1035 Automation The Power of Ceding Carrier Data Integration

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Presentation transcript:

1035 Automation The Power of Ceding Carrier Data Integration JP Murphy – Nationwide Katherine Dease - Insurance Technologies Cheri DeBoer-Stinson – Cooperative Technologies

Supporting 1035 Replacement Automation Ceding Carrier Contact & Replacement Requirement Data Supporting 1035 Replacement Automation 2,480 Carriers 2,009 = 100% Life/Annuity Carriers 76 Top Banks 208 Mutual Fund Carriers 95 Brokerage Firms 80 Pension Administrators 11 Trust – Financial Institutions Data Proactively Verified 2015 69 New Carriers 186 New Processing Locations 8,289 Data updates

Supporting 1035 Replacement Automation Ceding Carrier Contact & Replacement Requirement Data Supporting 1035 Replacement Automation Fax vs. Hard Copy Rules eSignature Acceptance eMail Acceptance Batch Status Participation Money Settlement Integration = Automation

Issuing Carrier Integration Realized Outcomes Cut Phone Calls, Streamlined Replacement Process and Follow-ups 3-5 day decrease in processing time for 30-40k transfers annually Nationwide Operations Supervisors & Associates Rave! Future Integration into Industry Standard Electronic New Business Platforms! Ceding Data provided at Point of Sale

IRI 1035 Automation Initiative Order-Entry Ceding Data Integration LPL Financial Merrill Lynch NPB Financial Group LLC Pershing LLC, a BNY Mellon Company Raymond James Stifel UBS Financial Services AIG Advisor Group Robert W. Baird & Co. Cetera Investment Services Cetera Financial Group Charles Schwab Edward Jones

Order-Entry Ceding Data Integration Eliminating NIGO* Order-Entry Ceding Data Integration *Of the lingering electronic application NIGO issues. Data provided from the “Alignment of Ops & Tech initiatives with NIGO reduction” presentation from the 2/3/16 Ops & Tech Senior Steering Committee. Individual companies experience in NIGO reasons will vary.

Order-Entry Ceding Data Integration Eliminate Replacement Follow-ups & Delays Ceding Carrier eSign Acceptance Carrier / Location Search Logic Electronically Fill Correct Ceding Data into ACORD 951e Delivery Rules Requirements Improved FA and Client Experience Increase Sales Opportunities

Cheri DeBoer-Stinson Director, Business Development Cooperative Technologies 470.344.0104 CStinson@CooperativeTechnologies.com JP Murphy II Director, IT Business Consulting Nationwide Financial IAS 614.677.4569 murphyj2@nationwide.com Katherine Dease VP, Product Management Insurance Technologies 719.442.6400 Kdease@InsuranceTechnologies.com