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New Business Origination for Annuities

 

Dan Woodman
Microsoft Corporation

May 2007

Applies to:
   Financial-Services Architecture
   Web Services

Summary: The New Business Origination for Annuities provides a unique opportunity to bring together related but different skills from Impact Technologies, Insurance Technologies, and AdminServer. This paper provides information about the developmental implementation options for an Insurance Value Chain (IVC) solution for the life-insurance industry. (18 printed pages)

Contents

Introduction
Scenario
Use-Case Descriptions
Web Service Messages Overview
Security Overview
XML Transaction Messages
IVC Transactions
Review
References

Introduction

Agents in the annuity insurance industry want a straightforward mechanism to determine how much retirement income their clients will need, submit a compliant proposal to the client, and, upon acceptance, issue and administer an annuity contract. This process takes a considerable amount of time when completed manually. By using the straight-through processing techniques developed in this Insurance Value Chain (IVC) project, the timeline is shortened to hours instead of weeks.

The New Business Origination for Annuities IVC project integrates discrete elements of the insurance-buying process. The project uses the ACORD standards for information interchange together with published interfaces, if non-ACORD transaction messages are required. The IVC partners have developed a set of interfaces that seamlessly integrate the applications with one another by exploiting the ACORD messaging standards. The interfaces provide flexibility and choice for systems integrators, and a secure API for insurance-application developers.

Who Should Read This Paper

This paper provides information about the options for developmental implementation of an IVC solution for the life-insurance industry. The IVC solution includes needs analysis, compliant illustration submission, policy issuance, and policy administration.

This information is relevant to a range of management and technical staff within a company, including:

  • Business-decision makers.
  • Technical-decision makers.
  • Solution architects.
  • Solution-development staff.

Overview

In 2006, Microsoft invited Impact Technologies, Insurance Technologies, and AdminServer to participate in an IVC laboratory that was hosted initially at the Microsoft Campus. The purpose of this lab was to produce one or more mechanisms to enable integration between the three vendors' products, by using interfaces that were based on SOAP and Microsoft .NET implemented Web services. During the laboratory, several use cases were analyzed and described to produce the integration scenarios that are described in this document.

The Impact Technologies Retirement Road Map (RRM) offers several product-entry methods that are available to agents through standard modifications. In this IVC project, RRM is customized to integrate tightly with the ForeSight product-illustration system of Insurance Technologies. This method of integration enables agents to retrieve a company-specific product list from your database, request illustrations from ForeSight, and integrate the ForeSight responses into the output from RRM.

The link between RRM and ForeSight provides agents with a streamlined system for recommendations and sales of annuity and life-insurance products. The user experience is not included as a standard customization, so that functionality varies from company to company. However, the way in which RRM and ForeSight exchange information is based on industry standards from ACORD and the Microsoft IVC.

AdminServer provides a complete policy-administration solution for life, annuities, reinsurance, and health. The IVC laboratory offered an opportunity for AdminServer to demonstrate the use of ACORD messages as the basis for integrating the policy-administration system with ForeSight. This level of integration eliminates redundant data entry, because ForeSight enters the policy within the policy-administration system.

The IVC implementation that is described here can be extended to include other elements, such as new-business acquisition or order-ticket processing.

Collaboration Process

Collaboration between the three parties initially included the definition of the basic use-case scenarios.

Integrating RRM with ForeSight provides the agent with much more than a list of company-specific products to recommend. For example, if an agent selects to illustrate an annuity recommendation and enters the total cost, as identified by RRM, ForeSight is called to return the monthly income provided. This information populates RRM with graphs and updated values. In addition, a PDF of a customer's illustration is returned and stored as part of the RRM report, or as a separate document. A link to ForeSight is provided, so that the agent can add more specific information—such as attaching riders or modifying assumptions—to complete the product quote and application.

Standards and Extensions

The integration standard that is supported by RRM is the ACORD Illustration Request/Response Standard Format. All files that are accepted by Impact Technologies must follow the ACORD Business Message Specification (TXLife) and Object Model Specification (XMLife) standards, and validate successfully against the current TXLife schema. Examples of request and result files are included to illustrate the specific application needs. (Click here for further information about ACORD Life Insurance and Annuity standards.)

