Cicada has launched a specialized service for insurance companies that gathers, validates and delivers daily Net Asset Value (NAV) data on fund holdings, used to calculate unit prices in the sub-accounts of variable annuity and variable life retirement products.
Cicada has maintained an accuracy rate of 99.99 percent since the service’s inception.
In addition, Cicada conducts internal audits every six months to continually monitor the integrity and effectiveness of its quality assurance and compliance processes. The company also conducts annual audit meetings with each client to support their Sarbanes-Oxley and Rule 38A compliance programs.
Based upon the results in live production, Cicada is making the service available to the wider market as a proven application for increasing the accuracy and cost-efficiency of the essential NAV data collection process.