The Depository Trust & Clearing Corporation (DTCC) announced a client pilot program for its new Insurance Information Exchange (IIEX) service, a new platform that will help clients turn massive quantities of insurance data and information across 15.6 million policy records into actionable insights.
The pilot program is backed by a consortium of insurance carriers and distribution partners — Allianz, Axa, Fidelity, Sun Life and Zurich American among them — who are collaborating with DTCC on the development of the service. Pilot clients are now using IIEX in the production environment, and the service is expected to be fully available in January 2021.
“Currently, over 500 firms exchange large amounts of data through DTCC’s insurance products. While effective and efficient, the sheer volume of all this information can make it challenging for clients to pinpoint specific information needed for critical business decisions or for reporting requirements,” said Ann Bergin, managing director and general manager for the Wealth Management Services and Asset Services division at DTCC, in a statement.
The platform will support the exchange of policy, producer, and product data, via a secure hub to support the sourcing and consumption of insurance data. Access to in-force policy data in IIEX is currently available in Release 1.0, on-demand through a user interface on the DTCC Portal as well as via an API-enabled platform. Full IIEX API specifications are available on the DTCC API Marketplace, a developer community where users can access turnkey applications and self-service tools to create custom software solutions.