NU Online News Service, May 13, 11:05 a.m. – Pivot/Info-One, Campbell, Calif., has introduced the VARDS Trading system, a Web-based order-entry system for fixed and variable annuities.
The new system is designed to work with VARDS Online, Pivot/Info-One’s annuity analysis and research system.
Pivot is a unit of Wachovia Corp., Charlotte, N.C., which is also the parent company of First Union Securities.
First Union Securities and Hartford Life, Simsbury, Conn., a unit of Hartford Financial Services Inc., began testing the VARDS Trading system earlier this year, Pivot says.
Other large life insurance companies that have agreed to use the system include units of AEGON N.V., The Hague, Netherlands; American International Group Inc., New York; General Electric Capital Corp., Stamford, Conn.; Manulife Financial Corp., Toronto; Nationwide Financial Services Inc., Columbus, Ohio; and Pacific Life Insurance Company, Newport Beach, Calif.