VERTEX, Inc., a provider of services and software to the insurance and financial services industries, has announced the release of a strategic upgrade to its VTXml product suite, which produces and stores ACORD- and NAVA-compliant XML-based transactions and provides the infrastructure to manage the publication of annuity product data.
"Our platform always has simplified the product definition process," says Suzanne Brazeal, assistant vice president of VERTEX. "What our strategic upgrade does is simplify the management of that information by adding maintenance control, a complete product repository, and real-time publishing capabilities."
"This release satisfies two very critical components for our business," Steven Wilson, president and CEO of VERTEX adds. "First, it increases the industry's adoption rate of annuity straight-through processing. Second, it improves usability for those organizations that are working with the ACORD/NAVA standards."
The VERTEX upgrade eases the creation, maintenance, and publication of the carrier's product data. The carrier receives full product versioning control, which allows it to manage multiple projects simultaneously and stage product introductions. Every change is tracked, and full audit control and reporting functions are performed. Carriers will have access to distributor-level control screens maintained either by the carrier or distributor in order to further restrict product characteristics that are not approved or applicable to that distributor.
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