LIDMA Straight-Through Processing Seal of Approval Application

Straight-Through Processing (STP) is a process that companies use to speed up their transaction processing time allowing companies to have information streamlined through multiple points.  STP limits the manual process of employees having to enter redundant information multiple times in multiple legacy systems.  STP allows companies to share information electronically in a quicker, more secure and consumer friendly manner.

The requirements contained in the application must be satisfied in order to achieve the LIDMA Straight Through Processing Seal of Approval.  Providing specific details on how each requirement is met assists the LIDMA members in evaluating the various straight-through processing options and to ultimately choose the right solution that fits their business model.  This is a great opportunity to get your straight-through processing solution in front of heavy users in the Life insurance industry who may be assessing various solutions to adopt in the way they conduct business.

The Seal of Approval will be awarded twice annually.  See the annual submission calendar below:

 

Approval Cycle	Application Due Date*	Review Process & Verification of References	Seal Announcements
Summer	August 26	August 27 - September 9	Seal Approvals announced LIDMA Annual Meeting
Winter	February 28	March 1 - March 30	Seal Approvals announced LIDMA Annual Meeting

*Any submissions received after the posted deadline will be held until the next review period.  Affected applicants will be notified of this action.

All application submissions must be for your own STP solution, not a third-party.

In addition to the announcement by LIDMA Board of all Seal of Approval winners, all award recipients (both Winter and Summer submissions) will receive special recognition at the LIDMA Fall meeting.

When completing your application, please remember the purpose of LIDMA:  “To serve people better, to enhance the buying experience and efficiently get more life insurance protection in force for the families and businesses that need it.”

Apply for Straight Through Process Seal of Approval