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NaviSys Introduces Annuity Payout Software

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NU Online News Service, June 1, 1:55 p.m. – NaviSys Inc., Edison, N.J., has introduced NaviSys Payouts, a software package that sets up and manages benefits payments for fixed annuities, variable annuities, structured settlements and related products.

The software can handle complicated procedures, such as arranging for accelerated death benefits payments and paying several beneficiaries of a single annuity contract, as well as simple benefits payment streams, NaviSys says.

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NaviSys says it has used the XML and J2EE standards in the software, to ease the process of combining the software with insurers?f existing systems.

Use of standards should also help insurers put payout information on the Web, the company says.