacement process, resulting in dramatically increased ingood-order replacements and shortened turn-around times. The cost effective 1035Contact continues this tradition. This replacement solution facilitates efficient implementation and improves replacement communications, tracking, and reporting by allowing integration of accurate replacement data within your order entry and replacement workflow systems. The CT Ceding Carrier Database contains up-todate surrendering carrier replacement processing location, contact and exchange requirements for thousands of surrendering carriers, including all, Life and Government insurers, the top Mutual Fund companies, major Banks, Credit Unions, Fraternal Organizations and large Pension Administrators. Accelerate policy issue and commission payout. COOPERATIVE TECHNOLOGIES To request a demo, call us at or [email protected]

2 Ceding Carrier Contact and Replacement Requirements Database Streamlining the Replacement Process: The Value of Integrating Ceding Carrier Data Correct Ceding Carrier and Processing Location Advanced search logic helps find not only the correct ceding carrier, but also the location where the product is processed. Correct ceding carrier replacement location = correct replacement requirements and contact information. Fax, Hardcopy, XML Delivery Acceptance No more guessing! The CT Ceding Carrier Database indicates fax opportunities by processing location and fax vs. hardcopy requirements for each replacement form. Key Benefits. 2-3 Database Details Database Hierarchy...4 Carrier Level Data... 4 Processing Location Data... 5 Requirements... 5 Robust Search Logic..5 Data Verification & Updates... 6 Web Service Access Options CT Hosted Web Service 7 Client / Locally Hosted.7-8 Phone numbers, street and mailing addresses are available for 100% of the ceding carrier processing and home office locations. Fax numbers are carried for 100% of the processing locations that accept replacement forms via fax. The replacement processing location fax numbers can be electronically pulled into various systems, allowing you to streamline your process. Realize time and overhead savings by having 100% of the replacement requests faxed to carriers who accept faxed requests. 42% of ceding carrier replacement processing locations accept all replacement forms via fax. DTCC member companies accept all replacement forms via fax 61% of the time and the fax acceptance is close to 87% for large IRI members. The overnight replacement packet or mailing address generation can be automated with the integrated ceding carrier processing locations addresses. STP indicators and essential XML routing information will be available when you re ready to go paperless. Name Changes, Acquisitions and Mergers Company name changes, acquisitions and mergers along with companies in rehabilitation, receivership and liquidation are tracked in the CT Ceding Carrier Database. Companies that have gone through these changes are electronically linked to the new or surviving company. This historical data allows you to identify which delivering/ceding company is processing the replacement, ensuring that all requests go to the proper replacement processing location. Automated and Simplified Correspondence Your systems can merge information from the Ceding Carrier Database into your documents. Realize a direct net savings by eliminating the time it takes your processors to locate, read, copy and manually insert the correct ceding carrier data E XC HAN GE SOL U TI O NS 2 W WW.C O O PE R A TI VE TE CH N O L OG IE S. C OM

3 Key Benefits Realized by Implementing 1035 Contact Consistent Replacement / Ceding Carrier Reports Integrating the ceding carrier s correct name at each stage of the replacement cycle assures that a consistent naming convention is used throughout your process, essential for accurate replacement reports (including Pending Aging, Completed Transfers by Carrier, and Cost Basis). Efficient Quality Assurance Replacement requirements automatically tied and tracked to each pending policy ensure that your replacement processors have the ceding carrier requirements for each specific replacement prior to issuing and sending the replacement packet. Processors don t have to manually input replacement requirement indicators to your workflow. Replacement exceptions can be instantly identified. This automated step provides consistent input, tracking and reporting of requirements. The reduction of manual input to produce replacement paperwork helps remove input error, allowing replacement packet QA review to be streamlined or dropped. Ceding carrier replacement data is consistent throughout all business systems. Partial Withdrawal Acceptance Know if partial withdrawals are allowed, before submitting the replacement request. Waiving Conservation Conservation details let you know if the conservation period can be waived with the client s phoned request. Additional Robust Data Additional data elements from the Ceding Carrier Database can be pulled into the workflow / follow-up process as needed. Examples include: Estimated turn-around-times used to determine follow-up dates. Ceding carrier phone numbers to auto-dial outgoing calls. Add Ceding Carrier Notes Your users can view your proprietary company and location level information. Discard Internal Lists Eliminate list maintenance overhead and improve quality assurance. Issue Policies Faster The ability to cut out not-in-good-order replacements and issue policies faster means: Stronger partner relationships by issuing new policies and sales commissions as quickly as possible Additional management fee earnings Depending upon the type of products being issued, additional mortality and expense risk fee earnings. Additional Producer Benefits Electronically fill 1035 Exchange / Transfer form Pull the correct ceding carrier s name, processing location address and phone number into the electronic replacement form. Fax / Electronic vs. Original / Hardcopy Distinguish whether the ceding carrier requires hard copy paperwork with original signatures or accepts faxed replacement requests. With this information producers know which requests can be electronically submitted or if hard copy with original signatures is required. Know ceding carrier s replacement requirements at the time of the sale This knowledge helps ensure that all requirements are satisfied and initial replacement request is submitted in-goodorder. Surrender Form Medallion Signature Guarantee Client must initiate the replacement C ON TA CT. C OM 3 R E PL A CE ME NT S SI MPL IF IE D

