Computer Sciences Corp. said Aid Association for Lutherans has deployed version 17.0 of its Repetitive Payment System, which will be used to process payouts on a variable annuity product that will be introduced this year.
AAL, based in Appleton, Wis., has been using Computer Sciences' Vantage One administration system and decided it would be "beneficial to integrate the two systems," said Paul Pflieger, director and actuary, AAL annuity solutions.
A flexible repricing capability and summary reports were among the features of version 17.0 that appealed to AAL, a 1.7 million-member fraternal benefit society that offers mutual funds and other financial services.
"AAL is among the life insurers preparing for the day when (Baby Boomers) will want to convert to payout annuities that offer an income stream," said Ken Williams, president of the Americas division of Computer Sciences' financial services group. "RPS, with its proven track record of improved productivity, helps AAL provide exceptional service to immediate variable annuity customers." ?