Allfinanz, a software developer for insurance and investments distribution, is to launch xpertProfiles, a new application designed to simplify the sharing of annuity product information between carriers, distributors and vendors.
The company will showcase xpertProfiles along with xpertBridge, Allfinanz' front-end runtime system, at the Acord conference in Orlando, next week.
Allfinanz xpertProfiles is fully compatible with the new Nava/Accord XML Annuity Product Profile (PPfA) standard, which defines the basic set of information and business rules necessary to complete and submit a well-qualified, fully formed, complete application for an annuity product.
The application allows the business user to enter product information once only, without having to understand XML or the profile standards. Using xpertProfiles a carrier defines the annuity product information using the structure provided in the product profile. This information is saved as an XML file and transmitted to all of the carrier's trading partners.
Traditionally, the sharing of annuity product information between carriers, distributors and vendors involves partners distributing and updating information using different channels and methodologies. This process often resulted in time delays and errors.
Mark Schwarzmann, CEO, Allfinanz, says: "xpertProfiles, leveraging the new Acord annuity profile standard, streamlines the process and considerably reduces the time, money and effort required to maintain products by all parties."