American Skandia Launches Web-Based Annuity Enrollment; State-of-the-Art Platform Streamlines Application Process.Business Editors SHELTON, Conn.--(BUSINESS WIRE)--Sept. 9, 2002 American Skandia Life Assurance Corporation ("American Skandia"), one of the nation's leading 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. providers, has launched a Web-based annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. application platform powered by Annuity Net technology to offer paperless annuity applications online at www.americanskandia.com. The American Skandia Online Annuity Application is an easy-to-use, Web-based interface for entering annuity application information. It ensures 100% accurate application information to speed up contract issuance and offers online tracking of annuity sales made through the platform, from initial application to contract issue. The process also provides: -- Real-time interaction with American Skandia to submit an application and issue a contract(a) -- Online generation of all required administrative forms -- Interaction with Depository Trust Clearing Corporation (DTCC)(b) -- Online suitability workflow -- Back-office reporting "American Skandia has been a leader in introducing technology to the 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. business. We're leading the way once again by being one of the first to introduce electronic order entry through our successful Service Online Internet platform. This technology will speed up the application process, automating compliance and suitability at the broker/dealer level, providing Investment Professionals and investors efficiencies and reporting capabilities they could never have before," said Lincoln Collins, American Skandia's Senior Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . For information on American Skandia's Service Online platform, please call an e-Service representative at 800-293-4076. ABOUT AMERICAN SKANDIA Variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. and variable life insurance are issued by American Skandia Life Assurance Corporation. Variable annuities, variable life insurance and mutual funds are distributed by American Skandia Marketing, Incorporated. Both companies are located at One Corporate Drive, Shelton, Connecticut Shelton is a city in Fairfield County, Connecticut, United States. History Origins The town was split off from Stratford in 1789, as Huntington (named for Samuel Huntington). 06484. Call 1-800-SKANDIA for a prospectus containing more complete information on charges, expenses and tax consequences. It should be read carefully before you invest or send money. Information about the company and its products can also be found on the company Web site at www.americanskandia.com. ABOUT ANNUITYNET, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . AnnuityNet, a Leesburg, 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 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 entrepreneur (än'trəprənûr`) [Fr.,=one who undertakes], person who assumes the organization, management, and risks of a business enterprise. 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, Sun-Life Financial, Phoenix Life, Ohio National Financial and Bank One. The company's Web site address is www.annuitynet.com. (a) Depends upon process agreed to with Broker/Dealer. (b) At the discretion of Broker/Dealer. Requires membership with DTCC DTCC See: Depository Trust and Clearing Corporation . --30--ds/ny* csm
CONTACT: American Skandia, Shelton
Marianne V. Stochmal, 203/402-1248
mstochmal@skandia.com
or
AnnuityNet, Inc.
Rhodes Henderer, 703/669-2078
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: BANKING INSURANCE
SOURCE: American Skandia
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