Outsourcing Services
Percana offers a full range of Life and Pension outsourcing services as listed below. Clients can chose anything from outsourcing the IT function only to full thirty party administration (all of services below). Another option for the client is to build a tailored package by selecting specific services to suit their individual requirements.
Services
- Policy Issue
- Policy Administration / Servicing Transactions
- Document Printing / Mailroom Services
- Access to Policy and Client information via the Internet / Intranet
- Internet based policy servicing transactions
- International Premium Collection
- Accounting - Preparation of management accounts
- Regulatory Reporting - Preparation of annual and quarterly returns
- Fund Administration and Investment Accounting
- Management Information Reporting
- Service level agreement
- New Product Launches
- Hotline Call Centre Support
Policy Issue
The acceptance of new proposals via online XML transactions, XML file upload or keyed in over Intranet/Extranet to the Percana policy administration system Eclipse. On notification of receipt of initial premiums the relevant policies will be set in-force and the Policy Documents will be automatically generated and dispatched.
Policy Administration / Servicing Transactions
Policy Servicing is the set of activities carried out on the system that create, maintain and amend client and policy related data. A full suite of policy servicing transactions will be provided through a combination of Web Policy Servicing functionality, online XML transactions and XML File Transfer. Policy Servicing transactions captured will be processed immediately where possible. Policy Servicing transactions requiring the next available Fund Prices will be held over for processing in the Daily Production Run at the Outsourcing Service Centre.
Document Printing / Mailroom Services
Policyholder documents such as Policy Documents, Switch Confirmation Letters etc. will automatically be generated and dispatched from the Outsourcing Service Centre.
Access to Policy and Client information via the Internet / Intranet
Eclipse has been designed and built using Internet technologies as a core delivery mechanism. Intermediaries / Agents, Branches, Policyholders, Direct Sales Staff can be given tailored access to Eclipse back office policy and client information. This will be controlled by appropriate levels of security.
Internet based policy servicing transactions
An agreed subset of web based policy servicing transactions will be provided to streamline the business process. This will also be controlled by appropriate levels of security.
International Premium Collection
Premium Collection will be expedited through the relevant direct debit system e.g. UK BACS, Italian RID.
Accounting - Preparation of Management Accounts
Management and fund accounts will be prepared by the financial accounts staff at the outsourcing centre. Management reports will be generated with copies held internally for inspection and dispatched to the Customer as required.
Regulatory Reporting - Preparation of Annual and Quarterly Returns
Standard regulatory reports including DETE, fund, and other such reports required by the Customer will be prepared as required.
Fund Administration and Investment Accounting
Funds administration will be managed at the Outsourcing Service Centre. Based on notification by the client Life Company of the policyholders transaction requests, investment instructions and cash advices will be dispatched to the appointed Investment Manager(s) each day or as required. Investment instructions will be based on the accumulation of the unit movements or 'buys and sells' during the previous pricing period. Strict financial controls and procedures will be adhered to.
Management Information Reporting
An agreed suite of management reports will be produced on a frequential basis as part of the service. Predefined and agreed Daily & Monthly System Reports {e.g. Unit Movement, Issued Business, Premium Income and Fund Valuation Reports} will be dispatched at times, in agreed formats and in a manner to be decided with the Customer.
Service Level Agreement
A detailed service level agreement will be provided. Service Levels will be monitored and reviewed by Service Supervisors on a regular basis with target metrics and actual metrics being compared.
New Product Launches
An agreed number of product launches per year will be agreed with the Customer.
Hotline Call Centre Support
Telephone / e-mail / fax support to Customers' call centre will be provided on the agreed business days.
