Integrations - DTCC

• Overview
• Supported Carriers and Distributors
• Setup
• DTCC Setup
• SmartOffice Setup
• Using the Integration
• How Records Are Matched
• Carrier
• Product
• Contact/Business
• Policy
• Rider
• Subaccount
• Interested Party
• SmartOffice Fields Updated
• Reviewing Import Status
• Alerts
• Logs
• DTCC-to-SmartOffice Field Mapping

Overview

The DTCC integration automatically updates inforce life, long-term care and annuity policies in SmartOffice with the latest data from the Depository Trust \& Clearing Corporation (DTCC).

Distributors (e.g., broker-dealers and agencies) who are DTCC members purchase the service from DTCC to make the service available to their advisors. Advisors who receive the data feed can use their updated policy records to create comprehensive Dynamic Reports that identify cross-sell opportunities, calculate client net worth, provide accurate book-of-business valuations for succession planning purposes, and more.

Supported Carriers and Distributors

DTCC offers policy data from an extensive list of member carriers. Refer to DTCC's member lists to verify carrier membership.

Note to advisors: This integration is available only through select broker-dealers/agencies who are DTCC members. Refer to DTCC's member lists to verify distributor membership.

Setup

DTCC Setup

To provide DTCC policy data to their advisors, distributors must be DTCC members (refer to DTCC’s member lists for member carriers and distributors). Non-members can inquire about membership by completing DTCC's Request for Information form.

DTCC members can contact their DTCC account managers and request that the inforce policy data feed be set up for Destination ID: ESO0VA1\. Note: Although the integration itself is free to SmartOffice customers, DTCC charges a fee to deliver policy data.

DTCC's pricing varies depending on the frequency with which data is delivered and other factors. For pricing information, contact your DTCC account manager.

SmartOffice Setup

Inforce policy import options defined in SmartOffice apply to DTCC data. These settings are available under Setup \> Policy/Case Setup \> DataXchange Setup \> Inforce Policy Import Setup. For more information, see Inforce Policy Import - Setup.

Using the Integration

Once the integration is activated, no SmartOffice user action is required. DTCC sends new inforce policy data to SmartOffice according to the schedule specified in the distributor's agreement with DTCC,

SmartOffice automatically checks for data from DTCC once a day. If new data is found, SmartOffice processes it and automatically adds/updates inforce policy records in the database.

How Records Are Matched

This section describes the matching algorithm that SmartOffice uses to match imported policies from DTCC to records in SmartOffice.

Carrier

SmartOffice first tries to match all carriers associated with the incoming policies based on Carrier Code (including entries in the Carrier Code List). SmartOffice looks for a carrier match in the following locations::

• System office: If  a match is found in the System office, SmartOffice links the incoming record to this carrier record.
• Resource office: If no match is found in the System office, SmartOffice looks for a match in the resource office and, if it finds a match, links the incoming policy to that carrier record.
• Local office: If no carrier match is found in the System or resource office, SmartOffice looks for a match in the local office and, if it finds a match, links the incoming policy to that carrier record.

If no match is found in any of these offices, SmartOffice creates a basic carrier record in the local office containing the Carrier Code and Carrier Name, and with the Age Calculation setting on the carrier Detail content link set to Age Nearest.

Product

After establishing a carrier match, SmartOffice looks for a product linked to the SmartOffice carrier that matches the product in the DTCC feed. Product matching is based on the Product Code (including entries in the Product Code List) and the Duration.

If one or more matching products are found in SmartOffice, the incoming record is considered successfully processed. No changes are made to the SmartOffice record.

If no match is found, or if there is no Duration value in the incoming record, SmartOffice looks for a product with a matching Product Code and a null Duration.

• If a match is found, the incoming record is considered successfully processed.
• If no match is found, SmartOffice creates a new product record.

Note: Annuity products processed through the DTCC automatically have the Variable Product option enabled on the product Detail content link so that annuity subaccounts can be tracked in SmartOffice.

