NU Online News Service, Oct. 23, 1:45 p.m. – AnnuityNet, Inc., Herndon, Va., says its online technology has been used to process more than 100,000 annuity transactions so far this year.
The number, which it passed on Oct. 16, represents a new record for annual automated annuity transactions over the Internet, AnnuityNet says.
“This 100,000 transaction figure proves decisively that the electronic processing of annuity transactions is no longer a boutique business,” says AnnuityNet chief executive officer Shane Chalke.
AnnuityNet software links annuity point-of-sale distributors such as banks and broker-dealers with insurance carriers that create and underwrite annuity products.
The 100,000 transaction figure includes new sales of fixed and variable annuity products, form 1035 exchanges of annuity contracts and investment transactions in variable annuity subaccount funds.