AnnuityNet and Beacon Research Announce Strategic Alliance to Provide Enhanced End-To-End Processing of Fixed Annuities; Beacon to Provide Fixed Annuity Data and Research Analysis.Business Editors HERNDON, Va.--(BUSINESS WIRE)--Feb. 4, 2003 AnnuityNet, Inc., the leading provider of eCommerce technology solutions for the 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. industry, announced today that it has formed a strategic alliance with Beacon Beacon, city (1990 pop. 13,243), Dutchess co., SE N.Y., on the E bank of the Hudson River; settled 1663, inc. in 1913 when Fishkill Landing and Matteawan villages were united. Research, the insurance industry's leading source of fixed annuity Fixed Annuity An insurance contract in which the insurance company makes fixed dollar payments to the annuitant for the term of the contract, usually until the annuitant dies. The insurance company guarantees both earnings and principal. data research and analysis. This alliance will make extensive fixed annuity products and current rate information available via AnnuityNet's annuity automation platform, enabling financial advisors, insurance agents and brokers to determine which products best meet their clients' needs and complete the purchase in an online, automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. process. The two companies also are exploring additional opportunities for sharing capabilities and resources. As part of the agreement, AnnuityNet named Beacon Research as its preferred provider of fixed annuity data. Beacon Research will provide complete, continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. updated information on fixed annuity contracts. Platform users will be able to view product profiles and comparative data in the format they prefer, including PDF (Portable Document Format) The de facto standard for document publishing from Adobe. On the Web, there are countless brochures, data sheets, white papers and technical manuals in the PDF format. and HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. . This will enhance the value of AnnuityNet's platform as an information-rich environment, giving users direct access to up-to-the-minute data on rates and features straight from Beacon's fixed annuity database, the most extensive and reliable of its kind. AnnuityNet will endorse To sign a paper or document, thereby making it possible for the rights represented therein to pass to another individual. Also spelled indorse. endorse (indorse) v. and promote Beacon Research information and software solutions as a valuable addition to its suite of services for annuity distributors and manufacturers. "Beacon Research is the acknowledged premier provider of high-quality fixed annuity data to the insurance industry," said Steve Dunlap, Chief Marketing Officer at AnnuityNet. "Demand for such information has increased dramatically over the past two years along with rising fixed annuity sales. However, because little is publicly available regarding product features and rates, such data is very difficult to obtain. We're delighted to offer Beacon's fixed annuity information and software tools as a significant addition to our front-end services. As a website publisher and software developer, Beacon has the expertise to provide both, integrated seamlessly into our platform. Our partnership with Beacon also presents an exciting opportunity to serve non-registered distribution channels." "AnnuityNet pioneered web-enabled, 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. . Its cutting-edge technology continues to offer unrivaled power and functionality. We're very pleased to partner with AnnuityNet to make end-to-end transaction processing available to our clients and to make our services available to enhance fixed annuity transactions in registered distribution channels," said Jeremy D. Alexander, President, Beacon Research, Inc. 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 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, SunLife Financial, Phoenix Life, Ohio National Financial, and Bank One. The company's Web site address is http://www.annuitynet.com. About Beacon Research, Inc. Founded in 1997, Beacon Research is a fully independent research organization dedicated to meeting the information needs of the financial services industry. It compiles and publishes comprehensive, accurate market intelligence on fixed annuity products for subscribers to its website - www.annuitynexus.com. Beacon also licenses information to other platforms, including the industry's first fixed annuity benchmark series. Among publishers of fixed annuity data, Beacon Research is unique in its objectivity, accuracy, scope and timeliness. America's leading insurers use Beacon's fixed annuity data and suite of software tools for sales support, rate setting, product development and competition research. Distributors access Beacon's website for product analysis and selection. Internet and intranet platforms use data and software from Beacon research to support proposals, transactions, suitability checks and financial modeling. Through strategic alliances, Beacon information is available to hundreds of financial institutions and distributors. |
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