Contact/Business

For each contact linked to a policy, SmartOffice tries to find a match based on Tax ID and Record Type. If a match is found, the following occurs:

• For each address linked to the contact in the incoming DTCC record, SmartOffice tries to find a matching address in the SmartOffice record based on the address Line1 field.
• If one or more matching addresses are found, SmartOffice considers the record processed, and no changes are made to the contact's addresses.
• If no matching address is found, SmartOffice creates an address record for the contact.
• For each phone number linked to the contact in the incoming DTCC record, SmartOffice tries to find a matching phone number in the SmartOffice record based on the phone number Area Code and Dial Number fields.
• If one or more matching phone numbers are found, SmartOffice considers the record processed, and no changes are made to the contact's phone numbers.
• If no matching phone number is found, SmartOffice creates a phone number record for the contact.

If no matching contact is found based on Tax ID and Record Type, SmartOffice tries to find a match based on Last Name, First Name, Birth Date, and Record Type.

• If a single match is found, SmartOffice processes the address and phone number records as described previously.
• If multiple matches are found, SmartOffice selects the first match and processes the address and phone number records as described previously.
• If no match is found, SmartOffice checks the incoming contact type to determine whether it is an advisor.
• If it is not an advisor, SmartOffice creates a contact record and includes all linked addresses.
• If it is advisor, SmartOffice tries to find a match based on NPN (National Producer Number), Tax ID, or Brokers Agent ID.
• If a single match is found, SmartOffice processes the address and phone number records as described previously.
• If multiple matches are found, SmartOffice selects the first match and processes the address and phone number records as described previously.
• If no match is found, SmartOffice makes a final matching attempt based on Last Name, First Name and Record Type.
• If single match is found, SmartOffice processes the address and phone number records as described previously.
• If multiple matches are found, SmartOffice selects the first match and processes the address and phone number records as described previously.
• If no match is found, SmartOffice creates an advisor record and includes all linked addresses.

SmartOffice also takes record privacy into consideration when adding contacts from the DTCC download to its database. If the Privatize New Policies by Default option in Inforce Policy Import Setup, the contact will be marked private in SmartOffice and will be visible only to the SmartOffice administrator and the user under whose account the DTCC download has been set up.

Policy

To match an incoming policy from DTCC, SmartOffice first finds the matching carrier and product (as described previously) and then searches all linked policies based on Policy Number and Carrier Code. If no policy number is present, SmartOffice searches based on Carrier Code, Product Code and Primary Contact/Insured.

If a single match is found, SmartOffice updates the policy with the data from DTCC. The update leverages the link to the already-processed contact record and may modify the primary insured on the policy.

If multiple matches are found, SmartOffice selects the first match and updates the policy with the data from DTCC. If no match is found, SmartOffice creates a policy record, using the primary insured as the primary contact.

Note: If the policy renewal date is not available from DTCC, SmartOffice calculates it as the anniversary of the policy effective date.

SmartOffice also takes record privacy into consideration when adding policies from the DTCC download to its database. If the Privatize New Policies by Default option in Inforce Policy Import Setup, the policy will be marked private in SmartOffice and will be visible only to the SmartOffice administrator and the user under whose account the DTCC download has been set up.

Rider

To match an incoming rider from DTCC, SmartOffice first finds the matching policy (as described previously) and then searches all linked riders based on Rider Code.

If a single match is found, SmartOffice updates the rider with the data from DTCC. If multiple matches are found, SmartOffice selects the first match and updates the rider with the data from DTCC.

If no match is found, SmartOffice searches for a rider based on Rider Name.

• If a single match is found, SmartOffice updates the rider with the data from DTCC.
• If multiple matches are found, SmartOffice selects the first match and updates the rider with the data from DTCC.
• If no match is found, SmartOffice creates a rider record.

When refreshing the riders for a policy, SmartOffice checks whether the policy was present in the DTCC download:

• If the policy was present, SmartOffice updates any matching riders and deletes any riders that were not received in the DTCC download.
• If the policy was not present, SmartOffice makes no changes to the policy's riders.

Subaccount

To match an incoming policy subaccount from DTCC, SmartOffice first finds the matching policy in SmartOffice (as described previously) and then searches all linked subaccounts for a position that is linked to a product subaccount security.

