NAVA Inc. and International Business Machine Corp. have completed a project that could help promote more automation of the annuity sales process.
NAVA, Reston, Va., and IBM, Armonk, N.Y., have released the first Common Reference Architecture Model for NAVA’s Straight-through Processing Standards Initiative.
The STP project is an effort to use technology to make selling annuities easier and faster.
The new batch of STP standards includes process for ensuring that annuities are suitable for their purchasers along with processes for handling electronic signatures, electronic forms, privacy policies and records management, according to NAVA and IBM.
The reference model was developed by IBM together with NAVA, the organizations say.