Insurance Technology Industry News

TMCNet:  VMS Partners with Convergent Financial Technologies to Provide Improved Valuation Solution for Variable Annuities and Unitized Products

[November 14, 2017]

VMS Partners with Convergent Financial Technologies to Provide Improved Valuation Solution for Variable Annuities and Unitized Products

Vertical Management Systems (VMS), a NewSpring Holdings, LLC platform company, today announced a partnership with Convergent Financial Technologies, a software development company well-known for its unit value pricing and trading software. VMS is one of the nation's leading providers of data, financial networking, and account aggregation technology. With this partnership, VMS will integrate the full range of financial data from its VMS Data solution with Convergent's UV Cloud® platform, a unit value pricing and trading application focused on the variable annuity and fund unitization space.

"Our collaboration with Convergent Financial Technologies will lead to a dramatic improvement in the insurance industry's ability to calculate variable annuity valuations quickly and accurately," said Kevin Rafferty, President and CEO of VMS. "The complexity of pricing via the unitization of variable products has long been problematic, and Convergent's UV Cloud® application provides an excellent solution. By integrating VMS data with UV Cloud® directly, insurance companies will be able to get unit valuations earlier in the day, giving them a jump start on their own internal processes."

"We are extremely excited about formalizing our partnership with VMS. Convergent has integrated with the VMS Data product for years and we have been able to provide great service to the insurance industry," said Bill Bolton, CEO of Convergent Financial Technologies. "Our UV Cloud® platform, coupled with the VMS offerings, allow us to offer a truly holistic solution for an industry that is driving towards gaining control over their pricing, trading, and reconciling needs. The clients we've already worked with have been able to streamline their processes, reduce overall costs, and consolidate functions across their organization."

Clients that utilize VMS Hub, VMS' process-and-control workflow solution, along with Convergent's UV Cloud® application will enjoy a comprehensive, streamlined approach to both annuity processing and retirement processing, with integrated trading, reporting and revenue tracking capabilities.

About Vertical Management Systems, Inc. (VMS)

Vertical Management Systems (VMS) is one of the nation's leading providers of data, financial networking, and account aggregation technology. For 25 years, VMS has designed, developed and hosted accounting and securities process-and-control solutions as well as provided data for the largest financial institutions in the United States. VMS' core products include an innovative process-and-control solution, a comprehensive data aggregation tool, and a next-generation retirement platform. VMS is a NewSpring Holdings portfolio company. For more information, please visit www.vmsholdings.com.

About NewSpring Holdings

NewSpring Holdings, LLC, NewSpring's dedicated buy and build strategy, focuses on control buyouts and platform builds, targeting profitable, growing companies seeking a financial partner to better assist them in achieving their goals. NewSpring, based in Radnor, PA., collectively manages more than $1.6 billion of committed capital supporting more than 130 portfolio companies across its growth equity, control buyout and mezzanine debt strategies. Combining deep operating knowledge with financial and investing expertise, NewSpring provides growing companies the financial resources, advice, network of contacts, and strategic partnerships necessary to be successful. For more information, please visit www.newspringcapital.com.

About Convergent Financial Technologies

Convergent Financial Technologies is a software development company with a focus on financial services software. The company was founded in 2013 and is based in Hamilton, NJ. Convergent Financial Technologies provides fully integrated SaaS (News - Alert) financial applications that greatly reduce IT costs, are cloud technology enabled, and are intuitive and easy to use. The company's main focus is UV Cloud®, a unit value pricing and trading application with customizable reporting, administration system interfacing, fund manager interfacing, and much more. For more information, please visit http://www.convergentfinancial.net/.


[ Back To Insurance Technology's Homepage ]