February 25, 2003, Canada — The Life Company Central (LCC) mission is to establish a common system interface facility (B2B portal) between suppliers of life insurance products and their many distributors.
The intention of this exchange is to provide carriers and distributors with a portal to manage various product and information related exchanges through the full product life cycle. This will be based on a secure, open architecture environment that processes industry standard transactions and data using the ACORD and XMLife standards.
In the fall of 2002, LCC established a project plan that would develop the initiative in a logical and progressive manner. The first step was the completion of a business case, which was finalized in December 2002.
Each member company had one month to review this information and confirm that we should proceed with the next steps. This review has now been completed and we are pleased to report that Standard Life, Manulife, RBC Life Insurance Company and SunLife have agreed to enter into phase two of the decision analysis.
The business case successfully demonstrated that there are significant cost savings and benefits for both insurers and distributors throughout the policy lifecycle. One of the main purposes of phase two will be to validate the transaction volume potential between trading partners. This will be completed through a detailed analysis of the cost/benefit impact of the proposed LCC exchange activities on each participant by April 30th, 2003. This cost/benefit review will form the base for participants to understand the full value of the LCC proposal to their company.
For more information on this initiative or for details on phase two of this project, please visit the LCC website at www.lccexchange.net.