AnnuityNet Has Record Month of New Distribution Deals; Thirteen New Broker/Dealers Sign to Deploy AnnuityNet Technology.Business Editors/High-Tech Writers HERNDON, Va.--(BUSINESS WIRE)--April 16, 2003 AnnuityNet has once again proven its leadership in the annuity order entry arena by signing up thirteen new distributors during the month of March 2003. Twelve of those firms include the following (one firm has asked that its name not be publicized pub·li·cize tr.v. pub·li·cized, pub·li·ciz·ing, pub·li·ciz·es To give publicity to. Adj. 1. publicized - made known; especially made widely known publicised ):
Capital Analysts Incorporated of Radnor, PA
Crowell, Weedon & Co. of Los Angeles, CA
Davenport & Company, LLC of Richmond, VA
First Citizens Investor Services of Raleigh, NC
Infinex Financial Group of Farmington, CT
InterSecurities, Inc. of St. Petersburg, FL
Main Street Management Company of Wallingford, CT
McDonald Investments, Inc. of Cleveland, OH
Money Concepts Capital Corp. of North Palm Beach, FL
Park Avenue Securities LLC of New York, NY
Scott & Stringfellow, Inc. of Richmond, VA
W.S. Griffith & Co. of Hartford, CT
AnnuityNet, Inc., a software and business re-engineering company, 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. Often partnering with the DTCC DTCC See: Depository Trust and Clearing Corporation in order to introduce additional efficiency into the process by leveraging their industry-standard architecture, the solution offered by AnnuityNet represents the most powerful and proven platform of its kind. Historically, annuities have been cumbersome cum·ber·some adj. 1. Difficult to handle because of weight or bulk. See Synonyms at heavy. 2. Troublesome or onerous. cum , paper-driven and intensively regulated products. AnnuityNet automates and streamlines the sales and service relationship through online order entry systems that create a paperless stream of 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. AnnuityNet's Web-based technology for distributors supports the sale and service of annuity products from multiple insurance carriers. A hallmark capability of the AnnuityNet platform is efficient end-to-end processing that speeds the sales cycle by incorporating automated wizards that streamline the application process and eliminate common errors. Other key benefits of the platform are built-in suitability and compliance checks and straight-through paperless processing that electronically deliver the application to a carriers' back office system. "Current distributors and carriers have experienced significant cost and time savings with usage of the platform," asserts Steve Dunlap, Senior Vice President and Chief Marketing Officer. "'Not in Good Order' applications have been reduced to as low as 1% in some cases, and sales consistently show dramatic increases when the ergonomics ergonomics, the engineering science concerned with the physical and psychological relationship between machines and the people who use them. The ergonomicist takes an empirical approach to the study of human-machine interactions. of the order process are improved through digitization dig·i·tize tr.v. dig·i·tized, dig·i·tiz·ing, dig·i·tiz·es To put (data, for example) into digital form. dig ." AnnuityNet's market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" has now reached 35% within the broker-dealer and financial institution marketplace and thirty carriers have contracted to offer their products on the AnnuityNet platform with eleven carriers currently in live production. About AnnuityNet, Inc. AnnuityNet, Inc., 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 - into a seamless, secure and information-rich process. After becoming the first company to engineer paperless annuities on the Web, AnnuityNet designed and delivered 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 over 30,000 annuity transactions per month 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. |
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