Transamerica Life Insurance Company offers a wide array of innovative financial services and products. They are a member of the AEGON Group, a multinational insurance organization, and one of world's leading life insurance and financial services organizations.
As an AnnuityNet carrier partner, Transamerica had experienced the benefits of the AnnuityNet Platform with annuity business submitted by their distributor partners. But with a significant number of independent agents and financial planners not associated with one of AnnuityNet's distributor partners, Transamerica desired a way to leverage the AnnuityNet technology to provide a Web-based annuity order-entry facility directly to these individuals, while integrating with Transamerica's Website. Such a system, Transamerica mandated, had to add value to the financial planner by shortening the cycle time from close of sale to receipt of policy output, reducing rework and resubmission, and redesigning the new business process to improve workflow and efficiency.
After considering their options to address this challenge, Transamerica selected Ebix's AnnuityGateway Solution. AnnuityGateway leverages the order entry and straight through processing features of the AnnuityNet Platform and integrates directly with Transamerica's Website. The platform enabled Transamerica to automate the processing of annuities by providing full straight-through-processing and increase back-office efficiency by providing and correctly filling out all forms, curtailing errors and virtually eliminating "Not in Good Order" (NIGO) business. To support cash business, Ebix built custom ACH processing that eliminated the need for a check and created the ability for cash business to be processed for same-day settlement. A standard part of the AnnuityGateway Solution, Transamerica also received a 1035 exchange process that simplifies the 1035 process that ensures data necessary for the exchange is captured properly and pre-filled on required replacement forms.
Transamerica launched TransExpress for Annuities, giving independent broker/dealers the same fully-edited, point-and-click, electronic straight-through-processing capabilities currently offered in the wirehouses and other large financial institutions. "We are very pleased to offer a first-of-its-kind order-entry platform to the financial planner community, " said Rob Frederick, Transamerica's chief operating officer. "The unique feature of money settlement through ACH functionality enables same-day processing on cash business and additions. This new speed benefits anyone that typically submits business via paper applications and checks by mail, which often is a 3 to 5 day process before the contract is issued."
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