NEW BRITAIN, Conn., and POMPANO BEACH, Fla., Jan. 25 /PRNewswire/ -- VERTEX, Incorporated, a premier provider of professional services and innovative software to the insurance and financial services industries, today announced their introduction of a Term and Permanent Life product platform and has partnered with Blue Frog Solutions, a leading provider of Life & Annuity Order Entry System, as the first consumer of their electronic transmissions.
As co-chair of the Association for Cooperative Operations, Research and Development (ACORD) Life Product Working Group, VERTEX was instrumental in defining ACORD's Product Profile for Life transmittal (1201 - PPfL) so that product rules can be distributed externally to insurance partners in support of electronic life product sales.
Blue Frog partnered with VERTEX to be their first consumer of the PPfL transmittal. Blue Frog's AFFIRM for Life platform will adhere to a carriers' product rules as communicated to them by VERTEX. Previously, VERTEX and Blue Frog worked in a similar manner to fully develop their Annuity offerings. This partnership benefits insurance carriers who are interested in increasing their life and annuity sales distribution and who utilize automation strategies to reduce costs in the process.
VERTEX's VTXml Product Suite is an ASP model built on a .NET framework that combines the support of multiple product lines within one easy access point so that producing the various product transmittals for electronic publication is done effortlessly. The insurance carrier is able to share company level product information across product lines, such as investment vehicles, and isolate product line specific information when applicable, such as life coverages versus annuity riders. VTXml currently supports Annuity and Life and has plans to support Long Term Care and Disability Income later in 2010.
Blue Frog's AFFIRM for Life point-of-sale platform provides a dynamic user interface powered by ACORD-standard product rules that insurance manufacturers provide via the VTXml Product Suite to ensure accuracy and ease-of-use during the application and forms generation process.
Steve Wilson, President and CEO of VERTEX Incorporated said, "We value our industry technology partnerships with companies including Blue Frog and we are fortunate we can depend on them when developing solutions that benefit our mutual clients. Our new Life product functionality illustrates that synergy."
"We see VERTEX as a key partner in bringing every insurance company into our AFFIRM for Life solution," said Dan Smith, CEO, Blue Frog Solutions. "Blue Frog and VERTEX have worked closely together over the years to simplify selling insurance."
About VERTEX Incorporated: (www.vertexincorporated.com)
Located in New Britain, CT, VERTEX has been providing business and technical solutions to the financial services industry since 1991. VERTEX focuses on the life insurance and annuity segments and has gained a global reputation for expertise in these specialties.
About Blue Frog Solutions: (www.bluefrogsolutions.com)
Blue Frog Solutions, based in Pompano Beach, Florida, is a leading technology provider that focuses on the life insurance and financial services markets. Blue Frog offers solutions that facilitate more insurance transactions that are compliant and "In Good Order," driving increased business. To date, more than $16 billion in deposits have been processed through Blue Frog's AFFIRM platform. Blue Frog's products include Affirm for Annuities, Affirm for Life, Policy Box, I-Relay, InsureSocket. Blue Frog simplifies selling insurance.
SOURCE VERTEX, Incorporated