Streamlining Annuity and Life Insurance Replacement of Funds
Automate Replacement Processing with Award Winning Integration
Facilitating paperless replacement processing. Electronic access to thousands of ceding companies’ accurate contact and replacement requirement information from Cooperative Technologies’ hosted site. Issue policies faster by integrating the 1035YellowPages ceding carrier data and workflow triggers with your order entry and new business workflow systems.
With active collaboration with industry partners, including the Insured Retirement Institute (IRI), Depository Trust Corporation (DTCC), and ACORD, to further refine the transfer process, Cooperative Technologies is deeply engaged in replacement automation initiatives which strive for straight-through processing and a fully digital transfer of funds experience.
Back Office New Business Replacement Automation
Electronic access to reliable ceding carrier data resulting in consistent input, improved replacement communications, tracking and reporting. Achieve the best turn-around times possible while reducing processing overhead and “not-in-good-order” transfers. The 1035YellowPages Web Service solution supports both traditional and paperless replacement processing.Paperless Replacement Processing
-
​Automatically know which ceding carrier replacement processing locations participate in the DTCC carrier to carrier paperless replacement initiatives. 1035YellowPages provides automated acceptance triggers for DTCC Money Settlement (STL), Paperless Digital Replacements (RPL), and Attachments (ATT).
​
-
Delivery acceptance workflow triggers eliminate printing and sending forms via USPS or courier.
-
DTCC Paperless replacement (RPL) initiative participation, automated workflow triggers include the ceding carriers’ NSCC # by processing location as do the DTCC Attachments (ATT) initiative participation triggers.
-
Automatically push electronic replacements forms to fax or email servers based on the ceding carrier’s delivery acceptance rules. YES, fax number and email addresses, tracked by processing location can be pushed as well.
-
​
-
Automatically tie the correct ceding carrier data to each policy record using the 1035YellowPages robust search logic. 1035YellowPages Web Service eliminates the time it takes to locate, read, copy, and manually insert the correct ceding carrier data.
​
-
Pre-replacement notification automation means paper is only used for rare, exception processing. Electronically pull ceding carrier legal name and address into letter templates and use delivery acceptance rule triggers to push the eForms to fax and email servers.
​
-
Officer’s eSignature acceptance workflow triggers ensure that all electronic replacement forms are automatically pushed to have an electronic signature applied based on the ceding companies’ specific officer’s eSignature acceptance rules.
​
-
Enhanced in-good-order review by automatically associating and tracking the ceding carriers’ replacement requirements for each pending transfer. This ensures that replacement processors have the correct ceding carrier requirements prior to sending the replacement packet. Signatures, forms, stamps, client ID, and partial acceptance requirements are never overlooked, while exceptions are instantly identified.
​
-
Additional automation is available. A 1035YellowPages demo is the best way to see what benefits your organization will realize when you implement this solution.
Order Entry Ceding Carrier Integration
1035YellowPages is not a static repository of information, but smart data set that integrates with annuity order entry platforms used by insurance distributors, independent marketing organizations (IMOs), and financial professionals. This means that the transfer of funds process is streamlined and automated from the point of sale, simplifying the entire process.
Financial professionals can access 1035YellowPages directly from their order entry platform. The database will instantly provide them with the correct legal name of the ceding carrier, the appropriate processing location contact details by product, and the specific requirements, such as eSignature acceptance, fund liquidation, the need for proprietary surrender forms or a medallion signature guarantee.
The incorporation of the 1035YellowPages data into order entry platforms has demonstrably reduced Order Entry Not in Good Order (NIGO) rates by an impressive 21 percent, evidencing the substantial impact of this integration on streamlining the transfer of funds process.
Enhanced Producer Experience and Benefits
-
Robust search logic allows replacement policy data elements to be electronically mapped to provide a seamless search result experience.
​
-
Automatically fill ceding carrier replacement processing location details into the electronic replacement form. Armed with pivotal ceding data, financial professional ensure that the replacement transfer form is accurately completed on the first attempt, devoid of errors or omissions that could lead to processing delays.
​
-
Electronic signature acceptance triggers for each product’s replacement processing center dynamically drive the eSignature workflow on the replacement transfer forms in the order entry platforms.
​
-
Advisors know and can manage the ceding carrier requirements during the initial sale, eliminating additional issuing carrier and client follow-ups.
​
-
Financial professionals have more time to spend on additional sales by eliminating time spent researching elusive carriers and handling NIGO transfers.
Carrier Benefits
-
Distribution has listed the 1035YellowPages use as a Best Practice and they LOVE it!
​
-
Reduced time to policy issue and processing costs.
​
-
Replacement NIGO elimination.
​
-
Replacement processing contact information prefilled into replacement forms.
​
-
Unique Location ID tied to submitted ceding carrier processing location used to streamline back-office processing.