ACORD, IRI, DTCC and representatives from the OMR (Operations Managers’ Roundtable) group recently met for what was a very productive discussion on ways to strengthen our collective collaboration in 2016. During this discussion we discussed the continued goals of bringing automation to the marketplace and driving adoption and implementation of product solutions that streamline the life cycle of the insurance and retirement business.
We discussed the strengths and capabilities that each group brings to the table and how we complement and work with each other. The meeting validated that we all have similar priorities for 2016, including plans to bring resources together to continue with the collaboration, support and commitment to the industry and to execute and deliver the initiatives that support the industry vision.
Some of the key takeaways included:
- Developing a future state vision diagram that depicts the end-to-end process from a business/advisor/client standpoint. Underpinning that vision, each group can plug in where their solutions, standards, etc. can be implemented to automate the process.
- Developing an industry adoption matrix to illustrate carrier and distributor adoption of the initiatives we have defined as areas of focus.
- eSignature adoption (carrier, distributor)
- Carrier-to-Carrier money settlement automation
- Integrating ceding carrier information into order entry
- Support, acceptance, implementation of ACORD 951e form for TOA
The next meeting of this group is scheduled during the IRI Ops & Tech conference with a possible one-hour call in March. We will share the outcome of that meeting as well.