101 IRI Jim Young ACORD Sandy Hampel DTCC

101 IRI – Jim Young ACORD – Sandy Hampel DTCC – Natalie Wood 2016 #iri. Ops. Tech

ANNUITY INDUSTRY SYNERGY IRI: Automation Leadership in Planning and Adoption IRI ACORD DTCC: Standardized Transaction Execution Services . DTCC ACORD: Form and Data Information Flow Standards 2016 #iri. Ops. Tech

Introduction to the Insured Retirement Institute 2016 #iri. Ops. Tech

Who is IRI? § The Insured Retirement Institute, (IRI) is the premier financial services trade association with members from the entire supply chain of insured retirement strategies. § IRI offers member benefits to: 950+ member companies, 150, 000+ financial advisors, 10, 000+ financial professionals. § IRI provides Education, Research, Advocacy and Automation (Ops & Tech) resources to all members. 2016 Members by Type Insurers 28% 22% 25% Disributors/Banks/ Broker-Dealers Asset Managers Solution Providers #iri. Ops. Tech

: Webinars IRI Education Resources § Educational webinar: • public policy updates • research updates • industry changes • practice management § FINRA Reviewed Materials § IRI partners with member companies to host webinars on issues that matter 2016 #iri. Ops. Tech

Publications Research: Resources IRI Fact Book: Premier source of information for the industry. One free download is available for each member from the Members Only Website. Hard copies can be purchased online. 2016 IRI Insight: IRI’s educational newsletter that helps financial advisors better convey the benefits of insured retirement strategies for their clients, reaching over 200, 000 financial professionals. IRI’s Retirement Income Guide, Building Your Future: Strategies and Products for Retirement Income Planning, is a FINRA -reviewed, client-oriented retirement income guide. #iri. Ops. Tech

IRI Advocacy § Department of Labor § Internal Revenue Service § Securities & Capital Markets § Regulatory Reform § NAIC and the States 2016 #iri. Ops. Tech

Ops & Tech The IRI Ops &: Tech Community v The IRI Ops & Tech Senior Steering Committee and Working Group Members plan for tomorrow’s annuity industry technology solutions and guides all member of the supply chain through implementation v Ops & Tech develops strategies to efficiently connect the industry ecosystem through collaboration in design and problem solving through standardization v The leadership across IRI Ops & Tech Committees, Working Groups and Task Forces are working hard to eliminate obstacles and accelerate our industry beyond paper to this critical digital future state 2016 #iri. Ops. Tech

: Ops &Structure Tech IRI Ops & Tech Committee 1035 Automation E-Sign Senior Steering Committee Operations & Technology Full Committee Conference Planning License & Appointment Question Standardization Framework & Conformity In-Force Transactions 2016 #iri. Ops. Tech

: Conferences IRI Marketing Summit 2016 March 20 -22, 2016 Palm Beach Gardens, FL IRI Ops & Tech Conference 2016 April 25 -27, 2016 San Antonio, TX Government, Legal & Regulatory Conference June 5 -7, 2016 Washington, DC IRI Annual Meeting September 25 -27, 2016 Colorado Springs, CO 2016 v Bringing together retirement income business leaders from Insurers, Banks, Distribution/Broker Dealers, Asset Managers, Financial Advisors and Solution Providers to network and address issues and opportunities to support the insured retirement industry. #iri. Ops. Tech

Introduction to ACORD 2016 #iri. Ops. Tech

Why ACORD • Global, neutral Non- Profit • Insurance Industry’s Community for developing Standards • Market driven: • Insurance Carriers, Reinsurance, Solution Providers, Agents, Brokers, Financial Institutions, Associations • Business Process Focus • Business areas: • L&A / P&C / GRLC • L&A Standards: Messages and Forms • XML / DTCC EDI / Forms / Dictionary of business terms 2016 #iri. Ops. Tech

ACORD’s Mission and Vision • ACORD Mission – To facilitate • Fast, accurate data exchange • More efficient workflows • ACORD Vision – An insurance industry that embraces • Global and enterprise view of information • Easy exchange of information between trading partners • Implementation of best practices • Consistent transactions and processes across the entire insurance value chain • Innovation for the industry 2016 #iri. Ops. Tech

Life and Annuity Business Messages • ACORD supports the full Life Cycle of the Policy • • • Illustrations and Quotes Product Profiles New Business application Pending Case Status Licensing and Appointment Replacements Reinsurance Billing Loans, Withdrawals Claims 2016 #iri. Ops. Tech

Value of Business Process/Standards • Defines: • WHAT an entity DOES (PROCESS) • WHO is responsible (ROLES and ACCOUNTABILITY) • Business process BEST PRACTICES (METHODOLOGY) • HOW success can be measured (METRICS/KPIs/ADOPTION) • Success: • Market Driven • Transparency of Process • Availability/Ease of Implementation • Adoption • Respectful Cooperation 2016 #iri. Ops. Tech

ACORD L&A Working Groups Program Working Group Transaction Specifications Architecture Forms Claims Employee Benefits e. Delivery 2016 #iri. Ops. Tech

Life and Annuity Forms Working Groups Ø 1 st and 3 rd Thurs 2: 00 – 3: 00 ET ØTransfer of Assets -1035 Exchange Form (951 e) Ø E-signature and e-labels ØFlorida Surrender Disclosure (961) ØReplacement Forms (759) Ø NAIC Form (759) Ø State specific (760 CA, WA, MN, KS) ØForm assets 2016 #iri. Ops. Tech

ACORD 2016 1 -3 November Boca Raton, Florida See Program Info & Register Now www. acord. org/acordevent © ACORD 2016

Introduction to DTCC 2016 #iri. Ops. Tech

Who Is DTCC? With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities and data centers around the world DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions and mitigates risk for thousands of institutions worldwide. In 2015, DTCC’s subsidiaries processed securities transactions valued at approximately US$1. 5 quadrillion. 2016 #iri. Ops. Tech

Bringing Economies of Scale To The Insurance Industry Insurance & Retirement Services (I&RS) DTCC’s was created in 1997 to mainstream insurance and annuity transaction processing. . I&RS offers a suite of streamlined processing and compliance-driven solutions for carriers and distributors supporting 228 insurance companies (67 Carrier Families) and 268 distributors (NYSE firms, banks, BGA’s, IBDs). I&RS collaborates with over 35 vendors and solution providers that support our distribution and carrier clients in processing their insurance transactions. DTCC Non-Confidential 2016 I&RS provides an automated, centralized and standardized infrastructure for information (data) exchange and money settlement. In 2015, we processed over 14 billion annuity and insurance transactions and settled about $47 billion in settlement transactions. I&RS currently supports 10, 200 insurance and annuity product CUSIPs covering annuities, life insurance, long term care, disability and various retirement products. #iri. Ops. Tech 21

DTCC I&RS Product & Service Offerings 2016 #iri. Ops. Tech

Our Role in the Industry DTCC I&RS Facilitated Working Groups I&RS Review Board DOL Work Task Force Web Services Review Board Product Adoption Working Group 2016 #iri. Ops. Tech

Q&A 2016 #iri. Ops. Tech