A company that runs a major, Web-based annuity distribution system says it will be developing a system that will help agents and brokers sell life insurance coverage from more than one carrier.[@@]
The company, Finetre Corp., Herndon, Va., says a small group of customers and strategic planners will contribute to efforts to design the new LifeNet system.
The new system will look similar to Finetre’s AnnuityNet system, Finetre says.
Features will include Web-based management of the insurance application process and the ability to view the status of requirements during the underwriting process, Finetre says.
Finetre hopes to release the system in 2006.
Finetre says its existing AnnuityNet system now processes more than 10,000 annuity transactions each month for more than 20 brokerage firms. The transactions have a total value of about $1 billion, Finetre estimates.