4 Robust Ceding Carrier Information Company Level Information A base record for each ceding carrier is tracked at the Company level. Company level information includes: Carrier s Legal Name Company level notes updated by Cooperative Technologies, including mergers, acquisitions and name changes Your Company s (Issuing Carrier s) specific ceding carrier Company Level Notes Web site link/address NAIC # DTCC Replacement Participant indicator Database Hierarchy The replacement contact and requirement information in the Ceding Carrier Database is organized in a hierarchical manner by company and the company s locations (Figure 1). Addresses (2 3) Mailing Other Location 1 Street Contact (0 or more) Other (opt) Carrier A Primary (opt) Dept. Mgr (opt) Requirements (0 or more) More Requirements Location 2 Requirement 1 Requirement 2 Figure 1 Replacement Processing Location Information All Replacement Processing and Home Office Locations are tracked within each Company. Most carriers have one-to-many active locations. The replacement processing locations are typically organized by line of business, product type, or region. Each processing location contains a base record that includes information about the location such as telephone and fax numbers, street and mailing addresses, location level notes, replacement requirements and if the location handles paperless replacements, the DTCC routing number and electronic attachment preference. Insurance Company Processing Location Data Life 401(k) Fixed Variable Telephone and Fax Numbers Location Fax Indicators Street / Overnight Address Mailing Address Estimated Turn-around Time Partial Replacement Details Processing Location Level Notes Hours of Operation Stale Date Rules Paperless and/or Traditional Processing Indicator DTCC Routing # Field PDF or TIFF Image Preference Figure 2 HYBRID E XC HA NGE S OL U TI O N S 4 S OL UT I ON S@ CO O PE R A TI VE TE CH N O L OG IE S. C OM

5 Robust Ceding Carrier Information Insurance Company Life 401(k) Fixed Location Search Logic Figure 3 Replacement Requirements Variable Life 401(k) Fixed Variable Location Level Criteria Product Type Investment Method Fixed /Variable Qualified Type Sales Type Direct / Broker Policy Rules Application State Replacement (Exchange Form) Absolute Assignment Lost Policy Form Original Policy Replacement Letter (LOA) Corporate Resolution Surrender Form W9 IRS Form Trust Certification Medallion Signature Guarantee Notarized Signature Transfer of Assets Form Certificate of Deposit Fund Liquidation Figure 4 Location Level Criteria Location level criteria based on the products replaced at each specific location are used as part of the automated Advanced Search logic. Advanced Search Logic In addition to the application s Basic Search function, 1035Contact includes Advanced Search logic. This search feature accepts several optional parameters such as a full or partial ceding carrier name, alias name, product type, qualified type, policy number and issuing state, etc., to help users isolate the correct Ceding Carrier location and retrieve all the required information. Replacement Requirements The Database tracks each carrier s specific replacement requirement rules. A processing location can contain from zero to many types of requirements. All ACORD/DTCC replacement requirement code types are available. Most common requirements include (but are not limited to) those shown in Figure 4. Replacement Requirement Criteria Replacement requirement criteria used to define replacement requirement data selection includes: Partial Full Dollar Amount These criteria indicate whether the requirement is needed for full and/or partial replacements and if there is a dollar amount tied to the requirement. Replacement Requirement Notes Replacement requirement notes detail how the ceding carrier handles a specific requirement. Notes vary; however, the following are examples of some standard replacement requirement notes: Every replacement note states whether This form can be faxed or if Hard copy original paperwork, with original signatures is required. Medallion Signature Guarantee required on exchanges of $ [dollar amount shown]. [XYZ] Company s Surrender Form is required for all qualified replacements. This form can be downloaded from their web-site. C ON TA CT. C OM 5 S TP R E PL ACE MEN T S OL U TI O NS