Scenario

The scenario is based on a range of use cases that take the prospect through the requirement analysis, selection, issuance, and administration of an annuity policy, as illustrated in Figure 1. The agent types the customer information into RRM. When the form is complete and the agent submits the information, the system creates a unique identifier, which is used by RRM, ForeSight, and AdminServer to track the policy application and policy, if one is issued. The submission uses a GetIllustrationResponse method, which calls the IVCWebService Web service.

ForeSight processes the information and produces an illustration and a compliance report, which details conformance to state and national regulations. The illustration and report are returned for the agent to view in RRM.

If the customer accepts the illustration, the system generates an Adobe PDF format file and an onscreen hyperlink to ForeSight, which uses the FormPost method to send accepted data to ForeSight and launch the ForeSight data-collection facility. ForeSight populates this screen with the information from RRM. The agent can modify this information, as necessary. When the form is complete, the ForeSight system transmits the information to AdminServer by using the ProcessFileReceived method. AdminServer receives the information, processes the data, and creates a contract with a status of "Pending." When the contract is confirmed by the customer, a policy is issued and administered within AdminServer.

Click here for larger image

Figure 1. Annuity IVC process schematic (Click on the picture for a larger image)

Business-Solution Components

The RRM, ForeSight, and AdminServer applications provide the following functionality:

  • Impact Technologies provides:
    • The user interface (UI) for initial capture of client information and policy data for annuity request.
    • Functionality to perform client needs analysis.
    • Compliant output to generate interest and motivate client to take action.
  • Insurance Technologies provides:
    • Web service for annuity request from need analysis.
    • UI for illustration-scenario data capture.
    • Hypothetical results, based on input scenario.
    • Compliant output within client proposal for policy purchase.
    • Annuity-application information for contract issuance.
  • AdminServer provides:
    • Web-based UI for the administration of insurance-policy information.
    • XML-based rules engine, enabling you to customize the software without changing base system code.
    • Ability to support processing requirements of life, annuities, reinsurance, and health.

In this business solution, Impact Technologies helps agents to perform a client needs analysis and make recommendations for a proposed annuity; Insurance Technologies enables agents to create a compliant illustration for the client purchase and collect application data for contract issuance; and AdminServer provides the contract-creation and policy-administration components.

Use-Case Descriptions

The project team identified the key use cases for the solution, which include all of the key steps that are necessary to identify, request, and issue a policy.

  1. Launch needs analysis and identify client needs. Information collected during the needs analysis is used to identify client needs and propose recommendations.
  2. Launch annuity illustration with collected data. Information collected during the needs-analysis process is passed to the illustration application where the illustration scenarios are executed to create a proposal.
  3. Capture data for application submission. By using data collected during needs analysis and illustration, the agent enters any other necessary data for the annuity-contract application. During this process, the application submits a request for a pending policy number by using a unique illustration identifier to bind the information for applications that are in the process flow.
  4. Submit application information for processing. When data capture and validation are complete, the application is submitted to the administration system for processing.

Web Service Messages Overview

Web serviceDescription
GetIllustrationRequestProduces illustration results and compliance output through ACORD TXLife 111 request.
FormPostAccepts ACORD TXLife 111 request. ForeSight Illustration is launched to refine hypothetical parameters.
ProcessFileReceivedProvides a flexible entry point that enables external systems to interact with the AdminServer software.

In the IVC lab, this Web service enabled the ForeSight product of Insurance Technologies to create a policy in the policy-administration solution of AdminServer.

Table 1. Web service messages overview

Security Overview

This solution uses transport-based security, such as a virtual private network (VPN), to ensure process integrity.

Encryption and Signing with SSL

All Hypertext Transfer Protocol–based SOAP messages run over Secure Sockets Layer (SSL). This keeps the data in the Web service hidden from any entity that looks at data transmission over the communications infrastructure.

