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Solutions

August 2007

FEE REDUCTION FOR INSURANCE SERVICES

The Depository Trust & Clearing Corporation's (DTCC) Insurance Services New York business reports its first fee reduction in history, reflecting growing usage of its services. Insurance Services has automated linkages and data exchange between carriers and their broker/dealer, bank and other distributor partners who market insurance products.

Effective July 1, the fee reduction affects positions & valuations, Insurance Services' most heavily used service. Positions and valuations automates and standardizes the transmission of annuity and life insurance contract details from carriers to distributors, providing them with information on all assets under their management, including key contract data, current values, service features and parties to a contract. It is also used as a tool by the industry to comply with regulatory requirements, such as anti-money laundering and "Know Your Customer" statutes.

The fee reduction follows Insurance Services' record year of performance supporting the annuity and life insurance market, with volume for this service alone reaching 2.7 billion transactions in 2006, an 18% increase over 2005 and a 50% increase over 2004. DTCC predicts the fee reduction will save the insurance industry in excess of $2 million during the first 12 months.

WEB-BASED QUOTING FOR BUSINESS INSURANCE

Columbus, Ohio-based State Auto Insurance is making business policy quoting easier with its new Web-based quoting system, bizXpress.

Requiring only a PC, Web browser (Internet Explorer 6.0 or higher) and an Internet connection, the system will initially facilitate quote and policy issuance policies for small- to medium-sized business prospects. Rating/issuance for commercial auto and workers' compensation prospects should be available by the end of the year. Created and developed with input from agency focus groups, bizXpress several agency pilot groups also tested the system to ensure proper performance and accuracy. Available on State Auto's AgentSite extranet for agents, bizXpress is designed to give users the ability to print proposals and completed applications and to request policy issuance electronically.

AUTOMATING BOOK OF BUSINESS TRANSFERS

AgencyPort Insurance Services, a Boston provider of P&C Web-based solutions, released BookSmart, an automated solution for processing book of business transfers. The product integrates with company rating and policy systems to move book data electronically, without re-keying.

By using AgencyPort's AgencyConnect adapters, it can plug into agency vendor system export services (Transformation Station, TransactNOW, and SIS Weblink). BookSmart stores data in ACORD XML, so at any point within the book transfer evaluation, data can be sent by policy or in bulk to company systems or rating engines.

It provides users with an easy-to-use, flexible means to evaluate, edit and report on data that resides within the book roll application.

BookSmart also enables carriers to make adjustments to policy data, transforming coverage codes or other values specific to the prior carrier before moving the policies into the carrier's policy processing systems.

EMAIL CAMPAIGN AUTOMATION TOOL

Gammadyne Corp., Overland Park, Kan., issued a revision of its Gammadyne Mailer, version 30.0 mail program, a tool designed to automatically manage a mailing list by processing sign-up, opt-out, and bounce-back email. This latest version includes new support for IMAP4, session-level SSL, interface enhancements, an improved help file, and minor bug fixes.

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