[March 31, 2005] TIAA-CREF Goes Live With NaviSys Home Office for Individual Annuity Business Tweet EDISON, N.J. --(Business Wire)-- March 31, 2005 -- Initiative is Part of TIAA-CREF's Strategy to Provide Innovative Products and Superior Policyholder Service to Individual Annuity Customers NaviSys, Inc., the market leader in front- to back-office solutions for life insurers, today announced that TIAA-CREF, the national financial services group and leading provider of retirement security for those in academic, research, medical and cultural fields, is using NaviSys Home Office(TM) to launch and administer deferred fixed and variable annuity policies. NaviSys' solution is supporting new individual annuity business. By year's end, TIAA-CREF plans to convert approximately 100,000 existing annuity contracts to NaviSys Home Office and retire the third-party legacy server-based system currently processing individual business. TIAA-CREF will also support its single premium income annuity products using NaviSys Home Office. Bert Scott, executive vice president of product management at TIAA-CREF said: "This technology initiative is part of TIAA-CREF's efforts to ensure that individual annuity customers get rapid access to new products, along with excellent service. We are focused on providing our client service professionals with the modern, efficient infrastructure they need to help our customers secure their financial futures." TIAA-CREF's implementation of the NaviSys Home Office package includes an electronic new business application and is driven by a fully integrated rules engine and workflow. A highly configurable solution designed for the J2EE standard, NaviSys Home Office speeds new product introduction by allowing insurers to configure their products as rules, rather than as programming code. Michael Roe, president and CEO of NaviSys, said: "TIAA-CREF's dedication to quality, cost-effective service was clear to our consulting services and implementation teams from the outset of this project. We are pleased that a market leader like TIAA-CREF has chosen to work with us as the company grows its individual business." TIAA-CREF went into production on NaviSys Home Office version 9.0. This solution is part of the NaviSys Enterprise Platform(TM), a single web-based system that can support the full policy life cycle. About TIAA-CREF TIAA-CREF is a national financial services group of companies and the leading provider of retirement services in the academic, research, medical and cultural fields. With more than $345 billion in combined assets under management (12/31/04), TIAA-CREF ranks 68th on Fortune magazine's list of largest companies (April 2004). Further information can be found at http://www.tiaa-cref.org. About NaviSys Leading life insurers rely on NaviSys to streamline, simplify and transform their businesses. From front-line sales to back-office administration, NaviSys delivers advanced technology solutions that improve life insurers' operations, reduce IT costs and sharpen their competitive edge. NaviSys provides the talent, vision and commitment to help insurers' businesses to succeed. NaviSys' platform-neutral software solutions and strategic counsel empower life insurance carriers and distributors to create, distribute and administer insurance products through multiple channels. Seventy-five percent of the largest domestic life and health insurers and over ninety percent of the top annuity providers are NaviSys clients. Companies such as AIG/American General, Guardian Life, TIAA-CREF and Western Southern rely on NaviSys' pre-built and customized solutions. NaviSys has offices in Edison, New Jersey and Ambler, Pennsylvania. www.navisys.com All copyrights and trademarks are registered and protected by their respective manufacturers. [ Back To TMCnet.com's Homepage ]