As most IT professionals familiar with the life and annuity business know, modernizing core applications can be an expensive and daunting task. The explosion of wealth management creates an exciting opportunity for insurers. To compete in this market, insurers will need to provide agents with self-service and straight-through issue processing on par with mutual fund trading companies. IBM has constructed a functional core universal life straight-through process that includes both best practices solutions and the roadmaps to implement these solutions. Phil Proudfoot and Mitch Green with IBM�s Sales and Distribution Group describe IBM�s new universal life components which allow agents to close a deal in 45 minutes compared with the industry average of 5 to 28 days. IBM is also working with the National Association of Variable Annuities (NAVA) to define specifications for an industry-wide annuity business model.
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