6 Ceding Carrier Contact and Replacement Requirements Database Information Verification and Database Updating Cooperative Technologies research team verifies all ceding carrier information pertinent to completing a replacement of funds, including processing location addresses, contact numbers and replacement requirements. This information is stored and updated in an internal database. Database updates are posted bi-weekly for all CT1035 solutions including: 1035YellowPages, 1035Contact Web Service and the CT1035 Exchange System. Sources We obtain data from multiple sources, broadly broken down into: Regulatory, Commercial, Private Collection, Public Domain, Original Invention and Direct from Carriers. Public Records + Industry Partners and + Primary Sources Processes Commercial Vendors Our research team processes and manages information daily to ensure that accurate and relevant data is being added to the database. Ceding companies are prioritized for verification based on the carrier s policy volume, age of their policies, how often Cooperative Technologies Clients look-up a specific carrier, industry trends, special agreements and the carrier s licensing status, including mergers, name changes, rehabilitation and receivership. Additional research is done based on client requests or any time a change to a ceding carrier s status, location or requirement information is determined. Database Updates On a bi-weekly basis thousands of data fields are added, updated or verified and made available through annual licensing of our websites, web services or specialized databases. If critical changes occur between scheduled updates, additional interim updates may be published. Data Reverification and New Carrier Requests Cooperative Technologies re-verifies any changes or conflicting information Clients may come across. Client requests come directly to the reverification team and are given top priority. This type of on-request verification, in conjunction with our own on-going verification standards, provides the most timely and accurate data possible. In addition to the thousands of carriers currently tracked in the database, including 100% of all Life and insurers, Clients can request to have additional delivering carriers or pension administrators added to the database. Replacements involve ceding carriers, so it makes sense that the ceding carrier data that your sales and new business teams rely on is robust and up-to-date! E XC HAN GE SOL U TI O NS 6 C O OPE R AT IVE TE C HN OL OI GE S

7 1035Contact Web Service - Hosting Options The 1035Contact Web Service provides access to Cooperative Technologies Ceding Carrier Contact and Replacement Requirements Database via electronic format from Cooperative Technologies hosted site or from the Client s locally hosted site. Web Service Hosted by Cooperative Technologies In-House Database Locally Hosted by Client Service Features The service pulls ceding carrier company data, processing location contact data and replacement requirement information in XML format, packaged using the SOAP standard, from the Ceding Carrier Database directly into your company systems / user interfaces. Unlimited 24/7 user access - Clients determine the access for their companies, their lines of business (sites), users and applications. Ceding carrier information updates are provided and implemented by Cooperative Technologies. Company and Location Notes, which only the Client s users can view, can be added by the Client to the Ceding Carrier Database. Hardware / Software Requirements Client applications must be able to consume web services with the following specifications: Transport protocol: HTTPS Messages: SOAP 1.1 or SOAP 1.2 Metadata: WSDL 1.1 Interoperability standards: WS-I Basic Profile 1.1 or WS-Addressing 2005, 2008 or higher Component Elements Ceding Carrier Application Program Interface - This API is the primary interface point for your company s systems to access the Ceding Carrier Database. The API offers methods to search and return Ceding Carrier data which can then be integrated into any system. The API is provided in two options: a.net Assembly (DLL) and a Web Service. Both provide the same functionality. The Web Service is merely a front end to the DLL which contains all of the business logic and data access. The Web Service provides a more generic interface for non-windows type systems. Ceding Carrier User Interfaces for configuring the Ceding Carrier (API ) and Web Service provides: Security The ability to view, add, and override ceding carrier information, in addition to adding your proprietary Company and Location level notes. Ceding Carrier Database updates This Interface is used to apply the bi-weekly data updates that are provided by Cooperative Technologies. C ON TA CT. C OM 7 COPYRIGHT 2012 COOPERATIVE TECHNOLOGIES, INC.

8 In-House Database - Locally Hosted by Client Development Environment Microsoft Visual Studio Ceding Carrier Database Stand-alone Architecture Microsoft Windows Communication Framework (WCF) Microsoft.NET Framework Runtime Environment Windows Server 2008 or higher Internet Information Services (IIS) Microsoft.NET Framework Database Support Microsoft SQL Server Hardware/Software Requirements I. Recommended Software requirements Windows Server 2008 R2 (IIS 7.5) or higher DBMS: SQL Server 2008, 2012 Framework.NET 4.0 II. Hardware requirements Web Service: Server that meets Microsoft requirements for Windows Server 2008 R2 plus 1G of RAM and 50MB of disc storage. More resources may be required depending on transaction rate and data storage. Database Storage: Approximately 350 MB for database storage (assuming existing database server). III. Client applications must be able to consume web services with the following specifications: Transport protocol: HTTPS Messages: SOAP 1.1 or SOAP 1.2 Metadata: WSDL 1.1 Interoperability standards: WS-I Basic Profile 1.1 or WS-Addressing 2005, 2008 or higher C ON TA CT. C OM