A Document Management System for Variable Annuity & Research Industry.
Variable annuities in the United States are one of the most complex investment products, often described as mutual funds wrapped in an insurance policy. Under a variable annuity contract, an insurance company agrees to make periodic payments to its clients, beginning either immediately or at some future date.
Individuals purchase a variable annuity contract by making either a single purchase payment or a series of purchase payments. Variable annuities have become part of investment and retirement plans for many Americans.
But before buying a variable annuity, one needs to do careful research on the company and the product and get advice from someone about whether a variable annuity is suitable for his/her needs.
The annuity companies are required to communicate the details of the new products and updates to the existing ones, especially to the government and regulators. These are in the form of product brochures and literature, supplements, and related documents. The US government then makes these documents publicly available on the SEC (Security and Exchange Commission) site, downloadable via FTP.
For annuity research companies, these documents are valuable, as these are the main sources of information for new products and updates to existing products. These companies have dedicated staff for the extraction of relevant information from these documents and loading these changes into the company database. When done manually these activities can be very time-consuming.
As a result, most annuity research companies are looking for ways to automate systems to download the documents, track them, and assign them to members of the staff for analysis.
The solution is a web-based platform that periodically downloads the documents via FTP, classifies them, and loads them into the system. The application provided a mechanism to associate documents with products and to extract relevant portions of information from the document and store them separately so that the research staff can use them later for updating/adding product information.
The application generates email notifications to users in case of new documents and filings. It also provides an easy-to-use intuitive web interface and an advanced document search within the library. The application also enables a user to upload documents manually through a web interface.
To address the need of automating the process, Emorphis built a document management system that helps annuity researchers save time.
- The ease of work and enhanced efficiency for the data collection and analysis team.
- A big help to manage the document library in a better way.
- It helps the team in performing their job of data collection efficiently.
- The software can be integrated with a company’s existing software, product database, and authentication/authorization mechanism by making minor modifications.
- J2EE Stack
- Java Mail
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