AnnuityNet To Embrace DTCC New Business Format; AnnuityNet Will Utilize DTCC New Business File Format As Standard Data Transmission Method for New Business.Business Editors/High-Tech Writers HERNDON, Va.--(BUSINESS WIRE)--April 24, 2003 AnnuityNet announced today that in conjunction with the Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Trust & Clearing Corporation's recent announcement converting its formerly proprietary new business file format for annuity transactions to an industry open standard, AnnuityNet will immediately standardize on the DTCC DTCC See: Depository Trust and Clearing Corporation file format for electronic transmission of transaction data. AnnuityNet already utilizes the DTCC format with its carrier partners in conjunction with technology implementations at Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , Legg Mason Founded in 1899, Legg Mason, Inc. (NYSE: LM) is a leading Global Asset Management Firm that serves the institutional, mutual fund and wealth management markets. The firm is headquartered in Baltimore, Maryland, and is located on Lombard and Charles Streets in the Legg Mason and PrimeVest. Over 92 percent of AnnuityNet's insurance carrier partners support the DTCC new business file format today. However, annuity distributors that did not make use of the DTCC's clearing service have been ineligible to use the widely supported file format prior to this announcement, delaying adoption and deployment of annuity transaction automation technologies ardently sought by broker-dealers and banks. DTCC's release of the copyright will enable dozens of AnnuityNet clients to deploy automation technology on an immediate basis, rather than waiting for insurance carriers to implement support for other new business data standards. 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 annuity products. The solution offered by AnnuityNet represents the most powerful and proven platform of its kind. Historically, annuities have been cumbersome, 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. "We are very enthusiastic about DTCC's visionary decision to open their proprietary file format to the industry. This type of strategic thought leadership represents a tremendous step forward in modernizing and digitizing "Digitizer" redirects here. For the computer device, see Digitizing tablet. For the digitizer in Tablet PC's, see Tablet PC. Digitizing or digitization outmoded out·mod·ed adj. 1. Not in fashion; unfashionable: outmoded attire; outmoded ideas. 2. No longer usable or practical; obsolete: outmoded machinery. insurance industry processes and will greatly intensify the current groundswell ground·swell n. 1. A sudden gathering of force, as of public opinion: a groundswell of antiwar sentiment. 2. of support for annuity automation technology," says Steve Dunlap, Chief Marketing Officer at AnnuityNet, Inc. "Our carrier partners will now be quickly able to take full advantage of their implementations with AnnuityNet by offering automated processing of their products to any of our more than 50 distributor clients they were previously unable to support." AnnuityNet will utilize the DTCC new business file format as its standard method of data transmission for new business, and will continue to support its proprietary AnnuityNet Transaction XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. file where necessary for existing implementations and post-sale transactions. AnnuityNet's standard offering for annuity distributors will leverage DTCC's forthcoming DSO See CSO. (Data Services Only) offering for annuity applications. "AnnuityNet is grateful for DTCC's contribution to the industry which is the culmination of years of thought leadership and hard work. Together with them, we look forward to this important step forward our industry is about to take in automation," says Kristina Vaughn, Senior Vice President-Product Development for AnnuityNet. 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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