DTCC Introduces Electronic Transaction Solution

The Depository Trust & Clearing Corporation (DTCC) has announced the launch of Attachments, a new electronic solution designed to streamline the processing of required paperwork and signatures for pre-sale and post-issuance transactions in the insurance industry.

Attachments allows insurance carriers and distributors to exchange electronically unstructured information, such as digital or imaged documents, signatures, and forms that are required in the processing of annuity and life insurance contracts.

Attachments mitigates operational risk by reducing the number of "not-in-good-order" transactions and preventing delays associated with faxing or mailing paper documents. It also helps to meet increasing regulatory and compliance requirements by introducing an automated process that produces a transparent audit trail.

"The introduction of Attachments will help the insurance industry meet the challenges of a more demanding regulatory environment where mitigating risk and increasing transparency is imperative for growth," says Adam Bryan, DTCC managing director, insurance and retirement services. "This new solution is also an important step in increasing efficiency, reducing costs, and supporting straight-through processing for transactions throughout the life cycle of an insurance product."