Cincinnati - With some 76 million baby boomers moving into retirement, the life and annuities industry is poised to grow at an exponential rate. Transforming labor-intensive paper processes into electronic ones is imperative to successfully serving this rapidly expanding market.
Cincinnati-based eLynx, a portfolio provider of secure electronic document communications network for the financial services industry, is responding to this trend with the seamless integration of eLynx's expedite suite of on-demand e-business services with the NAVA straight-through processing (STP) initiative for the life and annuities insurance industry. The expedite product integrates electronic delivery and fax service, electronic collaboration folders and the uSign electronic signature service within a single platform.
eLynx's expedite electronic processing services adhere to NAVA STP standards for regulatory-compliant, eSignature-capable electronic delivery of new business submissions for annuities, and its uniform interpretations of all state and federal regulations. By incorporating eLynx electronic services into NAVA STP, distributors, financial advisors and insurers avoid the need for expensive and time-consuming point-to-point technology implementations, while still gaining the benefit of ACORD XML compliant annuities transactions.
The uSign product is integrated into the end-to-end annuities sale and issuance cycle, including capture and delivery of eSigned documents and other attachments that will be transmitted through the forthcoming DTCC (New York-based Depository Trust and Clearing Corp.) Attachments service utilizing ACORD XML messaging standards. Defined by NAVA as a critical path component of its STP roadmap for new business, DTCC's Attachments service will provide a centralized industry pipeline for attachments messaging, and will ensure compliance to the ACORD messaging standard.
eLynx operates as the front-end provider of the technology to capture and compile the documents into the appropriate message formats and facilitate electronic interaction by the signing and receiving parties. The result is a more efficient, standard, cost-effective process for all participants—one that takes hours rather than days to complete. On top of speeding processes and increasing overall efficiency, eLynx-enabled transactions also are designed to carry a higher degree of security and assured regulatory adherence than traditional paper-based methods. eLynx's electronic processing services fit well into the NAVA STP initiative, helping to achieve the critical-path goal of communicating electronically signed documents and other attachments, says the company. The expedite services utilize fully compliant ACORD XML messages that can be easily linked to new business applications as well as other insurance transactions.
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