Source: InsurTech Express
On the last week of July 2019, insurance industry technology leaders and experts from the Depository Trust Corporation (DTCC), Insured Retirement Institute (IRI) and ACORD had a meeting in New York. For many years the three organizations (ACORD, DTCC, and IRI) have worked on countless initiatives that either compliment or overlap their products and services. Representatives from all three organizations do participate in each other’s working groups and committees to sync up and contribute where possible, however, this is the first time in recent years that the three organizations exclusively have met to update each other on key activities and see where they can work together moving forward.
Some of the attendees included Jim Quinn- Chief Technology Officer of IRI; and from DTCC’s Insurance & Retirement Services Division: Barbara Smith – Executive Director and Jeanann Smith, Senior Product Management. ACORD who hosted the meeting had several key people participate such as Malou August – Senior Vice President of Standards & Membership, Karen Mottley – Business Architect of the Life & Annuity Program, and Yolanda Austin who is ACORD’s leading Life & Annuity Consultant.
ACORD provided InsurTech Express a quote signed off from leaders of all three organizations, “ACORD, DTCC, and IRI met to discuss key initiatives, and identify opportunities to collaborate. Some of the initiatives we discussed were Digital Standards, Distributed Ledger Technology, New Business, Replacement Automation, and Regulation 187 efforts. The initial focus is on annuities, and we also plan to engage industry leaders throughout the broader Life community. We are excited to come together to help guide industry priorities, promote increased standards adoption, and contribute to greater successes within our industry.” The meeting didn’t only include updating on each organization’s vision and key initiatives, but they also wanted to address the challenges the industry is experiencing today. ACORD, DTCC, and IRI realize there are several opportunities where they can better collaborate.
The good news is that the meeting was a success! There was progress on getting alignment on issues in today’s initiatives and addressing those for the future. ACORD, DTCC, and IRI do have common goals, like increasing adoption and promoting standard usage. Not only did they decide to collaborate on the key initiatives mentioned above (Digital Standards, Distributed Ledger Technology, New Business, Replacement Automation and Regulation 187), but it was agreed upon to continue the conversation and meet again, which includes taking some substantive action like proposing to write a White Paper together for providing guidance in the industry.
On the sales and business side of insurance and retirement services, many people don’t realize that the engine behind the seamless automation for submitting new business, paying commissions, money settlement, Inforce services, producer licensing, advocacy and education are all driven or a result of the initiatives by ACORD, DTCC, and IRI. The Big 3 working together will help with speed to market, reducing costs, growing adoption, and driving more implementations making the industry a better place.