Offers Single-Source Solution With Proven Technologies
BIRMINGHAM, AL – March 6, 2007 – SunGard (www.sungard.com) announced today that it is offering a solution to assist in simplifying and improving the electronic annuity purchasing process in support of the Straight-through Processing (STP) initiative by NAVA, the Association for Insured Retirement Solutions.
SunGard has integrated proven components from its Signix, EXP, iWORKS and SunGard Transaction Network (STN) technologies to provide an end-to-end solution for opening a brokerage account, executing and processing an annuity application, and securely storing the resulting records. The SunGard offering frees customers from the need to integrate multiple technologies from multiple vendors and provides a single point of contact to help reduce communication delays. This suite of products is offered as a licensed or as an Internet-based ASP solution.
“This is a major initiative for our industry which has received tremendous support from our membership,” stated Deb Tucker of NAVA. “We are pleased that SunGard and other leading technology providers are supporting our efforts to achieve STP.”
“NAVA has taken a strong leadership role in driving this critical initiative for the industry, and we believe it will have a dramatic impact on the growth and success in the sale of annuities,” added Ray Davis, group chief executive officer of SunGard Benefit Administration and Insurance. “SunGard is pleased to support this effort in the securities and insurance industries.”
Tony Deakins of Abraham, McDonald & Associates, who serves as project director for NAVA, commented, “The ultimate goal for our STP initiative is an entirely electronic process from the opening of the brokerage account to processing of the annuity application and finally to the permanent storage of the electronic records. A number of technologies are necessary to support this vision and I am pleased with the interest shown from the technology community, including companies like SunGard with a broad range of enabling technologies.”
NAVA is spearheading an industry-backed initiative to establish a comprehensive set of standards for simplifying and improving the electronic annuity purchasing process for
consumers, insurers, distributors, and regulators. The goal of NAVA’s STP Initiative is to: (1) create a set of operational standards for a process that is paper free; (2) garner regulatory acceptance of the process; and (3) assist the industry in the implementation of the standards. In agreeing with uniform processes and procedures, the industry intends to establish a means of delivering clearer information about annuities to better inform consumers.
SunGard’s solution for NAVA begins with SunGard’s New Account Opening technology to help ensure a consistent data collection process while maintaining a high level of supervisory integrity. Signix technology offers a real-time digital signature solution to help close business with immediate execution of legally binding documents and electronic verification and authentication of identities. SunGard iWORKS NAVIGATOR produces illustrations from administration to payouts, streamlining sales workflow. Achieving STP requires enterprise business process management (BPM) and enterprise content management (ECM) technology. SunGard EXP provides a comprehensive, single-source solution to automate workflow, enhance processes, track productivity, promote collaboration and deliver time-sensitive communications. SunGard STN provides trade automation, connectivity, compliance, and end-to-end transaction management capabilities. SunGard’s STP solution is designed to help lower transaction costs, reduce risk, adapt easily to industry changes and provide a competitive advantage.
NAVA, Inc., the association for insured retirement solutions, is a non-profit trade association located in suburban Washington, D.C. NAVA provides a variety of services to the industry including educational forums, research, and conferences aimed at furthering the development and understanding of fixed and variable annuities, income annuities, and variable life insurance. NAVA also maintains and supports an educational Web site for consumers at www.RetireOnYourTerms.com.
With annual revenue exceeding $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world’s 50 largest financial services companies. Visit SunGard at www.sungard.com.