All Web services use 128-bit encryption, because they require the secure channel communications that are provided by SSL. SSL uses X.509 certificates that contain a public key and can also contain a private key. If the private key becomes known to any outside party, communications that are encrypted by using the public key are no longer secure from inspection by that outside party.

Secure messages that are sent between the sender and receiver are encrypted and signed by using 128-bit encryption. This means that outside parties cannot read the contents of the messages. If an outside party alters the bytes in the message, the message receiver detects the change and raises an alert.

XML Transaction Messages

The ACORD TXLife 111 Illustration Request Transaction requests an illustration-calculation engine to calculate and return values, for illustration purposes.

The ACORD TXLife 103 New Business Submission Transaction submits a new-business application for policy issue.

IVC Transactions

The following transactions are used in the IVC solution, as illustrated in Figure 1:

  • Annuity request
  • Annuity response
  • Create policy request
  • Create policy response

Annuity-Request Example

The following TXLifeRequest requests a monthly distribution illustration that is returned in PDF format. It also assumes that the response will add expected information to the <Holding> element. The distribution is to be monthly, starting on January 1, 2020. The product is a variable deferred annuity with a single pay premium of $90,000 and a life-only income option. The request includes a Party object for the annuitant or owner and the agent.

<TXLife xmlns="http://ACORD.org/Standards/Life/2">
   <UserAuthRequest>
  </UserAuthRequest>
   <TXLifeRequest>
      <TransRefGUID>d5f0aa9a-2694-4d3c-9776-4fe955e66d4d</TransRefGUID>
      <TransType tc="111">Illustration Request</TransType>
      <TransExeDate>2006-05-08</TransExeDate>
      <IllustrationRequest>
         <ImageType tc="4">PDF</ImageType>
         <IllustrationTxn>
            <IllusTxnPrimaryType tc="5">ILL_PRI_DIST</IllusTxnPrimaryType>
            <IllusTxnSecondaryType tc="51">ILL_SEC_DIST_MAX</IllusTxnSecondaryType>
            <IllusTxnMode tc="4">OLI_PAYMODE_MNTHLY</IllusTxnMode>
            <StartDate>2020-01-01</StartDate>
         </IllustrationTxn>
         <IllustrationReportRequest>
            <IllustrationReportType tc="1">Basic Illustration</IllustrationReportType>
         </IllustrationReportRequest>
      </IllustrationRequest>
      <OLifE>
         <Holding id="Holding1">
            <Policy id="Policy1">
               <LineOfBusiness tc="1">Life</LineOfBusiness>
               <ProductType tc="10">OLI_PRODTYPE_VAR</ProductType>
               <ProductCode>801</ProductCode>
               <CarrierCode>1</CarrierCode>
               <PolicyStatus tc="12">Proposed</PolicyStatus>
               <IssueNation tc="1">United States of America</IssueNation>
