PrimeVest changes bank annuity processing with introduction of AnnuityNet

February 19, 2008 St. Cloud, MN Share: Print Subscribe to Email Alerts

PrimeVest Financial Services, one of the United States’ largest broker-dealers exclusively serving financial institutions, has introduced an integrated online annuity processing system that will greatly improve efficiency, accuracy and flexibility for representatives and supervisors within financial institutions. AnnuityNet aims to save time and accelerate the issuance of annuities.

“AnnuityNet’s simplicity and integration will make it easier for our reps to serve their customers. It shaves days off the application process while also giving financial professionals and supervisors the confidence of enhanced application accuracy and easy compliance reporting,” said PrimeVest President Catherine Bonneau. “It will literally change the way our industry handles annuity business.”

Fully integrated with the PrimeVest technology platform, ING SmartWorks, AnnuityNet streamlines annuity processing from application to contract confirmation. Forms will be pre-populated with client information, applications will receive suitability pre-approval electronically, inaccurate applications will be drastically reduced by PrimeVest’s immediate-assurance technology, and full histories will be captured for easy future access. The entire process is an extension of existing process, eliminating the need for financial professionals to learn new procedures.

“AnnuityNet is faster, easier, more accurate and compliance-friendly – it’s revolutionary,” said Bonneau. “Working exclusively with financial institutions has really given us a unique perspective of their needs and this system reflects that. It not only overcomes the challenges of traditional annuity processing, it delivers innovations that will set the standard for future annuity processing.”

The core AnnuityNet functionality is currently available at all PrimeVest-managed investment programs in the U.S. The pre-review capability, which will address the coming regulatory requirements of FINRA rule 2821, will launch prior to the regulation taking effect in August of 2008.

Press inquiries

Per Berger, PRIMEVEST, 800-245-0467,ext. 63165 or Per-Johan.Berger@us.ing.com

About PrimeVest

PrimeVest Financial Services is a self-clearing broker-dealer serving the clients of nearly 600 financial institutions in 50 states and Guam. PrimeVest makes it easier for financial institutions to succeed by delivering innovative investment and insurance solutions, comprehensive support and a flexible program structure. One of the broker-dealers of ING, PrimeVest is a shareholder of the Chicago Stock Exchange, and a member of the Depository Trust and Clearing Corporation (DTCC), the Securities Investors Protection Corporation (SIPC), and Financial Industry Regulatory Authority (FINRA).

About ING

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce of over 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

In the U.S., the ING (NYSE: ING) family of companies offer a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits, financial planning, and reinsurance. ING holds top-tier rankings in key U.S. markets and serves over 14 million customers across the nation. For more information, visit www.ing.com.