Washington — NAVA Inc., the Association for Insured Retirement Solutions and IBM announced the availability of the first Common Reference Architecture Model for NAVA's Straight-through Processing (STP) Standards Initiative. STP is an industry-backed initiative establishing an automated standardized process that streamlines the sale of annuities.
The STP Initiative was created to help the industry meet the expected growth in the annuity market as the baby boomer generation enters retirement with more than $17 trillion in retirement assets. STP-compliant annuity sales processes will enable the annuity industry to effectively address this opportunity by allowing for seamless interoperability between distributors and insurance carriers, improving "in-good-order" business, ensuring transparency and enhancing the overall consumer experience. The STP Standards include automated processes to help ensure annuity sales suitability, as well as uniform processes for e-signatures, electronic forms, privacy policies and records management.
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