               <Jurisdiction tc="38">North Carolina</Jurisdiction>
               <EffDate>2006-05-08</EffDate>
               <PaymentMode tc="9">OLI_PAYMODE_SINGLEPAY</PaymentMode>
               <Annuity>
                  <PayoutType tc="2">OLI_ANNPAY_DEF</PayoutType>
                  <InitPaymentAmt>90000</InitPaymentAmt>
                  <Payout>
                     <IncomeOption tc="1">OLI_IO_LIFEONLY</IncomeOption>
                     <PayoutType tc="2">OLI_ANNPAY_DEF</PayoutType>
                  </Payout>
               </Annuity>
            </Policy>
         </Holding>
         <Party id="_be7c0f86-c039-4813-ac66-dbca4ea82fce">
            <Person>
               <FirstName>Rhonda</FirstName>
               <LastName>Roadmap</LastName>
               <Gender tc="2">Female</Gender>
               <BirthDate>1950-02-02</BirthDate>
            </Person>
         </Party>
         <Party id="_fa562db4-455a-4367-9ee5-d3420b33c61c">
            <Person>
               <FirstName>Default</FirstName>
               <LastName>Agent</LastName>
            </Person>
            <Address>
               <Line1>Two Prospect Blvd</Line1>
               <Line2>Suite 200</Line2>
               <City>Charlotte</City>
               <AddressState>North Carolina</AddressState>
               <Zip>28252</Zip>
            </Address>
            <Phone>
               <AreaCode>704</AreaCode>
               <DialNumber>5551212</DialNumber>
            </Phone>
            <Producer>
               <ProducerKey>999999</ProducerKey>
               <CarrierAppointment>
                  <DistributionChannelInfo>
                     <DistributionChannelName>Agency</DistributionChannelName>
                  </DistributionChannelInfo>
               </CarrierAppointment>
               <Registration>
                  <FirmName>World Agency</FirmName>
               </Registration>
            </Producer>
            <EMailAddress>
               <AddrLine>dagent@someinsuranceagency.com</AddrLine>
            </EMailAddress>
         </Party>
         <Relation id="_8e9571bf-1ea3-41e2-9797-370fa5dc082d" 
OriginatingObjectID="Holding1"
                                   RelatedObjectID="_be7c0f86-c039-4813-
ac66-dbca4ea82fce">
            <RelationRoleCode tc="8">OLI_REL_OWNER</RelationRoleCode>
         </Relation>
         <Relation id="_f3be8130-76ba-4dca-a5a1-d82640274896" 
OriginatingObjectID="Holding1"
                                   RelatedObjectID="_be7c0f86-c039-4813-
ac66-dbca4ea82fce">
            <RelationRoleCode tc="35">OLI_REL_ANNUITANT</RelationRoleCode>
         </Relation>
         <Relation id="_2013001f-f770-44f8-b56d-cfdc47003aff" 
OriginatingObjectID="Holding1"
                                   RelatedObjectID="_fa562db4-455a-4367-
9ee5-d3420b33c61c">
            <RelationRoleCode tc="11">OLI_REL_AGENT</RelationRoleCode>
         </Relation>
      </OLifE>
   </TXLifeRequest>
</TXLife>

