MARINA DEL REY, Calif., Feb. 5 2001 (PRIMEZONE) -- AnnuityScout and DVFS formally announced a strategic alliance today. AnnuityScout is the nation's leading online marketplace for variable, fixed and index annuities and developer of state-of-the-art, Web-enabled front-end distribution systems for annuity distributors. DVFS offers unparalleled policy administration, information technology and support services to insurance companies. DVFS administers MainStay Annuities, recipient of DALBAR, Inc.'s 2000 Annuity Service Award.
The essential feature of the new alliance is the marriage of AnnuityScout's Web-enabled transaction/distribution expertise and DVFS' premier policy administration capabilities. AnnuityScout (and its parent, Independent Advantage Financial & Insurance Services, Inc.) has been a leading, marketer of annuity and life products for thirteen years. DVFS specializes in the policy administration of variable, fixed and immediate annuities and variable universal life, providing customized administration for leading insurance companies such as AIGLife, GE Financial Assurance, New York Life and USAllianz. Essentially, the partnership links AnnuityScout's Web-enabled, front-end transaction and service system with DVFS' service and system solutions providing a complete, Web-enabled front-to-back package.
The relationship is particularly beneficial to banks and other brokerage/financial institutions, seeking to enter the annuity marketplace, as well as insurance companies creating and launching products. The partnership provides key benefits including:
-- A comprehensive, one stop solution for annuity and life insurance
processing.
-- A significant menu of distribution services (bundled or unbundled)
offered by AnnuityScout and DVFS.
-- A fully Web-enabled, highly customized service and technology
model.
-- Highest quality service coupled with rapid deployment.
"We believe that our alliance with DVFS will mark a watershed in the way annuities are developed, brought to the marketplace and administered," said AnnuityScout chairman and CEO Gregory G. Yost. "What was in the past a complicated and costly process is now made easier and more efficient for insurance companies and other financial distribution institutions. The end result will be better products and easier access for consumers and brokers alike."
"DVFS has an absolute commitment to keep pace with our clients' rapidly changing business needs," said Lois E. Haber, president and CEO of DVFS. "Our partnership with AnnuityScout is a significant step towards offering a complete solution for annuities and life insurance."
About AnnuityScout: "Annuities Done Right"
AnnuityScout is an independent annuity service for both consumers and the company's business-to-business alliances. Located at www.AnnuityScout.com, AnnuityScout is the leading online marketplace for annuities. Representing more than 50 leading insurance companies, the comprehensive AnnuityScout "supermarket" is designed to offer products to distributors and consumers who want more value from their annuities. AnnuityScout's proprietary technology platform enables the company to efficiently service the needs of its business-to-consumer clients and its business-to-business alliances both on and offline. The state-of-the-art AnnuityScout call center is staffed with nationally licensed Annuity Specialists. AnnuityScout.com is a free service of Independent Advantage Financial & Insurance Services, Inc. (IAF). Founded in 1987, IAF has facilitated the purchase of more than $1 billion in annuities and high-end life insurance directly to the consumer through marketing alliances, sophisticated data mining and now utilizing the power of a fully Web-enabled purchase-to-service technology platform. AnnuityScout is headquartered in Marina Del Rey, Calif. and can be reached at 1 (800) TAX-CUTS (800-829-2887).
About DVFS
DVFS is a financial services institution committed to exceptional client service. Founded in 1978, DVFS offers policy administration, information technology and support services to insurance companies. DVFS specializes in the administration of fixed, variable and immediate annuities as well as variable life products. DVFS is a privately held company responsible for the administration of more than $10 billion in assets for nearly 190,000 contract owners. Its staff of nearly 300 highly trained professionals is dedicated to providing market differentiation for each client through customized administration and high touch customer services. DVFS is located in Berwyn, Pa. (610-296-9600, www.dvfs.com).