NAVA to Host Conference on New Industry-Backed Annuity Sales Standards.
RESTON, Va. -- NAVA today announced that it is hosting a conference to educate software product and service providers on its recently announced Straight Through Processing (STP) standards. The goal of the conference is to create an open forum to discuss the information and guidelines necessary to develop future STP-compliant solutions for the annuity industry.
The NAVA Technology Vendor Conference will be held on Tuesday, March 6, 2007 at the Dulles Hyatt Hotel in Herndon, Virginia from 9:00 a.m. to 4:00 p.m. Technology providers developing solutions in the following areas are encouraged to attend: electronic signature technology, interactive and electronic forms, workflow solutions, electronic document delivery, document management, and records management. Those interested should contact NAVA for details and how to register.
STP is an industry-backed initiative that has established a comprehensive set of standards for doing new annuity business electronically that will benefit consumers, insurers, distributors, and regulators. A coalition of more than 30 leading insurance companies and distributors has approved the 24 sets of STP standards, which address a number of key areas, including suitability, electronic forms, privacy, and records management.
NAVA is currently working with a wide range of insurance carriers, annuity distributors and technology vendors to promote and encourage the implementation of the STP standards and the development of STP-compliant solutions. NAVA is also working with state and federal regulators to secure an understanding and acceptance of the standards. With regulatory acceptance, widespread industry adoption of STP is expected given the anticipated growth in the annuity market as the "boomer" generation enters retirement.
NAVA, Inc., the Association for Insured Retirement Solutions, is a non-profit trade association located in suburban Washington, D.C. NAVA provides a variety of services to the industry including educational forums, research, and conferences aimed at furthering the development and understanding of fixed and variable annuities, income annuities, and variable life insurance. NAVA also maintains and supports an educational website for consumers at www.RetireOnYourTerms.com.
Additional Documentation on NAVA's STP Initiative:
STP Initiative Process Flow Diagram (http://126.96.36.199/docushare/dsweb/Get/Document-5486/ STP%20New%20Business%20Flowchart%20-%2011x17%20v5.3.pdf) (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
The STP Initiative Standards (http://188.8.131.52/docushare/dsweb/View/Collection-1106)
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|Date:||Feb 23, 2007|
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