DTCC Offers New Licensing & Appointments Tool
November 30, 2008
The Depository Trust & Clearing Corporation (DTCC) has launched a new online tool that automates and standardizes the two-way flow of agent information between carriers and distributors related to state licensing and appointment requirements.
LNA Access allows distributors to manage appointments from start to finish in one application directly online. This tool almost entirely removes the need for manual intervention by the carrier.
DTCC’s Insurance & Retirement Services department developed the front-end application with Woburn, Mass.-based Bridgeline Software, Inc. The tool makes accurate agent licensing and appointment information available at a lower cost to insurance carriers and distributors who market insurance products.
Automating and standardizing the two-way flow of agent information between carriers and distributors is especially important because each state has different licensing regulations for agents appointed by carriers to sell insurance products.
“This application added real value right from the beginning,” said Beth Maziad, vice president, Life and Annuity Operations, at Raymond James, the independent broker/dealer. Raymond James is one of the leading pilot firms in the implementation of LNA Access.
“Immediate confirmations from the carriers and the ability to process multiple transactions with a couple of clicks are just two of its many capabilities,” added Maziad. “Agents can now move more quickly to the business of marketing the products and providing better customer service.”
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