|MONY Selects VIP from SunGard to Illustrate Personal Annuities|
Wednesday June 4, 4:30 pm ET
MIAMI--(BUSINESS WIRE)--June 4, 2003--SunGard Insurance Systems, an operating group of SunGard (NYSE:SDS), today announced that MONY Life Insurance Company, the primary insurance subsidiary of The MONY Group Inc. (NYSE: MNY), has signed a contract for the deployment of VIP, SunGard Insurance Systems' enterprise wide illustration system, for its annuity channel. SunGard Insurance Systems has been a leading global provider of financial and insurance software solutions for both the individual and employee benefits industries for more than thirty-five years.
The MONY Group, Inc., a financial services firm, is broadening its presence in the annuity marketplace and has selected SunGard's VIP System to illustrate annuity products. VIP gives MONY the ability to illustrate its annuity products through both the accumulation and payout phases, a feature that is lacking in some other systems. New annuity contracts will be illustrated over the Web, enhancing distribution and market advantages.
"SunGard's proposal system will significantly enhance our distributors' ability to show prospects the range of features of MONY's annuity products," said Rick Connors, senior vice president and head of MONY's annuity business. "The added capability gives us a competitive advantage as consumers look for a more complete picture to make their financial decisions."
The VIP system is designed to allow insurance carriers to meet their illustration needs with one system. From basic ledgers to advanced case modeling, VIP can deploy all illustration concepts simultaneously over the Web and/or on a desktop. VIP illustrates all types of insurance and annuity products, and gives the home office complete design and authoring control of input screens and output presentations, without SunGard's intervention.
According to Howard D. Stern, FSA, senior vice president for SunGard Insurance Systems, "The MONY organization is aiming to be an industry leader and we are looking forward to being a part of its strategy. We believe our systems will provide MONY with solid technology and the needed functionality they are looking for."