SunGard Addresses NAVA's STP Initiative

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.

NAVA is spearheading an industry-backed initiative to establish a comprehensive set of standards for simplifying and improving the electronic annuity purchasing process for consumers, insurers, distributors, and regulators. The goal of NAVA's STP initiative is to: create a set of operational standards for a process that is paper free; garner regulatory acceptance of the process; and assist the industry in the implementation of the standards.