Financial Services Industry
Industry: Email Alert RSS FeedIn Early Stages: Annuities Business Becoming Paperless.(Pacific Life Insurance Co. automates annuities business )
Insurance Networking News: Executive Strategies for Technology Management, January, 2007 by Joelson, Daniel
Buttressed by the efforts of annuities associations, technology firms and broker/dealers, Pacific Life Insurance Co. is among the insurance firms leading a long-term, yet determined drive to make the annuities business paperless. Though its work is in an early stage, Pacific Life likes the results it has seen.
Since Pacific Life began using an automated system for annuities called Automated Customer Account Transfer Service/ Insurance Processing Service (ACATS/IPS), the carrier is boosting its speed in obtaining notification of customer requests to change broker/dealers, while significantly improving customer service. For instance, now Pacific Life gets almost immediate notification of customer requests to change broker/dealers, whereas before it took at least...
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