Full automation of Pension and Benefit workflows, supporting the entire pension lifecycle: requests, folder review, processing of consolidated insurance and contributions history, award and issuance of electronic decisions, survivors’ pension automation, multiple approvals levels, pension and benefit payments, alterations of pension decisions, pension modification and conversions, etc.
Automatic Eligibility and Calculation of Pensions and Benefits is provided through the solution’s Eligibility Wizard functionality. Pension eligibility and calculation flows are executed by the Business Process Management (BPM) facility, including approvals where needed, and approved pensions are automatically included in the payment process.
All eligibility and calculation business rules are configured in the embedded Rules knowledgebase of the system. You can configure end-to-end any Pensions or Benefits product with its behaviour, rules and legislation. You can configure new Funds and products, their law provisions and legislation, detail conditions and eligibility criteria, calculations of pensions and benefits (amount types, formulas designer and calculation plans), adding dynamically new reference data structures and their values, as well as adding new dynamic fields through the application.
A Robust Payments Component provides full automation of Pension Payments: automatic generation of vast numbers of periodical or lump sum payments (configured processing calendars), creation of current and retroactive payments, automatic reconciliations and recalculations of pensions, automatic recalculations and redistribution of survivors’ pensions, tax and insurance deductions, automatic overpayments recovery process, deductions of debts and loans, external Interfaces with Banks (send, receive and upload bank files), rejections of payments, payments resumptions, etc.
Drive your customers to use low-cost channels while delivering a superior experience and therefore improving customer engagement and direct interaction, minimising physical presence.
Provides you seamless integration of any changes in Legislation, configuring end-to-end new Pensions or Benefits products, while fully automates Pensions and Benefits payments through the robust payments’ engine.