OAS/IVA provides comprehensive administration and automates periodic payouts for immediate annuities, supplementary contracts, and structured settlement contracts, as well as managing periodic payouts for Required Minimum Distributions and Systematic Withdrawals.
OAS/IVA Repetitive Payout Machine can be used a) to administer the entire life cycle of a repetitive pay contracts, from application and quote through expiry or death claim or b) to manage the repetitive payout phase of contracts previously administered, during the interest crediting or accumulation phase, on another administrative system.
OAS/IVA excels at managing complicated payout schemes, such as those found in structured settlement contracts. Its in depth processing abilities provide an arena for many varied payout methods, such as multiple payees per contract with numerous scheduled payout streams per payee, and automatic handling of increasing/decreasing payments over time. Support includes feeds to your corporate EFT system, advanced check processing , check printing or bridge to your general disbursement system, and combining of checks, both combining multiple payouts within one contract, or combining payouts from multiple contracts.
Runs as a standalone system, or seamlessly integrates with OAS/VAS. Manages all repetitive payouts, including scheduled changes. As an administrative system, it automates all insurance company administrative functions for repetitive pay products, including quoting, accounting, withholding, taxes, new business, quotes, death claim processing, history, reversals, comprehensive reporting and valuation.