Annuity-Response Example

The following is a sample of the response file that is expected from the annuity request. The RRM application requires the payout-amount information.

<TXLife xmlns="http://ACORD.org/Standards/Life/2" 
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
   <TXLifeResponse>
      <TransRefGUID>d5f0aa9a-2694-4d3c-9776-4fe955e66d4d</TransRefGUID>
      <TransType tc="111">Illustration Result</TransType>
      <TransExeDate>2006-05-08</TransExeDate>
      <TransExeTime>14:53:45-07:00</TransExeTime>
      <IllustrationRequest>
         <ImageType tc="4">PDF</ImageType>
         <IllustrationTxn>
            <IllusTxnPrimaryType tc="5">ILL_PRI_DIST</IllusTxnPrimaryType>
            <IllusTxnSecondaryType tc="51">ILL_SEC_DIST_MAX</IllusTxnSecondaryType>
            <IllusTxnMode tc="4">OLI_PAYMODE_MNTHLY</IllusTxnMode>
            <StartDate>2020-01-01</StartDate>
         </IllustrationTxn>
         <IllustrationReportRequest>
            <IllustrationReportType tc="1">Basic Illustration</IllustrationReportType>
         </IllustrationReportRequest>
      </IllustrationRequest>
      <TransResult>
         <ResultCode tc="1">Success</ResultCode>
      </TransResult>
      <OLifE>
         <Holding id="Holding1">
            <Policy id="Policy1">
               <LineOfBusiness tc="1">Life</LineOfBusiness>
               <ProductType tc="10">OLI_PRODTYPE_VAR</ProductType>
               <ProductCode>801</ProductCode>
               <CarrierCode>1</CarrierCode>
               <PolicyStatus tc="12">Proposed</PolicyStatus>
               <IssueNation tc="1">United States of America</IssueNation>
               <Jurisdiction tc="38">North Carolina</Jurisdiction>
               <EffDate>2006-05-08</EffDate>
               <PaymentMode tc="9">OLI_PAYMODE_SINGLEPAY</PaymentMode>
               <Annuity>
                  <PayoutType tc="2">OLI_ANNPAY_DEF</PayoutType>
                  <CashValueMaturity>500</CashValueMaturity>
                  <InitPaymentAmt>90000</InitPaymentAmt>
                  <Payout>
                     <IncomeOption tc="1">OLI_IO_LIFEONLY</IncomeOption>
                     <PayoutType tc="2">OLI_ANNPAY_DEF</PayoutType>
                     <PayoutAmt>800</PayoutAmt>
                     <PayoutMode id="4">Monthly</PayoutMode>
                     <StartDate>2020-01-01</StartDate>
                  </Payout>
               </Annuity>
            </Policy>
         </Holding>
         <Party id="_3472178e-2ec8-4b2d-8a3d-041519b9f9f6">
            <Person>
               <FirstName>Rhonda</FirstName>
               <LastName>Roadmap</LastName>
               <Gender tc="2">Female</Gender>
               <BirthDate>1950-02-02</BirthDate>
            </Person>
         </Party>
         <Party id="_df68ed03-cc78-4836-9d82-4f6b9ee15485">
            <Person>
               <FirstName>Default</FirstName>
               <LastName>Agent</LastName>
            </Person>
            <Address>
               <Line1>Two Prospect</Line1>
               <Line2>Suite 200</Line2>
               <City>Charlotte</City>
               <AddressState>North Carolina</AddressState>
               <Zip>28252</Zip>
            </Address>
            <Phone>
               <AreaCode>704</AreaCode>
               <DialNumber>5551212</DialNumber>
            </Phone>
            <Producer>
               <ProducerKey>999999</ProducerKey>
               <CarrierAppointment>
                  <DistributionChannelInfo>
                     <DistributionChannelName>Agency</DistributionChannelName>
                  </DistributionChannelInfo>
               </CarrierAppointment>
               <Registration>
                  <FirmName>World Agency</FirmName>
               </Registration>
            </Producer>
            <EMailAddress>
               <AddrLine>dagent@someinsuranceagency.com</AddrLine>
            </EMailAddress>
         </Party>
         <Relation id="_9b1660cd-0616-412e-8be0-d1f74abe65d4" 
OriginatingObjectID="Holding1"
                                   RelatedObjectID="_3472178e-2ec8-4b2d-
8a3d-041519b9f9f6">
            <RelationRoleCode tc="8">OLI_REL_OWNER</RelationRoleCode>
         </Relation>
         <Relation id="_79e935bb-eece-4d6c-9670-ea39b6fb84e9" 
OriginatingObjectID="Holding1"
                                   RelatedObjectID="_3472178e-2ec8-4b2d-
8a3d-041519b9f9f6">
            <RelationRoleCode tc="35">OLI_REL_ANNUITANT</RelationRoleCode>
         </Relation>
         <Relation id="_3bf561e1-f4c1-45d8-878b-a96353ca34ec" 
OriginatingObjectID="Holding1"
                                   RelatedObjectID="_df68ed03-cc78-4836-
9d82-4f6b9ee15485">
            <RelationRoleCode tc="11">OLI_REL_AGENT</RelationRoleCode>
         </Relation>
      </OLifE>
   </TXLifeResponse>
</TXLife>

Policy-Creation-Request Example

The following is a sample request file that includes only the minimal information that is required to create a policy within the AdminServer Policy Administration System. In addition to the data that is required for policy creation, this example includes data that is used to create a pending "Initial Premium" activity on the created policy, to illustrate the use of external systems to create both policies and activities within the policy-administration system.

The AdminServer Policy Administration System helps organizations to augment the incoming TXLife data with any additional details that are required to create a valid policy. In addition to augmentation, the AdminServer system performs customer-specific validation checks against the incoming data, to ensure that the incoming data contains accurate and complete data.

