Highlights: Variable Annuities Policies Solution including 403(b)

Implemented custom license software for Client D with thousands of variable annuities currently sold in the 403(b), IRA, Roth and Non-Qualified markets. Client D has 25 customer service personnel managing these assets.

Converted 22,000 policies from a client-built system and delivered the project in 12 months

Developed two additional variable annuity products in production operation for 27,000 annuity policies, which are sold in the 403(b), IRA, Roth, 457(b) and Non-Qualified markets, and converted these policies from another system in use by the client.

Used custom license software to convert 75,000 fixed annuity policies from a third administration system.

Challenge

Client D needed to consolidate three administration systems into one and convert 100,000 annuity policies. McCamish Systems faced the challenge of developing 403(b) functionality within 12 months and to train Client D's staff on system maintenance and policy administration.

Evaluation

Client D lacked experience in system development and conversion, and relied upon McCamish's expertise to determine a common set of objectives and responsibilities, which were outlined in a Pre-Implementation Study. Client D selected the VPAS^® Life application because of its separate account functionality, which was critical to the success of implementing Client D's products while reducing maintenance costs.

Solution

By selecting from a vast array of standard system options, Client D's choice of the VPAS^® Life application eliminates maintenance costs associated with existing multiple administration systems, improves service standards and lowers administrative overhead with the implementation of a single platform to administer annuity products.

Benefits

Client D jointly developed 403(b) functionality with the McCamish project team and was the first to use the newly released 4.0 version of the VPAS^® Life application. In fully leveraging the functionality of the VPAS^® Life application, Client D has substantially reduced their system maintenance costs and improved their service standards.

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