VERTEX's flagship SaaS platform, the VTXml Product Suite, is the most widely used tool in the market place for defining and publishing insurance product information using industry standards. The tool is used by most mid-to-large size US-based insurance manufacturers and every Bank/Broker-Dealer/Clearing Firm/Wirehouse aligned with Ebix's and iPipeline's AFFIRM Order Entry platforms rely on the transactions generated by the tool.
VTXml is a business-centric user interface that fronts an ACORD-compliant SQL Server database and comes equipped with a robust XML generator that communicates insurance product related data electronically using ACORD's Insurance Data Standard Formats via web-services, FTP or manual download. ACORD Data formats include the 1201 Message - Product Profile for Annuities, Life, LTC and Disability (PPfA, PPfL, PPfLTC, PPfD); 1204 Message â€“ Distributor Profile (DP) and Carrier Profile (CP); 1202 Investment Profile (IPP); 1221 Tabular Data Profile (XTbML)
The VTXml Product Suite readily supports individual-based Life and Annuity products including Fixed, Indexed and Variable Deferred; Fixed and Variable Immediate; Term, Whole Life, Variable Universal Life, Universal Life; Disability Income; and Long Term Care. VERTEX is expanding product support to include Group Life and Annuity products as well as Health care products.
The biggest Value Add of the VTXml Product Suite is the ability to version production releases. VTXml allows the insurance carrier to put a layer between what is currently in production and what needs to be in production at a future date. This allows the carrier to test the required changes and not compromise production data. If an emergency fix comes in VTXml can react quickly and only include the needed changes. If a date slips on one piece of the release then it can be backed out without affect the release or production.
VTXml includes a full audit trail. Every change which is made is recorded with the time, date, user who made the change, the changed value, the prior value and where it was changed. This report can be downloaded to excel for further flexibility.
Reporting Services are also a great feature offered and allows carriers to run reports on their products whenever they need them.
Uses of the VTXml Product Suite ACORD XML transactions include:
VTXml Product Suite is available as a licensed product or outsourced service.
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