100,000 Annuity Transactions Processed Online Year-to-Date: A Record for the Annuity Industry - and the Internet.Business Editors & High Tech Writers HERNDON, Va.--(BUSINESS WIRE)--Oct. 23, 2002 AnnuityNet Technology Platform Pushes Real-Time Straight Through Processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. of Annuity Products to Record Levels AnnuityNet, Inc., the leading eCommerce provider of online technology solutions for the annuity industry, demonstrated in a big way the strength of its technology last week as transactions processed year-to-date by the AnnuityNet platform rolled over the 100,000 mark on October 16, 2002. This number of online transactions during a single year is both a first for the annuity industry and a new record for automated annuity transactions over the Internet. "This 100,000 transaction figure proves decisively that the electronic processing of annuity transactions is no longer a boutique Boutique A small investment firm specializing in offering specific, but limited services to a select number of individuals. Notes: These investment firms are the alternatives to large financial supermarkets. They provide a highly personalized environment for investing. business. The industry's long sought goal of paperless, accurate, and efficient annuity sales and service is a reality here and now," comments AnnuityNet CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Shane Chalke. "And as additional annuity products and distribution channels continue to go live on our platform, we expect our technology to be easily processing numbers of transactions that are orders of magnitude higher than at present." AnnuityNet, Inc., a software and business re-engineering company based outside Washington, DC, builds eCommerce technology that links together annuity point-of-sale distributors, such as banks and broker-dealers, with insurance carriers that create and underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. annuity products. AnnuityNet was the first company in the world to implement full-service annuity transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. via the Internet, and it has been processing annuities online since 1998. Historically annuities have been a cumbersome, paper-driven and intensively regulated product. AnnuityNet automates and streamlines the sales and service relationship through online order-entry systems that create a paperless stream for annuity applications, as well as providing online servicing of the annuity contract Annuity Contract The written agreement between an insurance company and a customer outlining each party's obligations in an annuity coverage agreement. This document will include the specific details of the contract, such as the structure of the annuity (variable or fixed), any and underlying investments. The 100,000 transactions processed year-to-date through the AnnuityNet platform during 2002 include new sales of fixed and variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. products, so-called 1035 exchanges of annuity contracts, as well as all investment transactions in variable annuity subaccount funds for annuity products maintained on the system. "Given that our technology processes a high volume of transactions involving critical and time-sensitive financial data belonging to our clients, scalability and robustness are vital to maintaining a system that answers our clients' requirements for security and safety," says Tom Christian, AnnuityNet Sr. Vice President and Chief Information Officer. "We're confident, however, that AnnuityNet's platform and architecture are well equipped not only to handle the demands of present levels of transactions, but also to power a large component of the entire annuity industry in the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." About AnnuityNet, Inc. AnnuityNet, a Herndon, VA-based software technology company, pioneered the Web-based approach to powering transactions in the annuity market space with an Internet platform that connects all industry constituencies - carriers and manufacturers, distributors and point of sale representatives, and customers - into a seamless, secure and information-rich process. After becoming the first company to engineer paperless annuities on the Web, AnnuityNet designed and developed technology solutions for financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. institutions that are transforming the way the industry sells and services annuities. AnnuityNet's Web technology currently processes nearly $2 billion per month in annuity transactions over the Internet. AnnuityNet was founded in 1997 by well-known actuary actuary One who calculates insurance risks and premiums. Actuaries compute the probability of the occurrence of such events as birth, marriage, illness, accidents, and death. and entrepreneur Shane Chalke, and is owned by a blue-ribbon consortium of financial industry organizations including GE Equity, Lincoln Financial Group, Conning Capital Partners, FBR FBR Friedman, Billings, Ramsey Group, Inc. (investment firm) FBR Fast Breeder Reactor FBR Federal Benefit Rate FBR Foundation for Biomedical Research FBR Foundation for Blood Research FBR Fluidized Bed Reactor Financial Services Partners, SunLife Financial, Phoenix Life, Ohio National Financial and Bank One. The company's Web site address is www.annuitynet.com. Securities offered through AnnuityNet Insurance Agency, Inc., a broker-dealer. |
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