SunGard 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.
âThis is a major initiative for our industry which has received tremendous support from our membership,â stated Deb Tucker of NAVA. âWe are pleased that SunGard and other leading technology providers are supporting our efforts to achieve STP.â
âNAVA 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,â added Ray Davis, group chief executive officer of SunGard Benefit Administration and Insurance. âSunGard is pleased to support this effort in the securities and insurance industries.â
Tony Deakins of Abraham, McDonald & Associates, who serves as project director for NAVA, commented, âThe 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.â
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 NAVAâs 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.
SunGardâs solution for NAVA begins with SunGardâs 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.