<TXLife>
   <TXLifeRequest>
      <TransRefGUID>ABC</TransRefGUID>
      <TransType tc = "103">New Business</TransType>
      <TransExeDate>2006-01-17</TransExeDate>
      <TransMode tc = "2">Original</TransMode>
      <NoResponseOK tc = "0">False</NoResponseOK>
      <OLifE>
         <Holding id = "Holding1">
            <Policy id = "Policy1">
               <LineOfBusiness tc = "1">Life</LineOfBusiness>
               <ProductType tc = "10">OLI_PRODTYPE_VAR</ProductType>
               <ProductCode>801</ProductCode>
               <CarrierCode>1</CarrierCode>
               <PolicyStatus tc = "12">Proposed</PolicyStatus>
               <Jurisdiction tc = "7">CO</Jurisdiction>
               <EffDate>2006-01-17</EffDate>
               <Annuity>
                  <InitPaymentAmt>250000</InitPaymentAmt>
                  <Payout>
                     <IncomeOption tc="1">OLI_IO_LIFEONLY</IncomeOption>
                     <PayoutType tc="2">OLI_ANNPAY_DEF</PayoutType>
                     <PayoutMode tc="4">Monthly</PayoutMode>
                     <StartDate>2017-03-01</StartDate>
                  </Payout>
               </Annuity>
               <ApplicationInfo CasePartyID = "Policy1">
                  <TrackingID>""</TrackingID>
                  <ApplicationType tc = "1">New</ApplicationType>
                  <ApplicationJurisdiction tc = "7">CO</ApplicationJurisdiction>
                  <ApplicationCountry tc = "1">USA</ApplicationCountry>
                  <SubmissionDate>2006-01-17</SubmissionDate>
                  <SubmissionType tc = "5">Data Present</SubmissionType>
                  <AppRequestDate>2006-01-17</AppRequestDate>
                  <RequestedPolDate>2006-01-17</RequestedPolDate>
                  <ApplicationSignatureType tc = "3">Required at Carrier 
before issue</ApplicationSignatureType>
               </ApplicationInfo>
            </Policy>
         </Holding>
         <Party id = "Party1">
            <FullName>John Smith</FullName>
            <Person>
               <FirstName>Valued</FirstName>
               <LastName>Client</LastName>
               <NickName/>
               <Prefix/>
               <Gender tc = "1">Male</Gender>
               <BirthDate>1961-05-02</BirthDate>
               <Age>45</Age>
               <SmokerStat tc = "1">Never</SmokerStat>
            </Person>
            <Address>
               <Line1>123 Main Street</Line1>
               <Line2>Suite 100</Line2>
               <Line3>Accounting Department</Line3>
               <City>Dallas</City>
               <AddressStateTC tc = "51">Texas</AddressStateTC>
               <Zip>98976-5432</Zip>
            </Address>
            <Phone>
               <PhoneTypeCode tc = "16">Office</PhoneTypeCode>
               <DialNumber>719-123-4567</DialNumber>
               <Ext>1234</Ext>
            </Phone>
         </Party>
         <Relation id = "Relation_1" OriginatingObjectID = "Holding1" 
RelatedObjectID = "Party1">
            <RelationRoleCode tc = "8">OLI_REL_OWNER</RelationRoleCode>
         </Relation>
         <Relation id = "Relation_2" OriginatingObjectID = "Holding1" 
RelatedObjectID = "Party1">
            <RelationRoleCode tc = "35">OLI_REL_ANNUITANT</RelationRoleCode>
         </Relation>
      </OLifE>
   </TXLifeRequest>
</TXLife>

Policy-Creation-Response Example

The following is a sample of the response that is returned post-policy creation within the administration system. The response contains the policy number, <PolNumber>, which serves as an identifier that can be used in future requests.

