NU Online News Service, Aug. 8, 2003, 10:52 a.m. EDT – AnnuityNet Inc., Herndon, Va., has endorsed the use of ADMServer products and services from Blue Frog Solutions Inc., Pompano Beach, Fla., in efforts to prepare and maintain annuity data for AnnuityNet systems.
AnnuityNet runs a Web-based annuity order-entry system and also distributes detailed annuity information.
Blue Frog has developed tools that help insurers put annuity data in the new Product Profile for Annuities format. AnnuityNet is asking insurers that distribute annuities through its order-entry system to submit their data in the PPfA format.
The National Association for Variable Annuities, Reston, Va., and the Association for Cooperative Research and Development, Pearl River, N.Y., adopted the PPfA format as a standard in November 2002.
Insurers can use the PPfA standard to present information about riders, state availability and other features in a consistent format that is easy for computers to handle.
Until PPfA became a standard, each insurer supplied annuity data using its own homegrown format, and each user had to convert the data into a format that its computers could use, Blue Frog says.