An increasing demand for annuity products is one of the key drivers behind an initiative to standardize the electronic sales of such offerings. "There will be a huge amount of interest in these products, and the industry needs to prepare for it," says Deb Tucker, vice president of NAVA, the Washington, D.C.-based nonprofit trade association that launched the initiative. "We want to help more people have better tools to sell these products to more consumers."
NAVA's Straight-Through Processing (STP) Standards Initiative, announced in February, is the culmination of a five-year effort to develop data conformity and technology standards to help the annuity industry improve electronic business processes and enhance customer service. Its intent is to streamline the electronic purchasing process for annuities for consumers, insurers, distributors, and regulators.
The STP initiative offers 24 sets of standards around four key areas: suitability, electronic forms, privacy, and records management. "The 24 standards are all around the point of sale of the product," Tucker explains. "This is a defined future state for the industry."
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