AnnuityConnector
Overview
AnnuityConnector, our newest product, allows users to
call the AnnuityValue program from their own
application to retrieve the desired actuarial factors they need. This feature removes the need for programmers
and developers to be actuarial experts, thus allowing them to focus more on
their own application. AnnuityConnector
simplifies programming maintenance and provides a substantial cost savings for
not having to pay for actuarial expertise.
The real
power of AnnuityConnector is the ability for users to determine
actuarial equivalence in a dynamic way in their applications. AnnuityConnector can be called at
any time from within your application, making it a very flexible tool for
client customization and scalable growth for your organization.
AnnuityConnector is a web-based product – there is no
software to install. You can use AnnuityConnector
from your web application or from an Excel spreadsheet on you local drive. All you need is access to the Internet.
Version
AnnuityConnector is only available with the purchase
of AnnuityValue version 6.1. If you have already purchased AnnuityValue version 6.1 you do not need to purchase it
again – you only need to purchase the AnnuityConnector feature.
Cost
There is an
initial, one-time fee of $10 for set-up of AnnuityConnector.
In addition,
there is a small cost each time you
call AnnuityConnector from your application. Accumulation of these transaction calls are totaled
on a quarterly basis. Users will be
invoiced each quarter for their usage of AnnuityConnector.
The first 30
days are completely free from the quarterly usage fee. This allows new users time for programming
and testing the AnnuityConnector feature with their application before being
charged.
There are no
contracts and no minimum usage fees.
Users may terminate the feature at any time, pending payment of any
outstanding invoice.
Call to AnnuityConnector
Each time an
application calls AnnuityConnector that transaction is recorded.
For example,
you need a lump sum factor for an individual age 50. You call AnnuityConnector with the assumption
parameters in your application to capture the lump sum factor, which is
returned to your application. This
transaction represents one (1) call to AnnuityConnector, for which a small
cost incurs.
Authentication
Only
authorized users who have purchased AnnuityValue 6.1
and AnnuityConnector
have access to the AnnuityConnector feature.
Each user’s Username and Password must be passed to AnnuityConnector for
proper access.
Programming & Skill Set
Each user is
expected to update their application to call the AnnuityConnector
feature. AnnuityConnector works by
utilizing the HTTP Request feature.
A background
in pension administration, actuarial methodologies, and web-based programming is
useful.
Although
coding for AnnuityConnector is minimal it may be too advanced for even
average users. Review this write up and the
online demo for examples of how AnnuityConnector can help your organization.
It is up to
the each user’s programming group to determine the proper syntax for calling AnnuityConnector. There are different ways to do this depending
on the programming language being used.
Partnership & Support
AnnuityConnector is intended to be a long-term partnership
between your organization and Oak Mountain Software.
There could
be a fair amount of programming in your application to utilize the AnnuityConnector
feature.
Demo
Anyone can
try the AnnuityConnector feature using AnnuityValue
Demo version 6.1.
See the
online demo for examples of how this applies to you (www.oakmountainsoftware.com/annuityconnectordemo.htm).
AnnuityConnector Tags
AnnuityConnector generates the actuarial equivalent
values that are represented on the Individual Age web page.
The factors
that are generated are noted with “tags”, special web page indicators that denote
information.
From these
tags users can capture the desired values for your application.
To see these
tags, simply do the following:
· From the AnnuityValue
version 6.1 Selection Menu or AnnuityValue Demo
version 6.1 Selection Menu, select any item with Individual Age in the Display
Option drop-down.
· Press Submit Query.
· On the Individual Age result screen,
right-click the mouse and select View Page Source.
· The HTML Page Source window will
appear. You can view the tags
surrounding the generated values.