• If a match is found and the policy was present in the DTCC download, SmartOffice updates the subaccount position with the data from DTCC.

Note:  If the policy is present in the DTCC feed, any subaccount position that exists in SmartOffice but not in the DTCC download is considered closed, For these positions, SmartOffice sets the Shares, Price, Current Value, and New Money Allocation fields to 0\.

• If no match found and the policy was present in the DTCC download, SmartOffice creates a subaccount position record for that policy.

Note:  For these positions, the Transaction Roll Up field on the subaccount Detail content link is set to Do Not Roll Up.

• If no match is found and the policy was not present in the DTCC download, SmartOffice does not make any changes to the policy's subaccount positions.

Interested Party

Contact

To match an incoming contact interested party for a policy from DTCC, SmartOffice first finds the matching policy (as described previously) and then searches the policy's interested parties for a match based on the associated contact and the interested party Role.

• If a matching interested party associated with a previously matched contact is found, SmartOffice updates the interested party record with the data from DTCC.
• If no match is found, SmartOffice creates an interested party record.

Business/Trust

To match an incoming business/trust interested party for a policy from DTCC, SmartOffice first finds the matching policy (as described previously) and then searches the policy's interested parties for a match based on Tax ID/TIN and record type:

• If a single match is found, SmartOffice updates the business/trust record with the data from DTCC.
• If more than one match is found, SmartOffice tries to match the business/trust based on the business name, record type and established date:
• If a match is found, SmartOffice updates the business/trust record with the data from DTCC.
• If no match is found, SmartOffice tries to find a match based on business name and record type only:
• If a match is found, SmartOffice updates the business/trust record with the data from DTCC.
• If no match is found, SmartOffice creates an interested party record  for the business/trust.

Interested Party Refresh

When refreshing the interested parties on a policy, SmartOffice looks for a matching interested party in the SmartOffice policy record based on the interested party Role.

• If an interested party record with the same role is found in SmartOffice, SmartOffice checks whether the interested party record is linked to a SmartOffice contact.
• If the interested party record is linked to a SmartOffice contact, SmartOffice checks to see whether the contact is the same as the one in the DTCC feed using the contact-matching logic described previously.
• If the contact matches, no change is made to the interested party record in SmartOffice.
• If the contact is different, SmartOffice updates the interested party record to link it to the new contact. No other data in the interested party record is changed.
• If the interested party record is not linked to a SmartOffice contact (i.e., the interested party is not in the SmartOffice contact database), SmartOffice makes no change to the interested party record.
• If an interested party record with the same role is not found in SmartOffice, SmartOffice adds the interested party record to the policy.
• If the interested party in the DTCC feed matches a SmartOffice contact, SmartOffice links that contact to the new interested party record.
• If the interested party in the DTCC feed does not match a SmartOffice contact, SmartOffice just adds the name of the interested party to the new interested party record.

SmartOffice Fields Updated

The following table summarizes the SmartOffice fields that are updated through the DTCC data feed. For detailed information about field mapping, see DTCC-SmartOffice Field Mapping.

Note: In offices that have the SmartPad Audit Trail feature enabled, SmartOffice tracks updates to key policy and other fields. Users can view a history of changes by opening a record's notes and selecting the Changes tab. For a list of tracked fields and other information, see SmartPad Audit Trail and Changes Tab.

Reviewing Import Status

Alerts

When DTCC data is downloaded and processed in SmartOffice, the user whose SmartOffice user account was used to set up the integration receives a notification in the Alert Center. The notification contains the following:

• Name of Service
• Name of User
• Completion Time Stamp
• Number of Records Inserted, Updated, or Failed for each of the following:
• Carrier
• Product
• Contact
• Address
• Policy
• Subaccount Security
• Subaccount Position
• Interested Party

Logs

Users can review DTCC data imports using the Data Import Log to view detailed information about records that were successfully or unsuccessfully processed.

DTCC-to-SmartOffice Field Mapping

The following table summarizes the fields present in DTCC files received by SmartOffice and the SmartOffice fields that they map to. Note: When the field name varies from the corresponding column name in SmartOffice, the table shows both names separated with a slash (i.e., field name/column name).