<TXLife>
   <TXLifeRequest>
      <TransRefGUID>ABC</TransRefGUID>
      <TransType tc = "103">New Business</TransType>
      <TransExeDate>2006-01-17</TransExeDate>
      <TransMode tc = "2">Original</TransMode>
      <NoResponseOK tc = "0">False</NoResponseOK>
      <OLifE>
         <Holding id = "Holding1">
            <Policy id = "Policy1">
               <PolNumber>123456789</PolNumber>
               <LineOfBusiness tc = "1">Life</LineOfBusiness>
               <ProductType tc = "10">OLI_PRODTYPE_VAR</ProductType>
               <ProductCode>801</ProductCode>
               <CarrierCode>1</CarrierCode>
               <PolicyStatus tc = "12">Proposed</PolicyStatus>
               <Jurisdiction tc = "7">CO</Jurisdiction>
               <EffDate>2006-01-17</EffDate>
               <Annuity>
                  <InitPaymentAmt>250000</InitPaymentAmt>
                  <Payout>
                     <IncomeOption tc="1">OLI_IO_LIFEONLY</IncomeOption>
                     <PayoutType tc="2">OLI_ANNPAY_DEF</PayoutType>
                     <PayoutMode tc="4">Monthly</PayoutMode>
                     <StartDate>2017-03-01</StartDate>
                  </Payout>
               </Annuity>
               <ApplicationInfo CasePartyID = "Policy1">
                  <TrackingID>""</TrackingID>
                  <ApplicationType tc = "1">New</ApplicationType>
                  <ApplicationJurisdiction tc = "7">CO</ApplicationJurisdiction>
                  <ApplicationCountry tc = "1">USA</ApplicationCountry>
                  <SubmissionDate>2006-01-17</SubmissionDate>
                  <SubmissionType tc = "5">Data Present</SubmissionType>
                  <AppRequestDate>2006-01-17</AppRequestDate>
                  <RequestedPolDate>2006-01-17</RequestedPolDate>
                  <ApplicationSignatureType tc = "3">Required at Carrier 
before issue</ApplicationSignatureType>
               </ApplicationInfo>
            </Policy>
         </Holding>
         <Party id = "Party1">
            <FullName>John Smith</FullName>
            <Person>
               <FirstName>Valued</FirstName>
               <LastName>Client</LastName>
               <NickName/>
               <Prefix/>
               <Gender tc = "1">Male</Gender>
               <BirthDate>1961-05-02</BirthDate>
               <Age>45</Age>
               <SmokerStat tc = "1">Never</SmokerStat>
            </Person>
            <Address>
               <Line1>123 Main Street</Line1>
               <Line2>Suite 100</Line2>
               <Line3>Accounting Department</Line3>
               <City>Dallas</City>
               <AddressStateTC tc = "51">Texas</AddressStateTC>
               <Zip>98976-5432</Zip>
            </Address>
            <Phone>
               <PhoneTypeCode tc = "16">Office</PhoneTypeCode>
               <DialNumber>719-123-4567</DialNumber>
               <Ext>1234</Ext>
            </Phone>
         </Party>
         <Relation id = "Relation_1" OriginatingObjectID = "Holding1" 
RelatedObjectID = "Party1">
            <RelationRoleCode tc = "8">OLI_REL_OWNER</RelationRoleCode>
         </Relation>
         <Relation id = "Relation_2" OriginatingObjectID = "Holding1" 
RelatedObjectID = "Party1">
            <RelationRoleCode tc = "35">OLI_REL_ANNUITANT</RelationRoleCode>
         </Relation>
      </OLifE>
   </TXLifeRequest>
</TXLife>

Review

The New Business Origination for Annuities provided a unique opportunity to bring together related but different skills from Impact Technologies, Insurance Technologies, and AdminServer. The project satisfied its goal of integrating three discrete toolsets—using ACORD standards, where possible, and publishing documentation for non-ACORD interfaces. These interfaces are now part of a growing body of integration information that is produced by insurance partners who work with Microsoft.

References

 

About the author

Dan Woodman is the Industry Technology Strategist for the Microsoft Financial Services Industry Team, focused on enterprise accounts in the U.S. In his role, he is both technical-sales professional and technology visionary for Microsoft in the Insurance sector—defining the Microsoft vision, strategy, and plans for advancing the use of key technologies to benefit insurance carriers, agencies, partners, and customers. Dan's background is in complex databases, both for high-volume transaction throughput and large-scale business analytics, with more recent experience in application-platform technologies and commercial software development. Dan can be reached at Dan.Woodman@Microsoft.com.

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