Using a mainframe or Internet connection, distributors and insurance carriers can use ACATS/IPS to electronically communicate distributor change information, in addition to non-financial contract changes such as custodial owner updates and beneficiary updates, 当可适用. The service provides request and confirmation messaging, as well as soft-reject capabilities for correctable errors. 功能包括:
- 保险登记(IR). 在ACATS系统内, it allows distributors to include customer account-transfer requests for insurance products as part of an automated process already established for other financial assets, 比如共同基金. The IR request is initiated through ACATS and facilitates the re-registration of annuity information at the carrier. It also allows for necessary changes to representative of record (REP), brokerage-identification number (BIN), beneficiary and owner information.
- Automated customer account transfer (CAT). This is the transaction that is created from the distributor-initiated IR record that is sent to the carrier via the In-Force Transaction (IFT) service. It provides all the necessary information that a carrier would need to perform a distributor of record change. 一旦完成, the carrier will send a CAT confirmation back to the distributor to provide final status.
- Change of representative of record (REP). This transaction is used when a carrier rejects a CAT transaction due to a rep-related reason that is quickly correctable. The REP transaction facilitates a correction of agent information, 在分销公司内部, 在合同上.
- 受益人变更(BEN). This transaction is used when a broker/dealer needs to communicate more than one beneficiary supported on the 保险 Registration (IR) record.
- Broker Identification Number (BIN). Automation within the IFT process delivers communications efficiently between distributors and insurance carriers. The BIN creates standardization and exists in a secure, controlled environment that enables users to access automated reporting, 跟踪和状态变化.