The tags on
the Individual Age page are summarized as follows:
|
Tag Begin |
Tag End |
Description |
|
<pannimm> |
</pannimm> |
Primary -
Immediate Life annuity with n Year Certain |
<panndef> |
</panndef> |
Primary -
Deferred Life annuity to Age dd and mm months with n
Year Certain |
<pacteqiv> |
</pacteqiv> |
Primary - Actuarial
Equivalent to Age dd and mm months with n Year
Certain |
<pcurtate> |
</pcurtate> |
Primary - Curtate Expectation of Life |
<pcflife> |
</pcflife> |
Primary - Conversion
Factor from Immediate Single Life |
|
<sannimm> |
</sannimm> |
Secondary
- Immediate Life annuity with n Year Certain |
<sanndef> |
</sanndef> |
Secondary
- Deferred Life annuity to Age dd and mm months
with n Year Certain |
<sacteqiv> |
</sacteqiv> |
Secondary
- Actuarial Equivalent to Age dd and mm months with
n Year Certain |
<scurtate> |
</scurtate> |
Secondary
- Curtate Expectation of Life |
<scflife> |
</scflife> |
Secondary
- Conversion Factor from Immediate Single Life |
|
<jointannimm> |
</jointannimm> |
Immediate
Joint Life with n Year Certain |
<jointcontannimm> |
</jointcontannimm> |
Immediate PP%
Joint & Contingent with n Year Certain |
<jointsurvannimm> |
</jointsurvannimm> |
Immediate PP%
Joint & Survivor with n Year Certain |
<jointcurtate> |
</jointcurtate> |
Joint Curtate Expectation of Life |
<jointcflife> |
</jointcflife> |
Conversion
Factor - Primary Immediate Single Life to Joint Life with n Year Certain |
<jointcontcflife> |
</jointcontcflife> |
Conversion
Factor - Primary Immediate Single Life to PP% Joint & Contingent with n
Year Certain |
<jointsurvcflife> |
</jointsurvcflife> |
Conversion
Factor - Primary Immediate Single Life to PP% Joint & Survivor with n
Year Certain |
<jointanndef> |
</jointanndef> |
Deferred
Joint Life with n Year Certain |
<jointcontanndef> |
</jointcontanndef> |
Deferred PP%
Joint & Contingent with n Year Certain |
<jointsurvanndef> |
</jointsurvanndef> |
Deferred PP%
Joint & Survivor with n Year Certain |
Archived Assumptions
AnnuityConnector makes use of the archive feature in AnnuityValue. This
is required for AnnuityConnector to work.
The Archive
feature in AnnuityValue allows the user to define a
set of actuarial assumptions. You may
define as many assumption sets as you need.
Once these assumptions are defined the user may easily select them for
future reference in the Selection Menu or in your application code calling AnnuityConnector.
Archived assumptions
must be defined prior to calling AnnuityConnector from your
application.
AnnuityConnector URL and Assumption Parameters
Using HTTP
Request methodology the user’s application will call AnnuityConnector, passing
in certain assumptions and parameters.
The AnnuityConnector
URL will be provided at the time of purchase.
The URL
assumption parameters are:
|
Parameter Name |
Fomat |
Status |
Definition |
|
assump |
Exact name
of assumption file |
Required |
User’s
archived AnnuityValue Assumption file name |
|
pindyear |
nn |
Required |
|
|
pindmonth |
mm |
Required |
|
|
sindyear |
Nn |
Optional |
|
|
sindmonth |
Mm |
Optional |
|
|
setback |
Nn |
Optional |
Override
Value Will
override the assumption Setback;
applies to Primary and Secondary Setback |
|
certain |
Nn |
Optional |
Override Value Will
override the assumption Period Certain value;
applies to Primary and Secondary Period Certain |
|
defyear |
Nn |
Optional |
Override
Value Will
override the assumption Deferred Age Years;
applies to Primary and Secondary Deferred Years |
|
defmonth |
Nn |
Optional |
Override
Value Will
override the assumption Deferred Age Months;
applies to Primary and Secondary Deferred Months |
|
survivor |
Nnn |
Optional |
Override
Value Will
override the assumption Joint % 50% is
passed as 50 |
Action Steps for Implementation
To implement
AnnuityConnector
do the following:
·
Go
to the Oak Mountain Software website
·
Purchase
AnnuityValue version 6.1
You will receive login instructions for AnnuityValue
·
Purchase
AnnuityConnector
You will receive instructions to the AnnuityConnector URL
·
From
the AnnuityValue Selection Menu, define and archive
the actuarial assumption sets you need
·
In
your application, add code to call AnnuityConnector to capture your
desired factors
Users have
30 days from the time of purchase to program and test their application for
calling AnnuityConnector.