Delivery and fulfillment solution meets summary prospectus website requirement for variable annuity providers while reducing print costs
NewRiver, Inc. today announced the immediate availability of Variable Products Express Version 2.0 – an upgrade to its web-based solution that enables variable annuity providers to quickly meet the obligation of the SEC’s new Summary Prospectus Rule. This new version is expected to allow variable annuity carriers to offer electronic contract and related sub-fund prospectuses from their website, and to assure these documents mirror those on the SEC’s EDGAR system.
NewRiver has claimed that its latest offering simplifies the investor disclosure process and provides flexible document delivery options that are both cost-efficient and compliant. Through daily sourcing from EDGAR, Variable Products Express maps all registered Variable Annuity and Variable Universal Life contracts to related sub-funds, and provides “next-day” delivery of all current compliance documents — including summary prospectuses and prospectuses. It allows providers to tailor and communicate to their variable product policyholders in both print and/or electronic formats.
Reportedly, the solution also provides the following benefits: Reduces the complexities of managing compliance fulfillment, enables variable annuity investors to get their financial information online and creates an effective branding and marketing opportunity for the insurer and promotes electronic consent and E-delivery
Russ Planitzer, president and CEO of NewRiver, said: “Insurers are faced with a unique growth opportunity as consumers continue to come to terms with the fact that their current retirement savings may be insufficient in meeting their retirement goals and lifetime income requirements. Leveraging products such as Variable Products Express, annuity providers can gain market share by creating a better user experience and make a real impact to the bottom line by keeping their customers loyal to their own branded web site and by foregoing the costly, cumbersome and less personal ‘evergreen’ approach.”
Variable Products Express is a Web-based SEC-compliant data warehouse which gives insurance providers access to an online library of compliance documents (prospectuses, supplements, semi-annual and annual reports, and statements of additional information) for every open variable annuity and variable life contract and sub-fund sold in the United States.
NewRiver develops technology solutions that help financial institutions simplify investor disclosure – providing transparency and cost savings to the delivery of fund data and investor communications.