New River, Inc., announced the availability of Variable Products Express Version 2.0, an upgrade to its Web-based solution that enables variable annuity providers to meet the obligation of the SEC's new summary prospectus rule.
The new version allows carriers to offer electronic contract and related sub-fund prospectuses from their Web site, and to assure these documents mirror those on the SEC's EDGAR system.
Also, insurance carriers can provide their customers with access to all required compliance documents without having to redirect the contract owner to various fund company Web sites. This functionality enables providers to take advantage of the cost savings associated with the delivery of summary prospectuses while maintaining complete control over their client relationships.
"Insurers are faced with a unique growth opportunity as consumers continue to come to terms with the fact that their current retirement savings may be insufficient in meeting their retirement goals and lifetime income requirements," says Russ Planitzer, president and CEO of NewRiver. "Annuity providers can gain market share by creating a better user experience and make a real impact to the bottom line by keeping their customers loyal to their own branded Web site and by foregoing the costly, cumbersome and less personal evergreen approach."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.