InsPro Technologies LLC, a provider of insurance policy administration systems, has added fixed and indexed annuity product support to its InsPro Enterprise platform, which also supports long-term care, Medicare supplement, specified and critical illness.
The enhancement is designed to enable users to add multiple product variations without custom modification and design pure-fixed, pure-indexed and fixed/indexed combination annuities, design the allowed-fund allocation combinations, and select the indexes and index-crediting strategies.
According to InsPro, specific support includes:
- Systematic withdrawal programs for required minimum distributions and systematic subsequent payments that can be tied to maximum statutory IRA limits
- Support for guaranteed lifetime withdrawal benefits and other organized withdrawal plans such as penalty-free withdrawals, interest only withdrawals and substantially equal periodic payments under sections 72T and 72Q
- Easy-to-add additional benefits and riders with or without charges
- Support for non-qualified, qualified and IRA annuity products with complete IRS tax reporting calculations and extracts
- Support for beneficiary annuities—spousal continuation, spousal and non-spousal beneficiary annuities and five-year rule inherited annuities
- Penalty-free withdrawal rules, surrender charges and market value adjustments that are easy to configure in product design
- A flexible multi-tiered rate structure, immediate bonus, loyalty bonus and non-forfeiture value calculations
The company points to the rapidly growing senior population and an anticipated increase in government incentives such as the Pension Protection Act of 2006 and the Treasury’s proposed guidance package on lifetime income as drivers behind expanding its Senior Market portfolio.
“The lack of integrated, single-system support for fixed and indexed annuities leaves insurers serving the growing senior market at a distinct disadvantage,” said Bob Oakes, president and CEO, InsPro Technologies. “Going forward, the competitive edge will go to those who can efficiently launch a full range of senior–focused products, and provide integrated administrative support across all products. We’re pleased that two of our customers are planning to move their annuity blocks onto InsPro Enterprise this year, and we’re confident that the addition of annuities to our product portfolio will prompt a broader segment of insurers to consider InsPro as their enterprise policy administration system.”
