Insurance Wealth Products Supported
Unitrax® offers in-built support for segregated funds, Guaranteed Withdrawal Benefit(GWB) rider, Guaranteed Investment Accounts (GIAs), Daily Investment Accounts (DIAs), payout annuities and group insurance. 3 of the top 6 Canadian Insurers trust LTIMindtree as their preferred wealth book of record.
Notable capabilities include automated maturity and death claim processing with top-up calculations, final age-based resets, maintenance of rates for daily interest investment and comprehensive tax reporting.
The platform has been built for 360-degree administration of segregated funds. It accelerates deposit-, contract- and policy-based maturity and death processing, and handles Death Benefit Guarantees (DBG), Deposit Maturity Guarantees (DMG) and guarantees based on account type and annuitant age effectively. Unitrax® enables notional distributions and helps fund managers differentiate between commissionable and servicing agents for an account to better distribute commissions and exercise control. Moreover, it automates forecasting and top-up calculation in case of renewals and maturation to enhance accuracy and reduce turnaround time. Unitrax® also allows fund administrators to perform final age resets manually or automatically.
In case of Guarantee Investment Accounts (GIA), Unitrax® validates annuitant age with respect to deposits, and supports various rate types. These include promotional rates with rate banding, special rates with reason and user tracking, rates depending on interest frequency and term length, and multiple rate frequencies with systematic loading. The platform eases the payment of accrued interest upon maturation, and supports early redemption through market value adjustments. Unitrax® also allows users to define the term length, select default and custom certificate redemption orders, and automatically accumulates assets to be transferred to the GIA.
Unitrax® has proven capabilities to support a wide gamut of annuity types – single life, joint life, term certain, bridge and impaired. It comes with configurable parameters to allow fund manufacturers to maintain purchase information in a specific format. The platform has built-in, robust indexing capabilities that can used to extract records for a user-defined date promptly upon request. Users can configure periodic payment instructions easily, and process death claims based on actuarial-calculated death benefits payout amount in a quick and effective manner. Unitrax® also provides for co-mingling of annuities with segregated funds to boost operational transferability and improve asset retention. Furthermore, it allows bulk upload of accrual taxation details and aids reporting based on the source of the funds – registered or non-registered.
Details
Unitrax® has robust deposit, contract and policy-based maturity processing capabilities, which help catalyze the tracking, maintenance and reporting of Death Benefit Guarantees (DBGs) and Deposit Maturity Guarantees (DMGs). The platform simplifies and accelerates notional distribution processing, and is equipped with a table-driven functionality to exclude selected transactions, such as, fees from guarantees.
Unitrax also monitors death and maturity-linked guarantee percentages separately, and adjusts guarantees based on years remaining until maturity and deposit age. Unitrax® can also differentiate between commissionable and servicing agents on a policy, to help calculate commissions effectively.
The platform enables multiple deposits at the time of issue and automatically sets up periodic payment instructions. Unitrax® allows different annuity streams to be configured in the same policy as segregated funds to simplify operational transferability and boost asset retention. Users can also set up environment-level processing rules and parameters, and maintain purchase information with a reference number to link Unitrax® with an external illustration tool.
Based on the source of the funds – pension, registered or non-registered (prescribed taxation) – Unitrax® streamlines the taxation process and bolsters reporting, covering T5, RL3, T4A, T4RSP, and RL2. Users can upload accrual taxation details in bulk to the system, issue existence letters, and process death claims based on actuarial calculated death benefit payout amounts.
Unitrax® helps users administer GIAs with features such as validation of the annuitant’s age on Guaranteed Investment Account (GIA) deposits, synchronization of GIC end dates with maturity dates, and efficient policy level death claim processing. Our solution allows for maintenance of GIAs and segregated funds under a single policy with ability to rebalance the combined assets. The platform maintains rates by interest frequency and term length, and allows you to offer promotional rates for staff and specific plan types and dollar thresholds. Users have the ability to define GIA purchase instructions and build asses in a Daily interest Account (DIA) pre-authorized deposit, and the system based on predefine asset threshold will automatically move assets into the selected GIA product.
Unitrax® supports Group Registered Retirement Savings Plans and Registered Pension Plans (RPPs), letting users set up group contributions for employers, employees, and other voluntary contributions, with fund split details for each type. The platform enables users to link policies of specific policy owners to multiple groups, while ensuring that every policy is only linked to a single group. In cases where purchase instructions are pre-defined, group purchase transactions can be generated for all the policies in a group. Further, users can define a master policy, for instance, a plan sponsor pension, and link participant policies with the master policy.
