SunGard has announced it is offering a solution to assist in simplifying and improving the electronic annuity purchasing process in support of the straight-through processing (STP) initiative by NAVA, the association for insured retirement solutions.
SunGard has integrated components from its Signix, EXP, iWORKS, and SunGard Transaction Network technologies to provide an end-to-end solution for opening a brokerage account, executing and processing an annuity application, and storing the resulting records. The SunGard offering frees customers from the need to integrate multiple technologies from multiple vendors and provides a single point of contact to help reduce communication delays. This suite of products is offered as a licensed or as an Internet-based ASP solution.
"NAVA has taken a strong leadership role in driving this critical initiative for the industry, and we believe it will have a dramatic impact on the growth and success in the sale of annuities," says Ray Davis, group chief executive officer of SunGard benefit administration and insurance.
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