AdminServer Introduces UVServer
AdminServer today introduced UVServer, their latest innovative processing solution for the Life and Annuity industries.
UVServer is the industry’s first fully automated fund accounting system, and a breakthrough for insurers looking to offer more complex and flexible equity-based annuity and life products. Implementation is currently underway at an existing AdminServer client and on track for production use by October 19th. General availability of the UVServer solution is planned for November 1st.
Without UVServer, insurers are severely limited in the design of their unbundled annuity and all equity products by the number of unit values that can be managed by their annuity administration system. Any fund activities on the part of an annuity holder creates a nightmare of manual calculations in order to produce the daily fund and portfolio values. This highly manual and endless calculation effort requires expensive actuarial and accounting resources, and significantly increases the possibility of calculation errors.
By fully automating this fund accounting process, UVServer provides insurers the opportunity to offer even the most complex unbundled annuity products, limited only by their actuaries’ creativity. Business rules driven and based on proven AdminServer Technology, UVServer:
— enables proactive process monitoring to ensure all required NAVs have been reported, calculate all unit values, and automatically generate all required reports – all without human intervention
— flags any exception or out-of-balance condition, and automatically generates and sends notifications to appropriate resources via a wide variety of communication tools including: cell phones, emails, PDAs, instant messaging, text-to-voice, etc.
— manages multi-threaded feeds to all back office administration systems
— handles all unit value, portfolio, and SEC performance calculations
— automatically manages the development of the annual regulatory Schedule D Report
Eric Miller, an industry consultant and Senior Principal with Highpoint Partners commented, “With their UVServer solution, AdminServer allows the equity based market to take a quantum leap forward. UVServer enables insurance carriers to offer more complex, therefore more competitive, annuity and life products. There is virtually no limit to the number of unit values, options and combination of options that can be offered on a customer-by-customer basis. With UVServer, insurance companies finally have a tool to cost- and time-effectively administer even the most complex products.”
Ric Young, AdminServer’s Chief Marketing Officer, added, “We are extremely excited to introduce the UVServer offering. Not only can AdminServer clients take advantage of UVServer, but given that we can interface with any administration system, we can help insurers breathe new life into their old technology legacy environments.”
Mr. Young continued, “We are particularly gratified that these extended capabilities and flexibilities are made possible due to the technology architecture and design decisions that we made early on in the development of our AdminServer Life and Annuity Administration System. New technology truly delivers when well chosen and effectively leveraged to its full potential.”
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