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Elixir's payout system can be used to develop new hybrid products, even ones that have both fixed and variable payments and multiple payment streams.
Creative re-combinations of existing functionality can offer support for variable structured settlements, immediate annuities with rated age and extra deaths pricing, or supplemental contracts with a weekly payment frequency.
The Elixir payout system also completely addresses the asset control issue for all payout product types, and also includes a few "modernized" features that can help reduce the high cost of administering these products.
The Elixir payout system is highly configurable and is based on today's technology. The system allows insurers to define product features from a set of reusable components. These components delineate how the features work. Carriers can rapidly develop new components that are "snapped into" the administration system to fuel future product innovations.
Payout products can fill a major void in the retirement arena. By recombining the features of a variety of today's payout products leveraging Elixir's payout system, insurers can begin to offer unique new products that precisely meet retiree's needs.
Innovative insurance carriers should aggressively prepare for the opportunity by offering new product features along with "mutual fund-like" administrative services. Innovative carriers should implement Elixir's payout system to promote rapid product rollout and to deliver service levels today's consumers expect while continuing to reduce overall administrative costs.
Elixir Payout Functionality:
Elixir Payouts fully supports all payment structures whose start and stop dates can be determined based on numerous user-defined parameters, such as Months Certain, J&S Timing (i.e., upon the death of the annuitant or first death), Frequency, etc. (SPIAs, SPIVAs, Deferred Life Systematic Withdrawals, Structured Settlements and Lotteries)
Payment to additional payees from the same benefit, including QDRO, tax lien and institutional payees (i.e., hospitalization)
User control of check production, which includes the ability to: tie payment processing to the business calendar and designated lead time, combine multiple benefit payments into one check or EFT for individuals or institutions, catch-up payments with interest
A death reconciliation "tool," that creates the appropriate "next-in-line" benefit recipient(s), reconciles funds kept by the survivor or beneficiary and applies them as futures payments, provides for "bad debt" accounting for unrecovered funds.
Elixir Payouts enhanced administrative support includes:
Disbursement Independence: Ability to adjust/suspend payment to one payee without affecting the other payees.
Payee Hierarchy: Ability to define a payee hierarchy based on a dollar amount and/or a percentage
Death Claim Processing: Processing of death claims to multiple beneficiaries. Automatic creation of lump sum payments and payment continuation contracts.
Payment Lead-Time: Ability to set a lead time for annuity payments so that the payee receives it in the mail on the payment due date.
Payment Deductions: Tracking of multiple deductions from the annuity payment to pay for medical premium, life premium or other expenses.
Reserves: Calculation of reserves during the payout phase and adjustment of the underlying account value (for variable investments).
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