Press Release Summary:
VTXml Product Suite produces and stores ACORD- and NAVA-compliant XML-based transactions, including Product Profile for Annuities (PPfA) transaction, and provides infrastructure to manage publication of production quality annuity product data. Solution enriches functionality for carriers, distributors, and third party organizations while facilitating creation, maintenance, and relay of product data. Carrier receives full product versioning control, and every change is tracked.
Original Press Release:
VERTEX, Incorporated Upgrades VTXml Product Suite to Align with Annuity New Business Straight Through Processing Initiatives
NEW BRITAIN, Conn., March 16 -- VERTEX, Incorporated is a premier provider of professional services and innovative software to the insurance and financial services industries. VERTEX announced today the release of a strategic upgrade to their VTXml Product Suite, which produces and stores ACORD and NAVA compliant XML based transactions, including the Product Profile for Annuities (PPfA) transaction, and provides the infrastructure to manage the publication of production quality annuity product data.
"Key organizations in our industry understand the challenges faced when selling an annuity and are using the PPfA transaction to simplify the annuity by systematically breaking down its complexities," said Suzanne Brazeal, AVP, VERTEX Incorporated. "Our platform has always simplified the product definition process. What our strategic upgrade does is simplify the management of that information by adding maintenance control, a complete product repository, and real-time publishing capabilities."
Steven Wilson, President and CEO of VERTEX Incorporated added, "This release satisfies two very critical components for our business. First, it increases the industry's adoption rate of annuity straight through processing. Second, it improves usability for those organizations who are working with the ACORD/NAVA standards. We are very pleased to be in a position where we can make such a positive impact on the adoption process."
VERTEX's strategic upgrade provides enriched functionality to carriers, distributors and third party organizations and eases the creation, maintenance, and publication of the carrier's product data. The carrier receives full product versioning control, which allows them to manage multiple projects simultaneously and effectively stage product introductions. Every change is tracked and full audit control and reporting functions are performed. Carriers will have access to distributor level control screens maintained either by the carrier or distributor in order to further restrict product characteristics that are not approved or applicable to that distributor, which will allow them to collapse distributor specific versions of their products.
VTXml's product repository stores production versions of the carrier's product data and automatically publishes the data to all interested parties. The carrier controls when to publish their data and real-time xml transmissions are sent via predefined protocols. VTXml has the ability to facilitate the transmission of the carrier's production XML transactions even if those transactions are created and maintained outside the VTXml Product Suite. Email notifications are sent automatically when changes are made in VTXml and or published using VTXml's product repository.
About VERTEX Incorporated: (www.vertexincorporated.com)
Located in New Britain, CT, VERTEX has been providing business and technical solutions to the financial services industry since 1991. VERTEX focuses on the life insurance and annuity segments and has gained a global reputation for expertise in these specialties. VERTEX, Inc. is a woman-owned small business and is recognized by their growing list of prestigious clients as a respected industry leader.
For more information, and/or a copy of the complete release contact:
Suzanne Brazeal, AVP