NewRiver, Inc. today announced the immediate availability of Variable Products Expresssm Version 2.0 - an upgrade to its web-based solution that enables variable annuity providers to quickly meet the obligation of the SEC’s new Summary Prospectus Rule. This new version allows variable annuity carriers to offer electronic contract and related sub-fund prospectuses from their website, and to assure these documents mirror those on the SEC’s EDGAR system. More importantly, insurance carriers can provide their customers with immediate access to all required compliance documents without having to re-direct the contract owner to various fund company web sites. This critical functionality ensures that providers can take advantage of the significant cost savings associated with the delivery of summary prospectuses while maintaining complete control over their client relationships.
NewRiver’s latest offering simplifies the investor disclosure process and provides flexible document delivery options that are both cost-efficient and compliant. Through daily sourcing from EDGAR, Variable Products Express maps all registered Variable Annuity and Variable Universal Life contracts to related sub-funds, and provides “next-day” delivery of all current compliance documents -- including summary prospectuses and prospectuses -- which allows providers to tailor and communicate to their variable product policyholders in both print and/or electronic formats. More specifically the solution provides the following benefits:
•Reduces the Complexities of Managing Compliance Fulfillment: Provides guaranteed compliance across all documents for all sub-funds by reflecting the most recent current versions as of the end of the prior business day. The solution also tracks mutual fund company adoption of summary prospectuses and delivers accordingly. Further, it enables them to successfully manage the delivery of summary prospectuses, even for outside funds, by providing the confidence that they were delivered correctly and on time.
•Creates a Better User Experience: Enables variable annuity investors to get their financial information online and creates an effective branding and marketing opportunity for the insurer. By providing all the relevant information pertaining to the contract and sub-fund documents on the institution’s own site, they can avoid redirecting customers to other sites and maintain better control over the entire client relationship.
•Promotes Electronic Consent and E-Delivery: Allows variable annuity providers to realize maximum savings through e-delivery and through a guaranteed consent marketing strategy that can achieve significant opt-in consent. Further, with NewRiver's Intelligent Delivery Services (IDS), insurers can deliver investor portfolio-specific documents which provides cost savings when their customers opt for paper-based delivery.
“Insurers are faced with a unique growth opportunity as consumers continue to come to terms with the fact that their current retirement savings may be insufficient in meeting their retirement goals and lifetime income requirements,” said Russ Planitzer, President and CEO of NewRiver. “Leveraging products such as Variable Products Express, annuity providers can gain market share by creating a better user experience and make a real impact to the bottom line by keeping their customers loyal to their own branded web site and by foregoing the costly, cumbersome and less personal ‘evergreen’ approach.”