How fast can you build an annuity product with a complex payment setup? se2 got it up and running in less than three weeks

TOPEKA, Kan., Oct. 20, 2010 - Seizing a market opportunity with uncommon speed, se2 built a new variable premium fixed annuity product for a customer in only 20 days.

While the product was not complicated, the commission structure was comprised of a complex, multitiered hierarchy with the ability to make payments to any of those levels. The client wanted to roll the product out quickly to capitalize on current consumer demands driven by economic uncertainty. In addition, they wanted to make it attractive to an expanded sales force. To meet their production goals, the product needed to be to market in just three weeks.

"We can do that," se2 replied. And kept the promise.

"We are very proud of this accomplishment, but we are not surprised by it," said Mary Anne Durall, se2 Vice President, Client Solutions. "We have a lot of power in our people, our processes and our platforms. Because we have developed solutions for more than 20 different carriers during the past five years, with so many combinations and variations of products, we have a very feature-rich framework. Our system is flexible enough to handle different hierarchies and different channel setups. And our people are all insurance industry veterans with years of experience creating products based on our platform."

Durall said several factors made it possible for se2 to beat the three-week deadline. One was that the carrier was already a se2 client, so customer interfaces were already built and in place. Another key was se2's unique commission system, which operates separately from the administrative platform - a design that allows maximum flexibility for payments.

The most important factor, however, was se2's distributed framework - an award-winning, state-of-the-art technology platform that allows multiple functions to be built and tested concurrently, rather than in sequence. Without that platform, Durall said, the task would have been impossible.

Not every new product can be built in only 20 days, Durall cautioned. But se2 will consistently get products to market faster than anyone in the industry.

"It really is a testament to our approach, our technology and our knowledge, and the partnership approach we have with our customers. Without that partnership you can't move that fast and make it work," Durall said. "Each product is its own unique effort. We can be as responsive as required. Being an existing se2 customer definitely provides built-in advantages for speed-to-market."