POMPANO BEACH, Fla., Oct. 20, 2009 (GLOBE NEWSWIRE) -- Blue Frog Solutions, a leading provider of Life & Annuity Order Management and Compliance Solutions, flawlessly launched AFFIRM for Annuities Compliance and Order Management System version 1.8 in August 2009.
Affirm(TM) for Annuities is a compliance and order management system designed to integrate a carrier's complex product rules with a distributor's compliance processing to generate transactions that are "in good order" (IGO). Compliant annuity applications are then electronically submitted to carriers for processing after successfully passing all supervisory reviews required by the distributor.
The new version of Affirm fully supports NAVA STP 2009-1.2 Product Data Standards, including separation of the Product Profile from the Distributor Profile. The standard, which provides the flexibility to meet all known and planned business requirements and creates product consistency to enable significantly higher "IGO" rates, resulted from 2-1/2 years of work by the NAVA Data Conformity Committee representing industry experts from carriers, distributors and vendors. The product consistency also enables a better experience for the financial advisor, allowing for a reliable "apples-to-apples" comparison of product features and riders. In addition, the standard allows carriers to bring products to market faster as custom coding and modeling is eliminated.
"Affirm version 1.8 is the first and currently only solution in the industry to support the new NAVA standard," says Dan Smith, chief executive officer of Blue Frog Solutions. "Affirm v. 1.8 offers flexible, advanced technology that's indispensible for financial institutions dealing with all aspects of the complex annuity business."
The new Affirm version also implements many features for all carrier and distributor partners, with no issues in data migration or application functionality. The Blue Frog Affirm for Annuities production environment has averaged a 99.85 percent production uptime over the past 12 months as monitored and reported by an external service provider. Response to the system has been overwhelmingly positive.
Blue Frog Solutions, www.bluefrogsolutions.com, based in Pompano Beach, Florida, is a leading technology solutions provider and business processing outsourcing (BPO) firm that focuses on the life, annuities and long-term care market. Blue Frog automates both front and back end business processes between carriers and distributors with a focus on compliance to create automated business process efficiencies. Blue Frog's solutions are based on the firm's flagship ADMServer Framework software suite. As one of the largest providers of ACORD-based transactions and DTCC solutions, Blue Frog currently provides ADMServer solutions to more than 60 percent of the top 40 life and annuity companies and many of the largest distributors in the U.S.
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