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 What is AFFIRM™ for Annuities? AFFIRM™ for Annuities is a "Compliance & Order Management" system designed to integrate a carrier's complex product rules with a distributor's compliance processing to generate transactions that are "in good order". Compliant annuity applications are then electronically submitted to carriers for processing after successfully passing all supervisory reviews required by the distributor. Standards Based AFFIRM™ fully utilizes the ACORD Product Profile, allowing carriers to provide distributors all of their product rules electronically, and using a standard method. Completed Applications can be delivered to Carriers electronically using the DTCC Insurance Processing Services APP format or the ACORD New Business for Annuity format (NBfA). Features The initial release supports both variable and fixed annuities. The system performs comprehensive validation against a composite of the carrier and Distributor rules only allowing submission of a valid application. The system supports the following features:
AFFIRM™ is built on the ADMServer Framework. ADMServer is a cross-functional software development framework designed to manage data for insurance services. The primary functions of ADMServer are a rich Meta Data environment, based on ACORD XMLife standards, that defines and creates Databases, Data Translation, Systems Communication, and Complex User Interfaces. These functions are used in conjunction with a methodology for describing complex business and processing rules. The ADMServer framework inherently handles communications with distributors, carriers and service providers to access critical point-of- sale information from licensing and appointment checks, to application upload. ADMServer is capable of communicating in ACORD, DTCC (NSCC) formats, and a variety of other common industry formats.
AFFIRM™ Product Info Sheet |
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