Exchange Data and Streamline Broker Transactions with Broker Gateway Management
The Informatica solution for broker gateway management provides a single, centralized way for insurance carriers to integrate, manage, and view all data transactions taking place with brokers. The solution supports transformation of any document, file, or message to and from ACORD and facilitates the management and monitoring data exchanged between carriers and their brokers. Leveraging Informatica’s insurance expertise with ACORD and DTCC standards aligns carriers and brokers technologically and results in the following benefits:
- Accelerate broker onboarding and time to market
- Dramatically cut the costs of sharing data
- Minimize risks inherent in hand coding data transformations
- Ensure regulatory compliance by identifying issues early and enabling non-IT users to resolve them
- Enable brokers to better manage opportunities, increase wallet share with customers, and increase profit potential
- Strengthen broker relationships
Broker Gateway Management Challenges
Insurance carriers require a robust network of brokers to achieve growth, profitability, and competitive advantage—and brokers, in turn, need carriers offering products that meet the demands of the market. As brokers become increasingly independent, carriers must work harder to maintain and expand their sales channel.
To make themselves more attractive, business partners must maintain a strong network of broker/distributor relationships, and carriers must improve brokers' ability to offer the right products to the right customers at the right time. That means getting the right information to the brokers to support the sales process. Yet the necessary data is often locked in administrative backend systems and data stores. Getting this information to brokers in a form they can use involves these key challenges in broker management:
- Annuity products requiring detailed data
- Paper-intensive processes such as replacements for 1035 exchange and qualified transfers, life insurance policy administration, and other manual processes
- Wide diversity in systems, applications, and data formats and multiple point solutions
- Widespread adoption of such industry standards as ACORD and DTCC
- The need to reduce life insurance and annuity sales distribution costs to minimize loss, expense, and combined operating ratios
- Avoiding delays in exchanges of information on products such as annuities
Broker Gateway Management Solution Key Features
- Prebuilt transformations for DTCC
- Native support for ACORD XML
- Universal data transformation supports many data formats
- Easy-to-use feed configuration via a Web-based console allows business users to configure data transmissions according to broker requirements
- Data quality and cleansing in both directions to ensure both the carrier and its brokers have the most accurate, up-to-date customer and product information
- Automatically applies changes in industry standards, including ACORD/DTCC
- Management and monitoring provide visibility into the data at every step